sentences:  By 1912 the people's banks he founded had 641,000 members.While Schulze's credit unions were situated in urban areas and served traders, shop owners and artisans, Friedrich Wilhelm Raiffeisen founded the first rural credit union in the village of Heddesdorf (now a suburb of Neuwied) in Germany.Raiffeisen's approach built on many aspects of Schulze's, but with significant modifications that had important implications for microfinance.