Word: grameen
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Dates: during 1990-1990
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Muhammad Yunus, founder of Bangladesh's Grameen Bank, popularized this simple idea: give small "peer groups" the credit they need to start their own businesses. They then act as a combination credit committee and collection agency: if one member defaults, the others must pay back the money. The average Grameen loan is $67, and the repayment rate is 98%. Among those groups following his lead was Chicago's Neighborhood Institute, which gave Rickenbacker her loan, formed her peer group and sponsored a 13-week entrepreneurial-trainin g class...