Banking for Beggars

How do you break the vicious cycle of poverty?

The Grameen Bank in India is doing it by issuing microcredit loans to poor people who can then use the money to engage in entrepreneurial activities, like lime-making, garment sewing, and transport services. As of July 2004, the bank had 1267 branches and 3.7 million borrowers, 96 percent of whom were women. 94 percent of the bank is owned by borrowers. In late 2003, the bank established a new lending program specifically for beggars in Bangladesh.

Overall, the initiative has been wildly successful.

And there’s a US division too!