Elmira Bayrasli, Contributor I write about entrepreneurs,
innovations and innovative ideas Lending Sufia Khatun a small
sum to make and sell bamboo stools in her Bangladeshi village
back in 1974 placed Muhammad Yunus at the heart of a radical
movement. It is a movement that has come to be known as
“microlending” and one that has radically transformed poverty
alleviation efforts throughout the developing world. Today,
Yunus, who was awarded the Nobel Peace Prize in 2006 for his
pioneering role in microlending, is trying to ignite that same
movement in the United States. That has been a slower go.
Microlending has revolutionized aid and development efforts in
Africa, Asia, Latin America and certain parts of the Middle
East. It did so by proving that the poor can lift themselves out
of poverty with a hand-up, rather than a handout. The poor could
build businesses with just a small amount of credit. This has
inspired millions to rally behind entrepreneurship. It has also
led many to ask whether microloans can hav