In an earlier post, I wrote about Grameen's plans to open microfinance operations in the US. Following up, here is a NYTimes article on the grand opening.
The article states about 175 people have receieved loans ranging from $500 to $3,000. The starting interest rate is 15%, as this WNYC article states. One interesting thing about the area which Grameen opened up their office, is the fact that the area is quite diverse. The first loans were made through the South Asian community, but it seems the plans are to reach out to other minority groups in the area.
Here, is an earlier NYTimes article which has some interesting responses from women who have taken out loans from the Jackson Heights office.
Full disclosure: I grew up in this very neighborhood. In my opinion, I think its a great idea, and I really hope its successful. They did get the location right by having the office right on 74th street. Its in the heart of the immigrant community there, and right near a subway stop!!
What does everyone out in internet-land think? Will Grameen succeed in America? In the latter NYTimes article, an actual customer expressed doubts on whether Americans can be counted on their word. How successful is the strategy of targeting immigrant communities? That area is quickly gentrifying (as is everywhere in NYC), will that have an effect on plans for expansion? Can the group model work in the US?
Welcoming more questions and answers.. (CMF??).
0 comments:
Post a Comment