nobel peace prize winning organization community development bank founded bangladesh makes small loans known impoverished requiring derived word means rural village originated work professor launched research project study design credit delivery system provide banking services rural poor based results october authorized national legislation independent bank bank founder jointly awarded nobel peace prize bank low cost won world habitat award forced resign saying age years legal limit position history earned doctorate economics united_states inspired bangladesh famine small loan group families start money items sale high interest predatory lending believed making loans available larger population stimulate businesses reduce widespread rural poverty bangladesh developed principles literally research experience began expand research project bangladesh test method providing credit banking services rural poor village villages near areas eligible service proving successful bank project support extended district north capital bank success continued services extended districts bangladesh staff work harsh conditions elite brigade poverty fighters required passion changing lives poor staff willing step comfort zones daily basis potential employees receive months job training qualified experienced individuals branches goal training appreciate potential discover new ways solve problems arise branch completing month period return headquarters time review critique ultimately new staff appointed new branch bank government ordinance october project authorized established independent bank community development bank chicago helped official incorporation bank grant bank rate suffered economic disruption following flood bangladesh recovered subsequent years beginning bank loaned usd billion end usd billion poor bank continues expand nation branches numbered success inspired similar projects countries world including initiative finance type schemes bank gained funding different sources main contributors shifted time initial years donor agencies provide bulk capital low rates mid-1990s bank started funding central bank bangladesh recently started bond sales source finance bonds guaranteed sold bank rate bangladesh parliament passed replaces authorizing government rules aspect running bank bank engaged social business fields creative lab collaborated create meeting main platform social businesses worldwide foster discussions actions collaborations develop effective solutions pressing problems world application founded principle loans better charity poverty offer people opportunity initiatives business agriculture provide earnings enable pay debt bank founded belief people endless potential creativity initiative helps end poverty offered credit classes people poor women unemployed people access credit based reasonable terms group lending system weekly installment payments reasonably long terms loans enabling poor build existing skills earn better income cycle loans objective promote financial independence poor encourages local capital converted new loans funded percent loans interest income deposits collected interests new shareholders converts deposits villages loans villages targets poor particular emphasis women receive percent bank loans women traditionally access financial alternatives ordinary credit lines seen share power household decision making found lending women generates considerable secondary effects including empowerment segment society share income children unlike men claims women difficulty getting loans comprise percent commercial banks interest rates charged including high compared traditional banks interest reducing balance basis main credit product types loans makes supports hand powered wells loans support enterprises members immediate relatives found seasonal agricultural loans lease agreements equipment livestock help poor establish better agriculture bank set new goal branch locations free poverty defined having adequate food access clean water best known system solidarity lending bank incorporates set values embodied bangladesh sixteen decisions branch decisions follow result sixteen decisions encouraged adopt positive social habits habit includes children sending school embraced sixteen decisions school age children enrolled regular classes turn helps bring social change educate generation solidarity lending cornerstone system countries belong member group group required guarantee loan members responsibility rests solely individual group centre oversee gets problem formal joint liability exists group members obliged pay behalf member practice group members contribute intention collect money member later time behavior encouraged extend credit group member legal instrument written contract system works based trust supplement lending requires borrowing members save small amounts regularly number funds designated emergency group etc savings help serve insurance country women loans large commercial banks focused women members women study concluded women access greater access resources control decision making argue relationship women empowerment straightforward areas high rates percent according wall_street_journal fifth bank loans year says half bangladesh close million risen acute poverty thanks loan measured standards having children school age school household members eating meals day toilet house clean drinking water ability repay week usd loan village phone program bank different applications program women start businesses provide wireless service rural areas program earned bank prize worth contribution technology development press release announcing prize noted program created new class women raised poverty improved farmers provided access critical market information communications previously villages bangladesh phones currently operation million people access market information news relatives struggling members program started new program different traditional group based lending exclusively targeted bangladesh program focused distributing small loans loans completely interest free period long covered life insurance free cost example taking small loan pay cents week housing loans applied help setting housing loan program application rejected grounds suggested loan possibly build suitable living structure instead proposed idea shelter loans rejected time grounds afford non income generating loans changed tactics applied time time factory loans explanation worked home home factory possible earn income rejected time rejection bank founder met personally governor application asked thought repay loans replied yes unlike rich poor risk chance allowed add housing loans range services housing loans totaling million build homes near perfect average housing loan grown year housing program received perception people economic took steps establishing bangladesh began provide micro credit loans living poverty rural area surrounding adopted maintained basic premises credit human right second poor know best better situation book banker poor micro lending shows outlook runs way saying hold world palm inspect birds eye view tend arrogant realize things blurred viewed enormous distance opted instead worms eye view poor taught entirely new economics learned problems face perspective willingness people aiming help look perception absolute poor meets bamboo maker trapped poverty vicious cycle lack cents find bank founded man heart society big corporations help taking productive action worked banks community people like able apply credit use best productive way knows unique situation need bank unusual standards institution lend later time progressed situations arise battling small time farmers use deep tube available bank developed expanded years beginning continues operate principles today bank assumes individuals provided credit able initiate upward social mobility endeavors result differs social justice efforts include intensive rehabilitation training programs persons serves instead gives freedom pursue better future skills possess best way membership person support group requirement encourages members create positive impact actively involved politics country according book baker poor commissioned bank staff encourage vote staff influence voters decisions political party support groups required exhibit form democracy secretary staff surprised find thrilled opportunity display voting rights citizens bangladesh national election work staff initiated sharp increase political activity continued elections women elections received women voting men led removal political parties opposing women rights women participate political activism members male female elected local offices interview pbs sixteen years experience social business expressed satisfaction micro credit system bank motivation opportunity poor improve situations stressed observed attain sense confidence self pay loans bank careful criticize charity rightful place added recipient charitable gift experience long term emotional benefits way operational statistics owned bank poor women total equity bank remaining owned bangladesh government bank grew significantly january total bank number million women number doubled bank million members similar growth observed number villages covered october bank staff employees branches provide services villages villages covered bank distributed billion usd billion loans billion usd billion bank claims loan recovery rate recovery rate claimed accounting practices determine rate global number potential micro estimated billion total loan demand billion present model serving million people billion loans owned local poor government honours received independence day award highest government award october awarded founder nobel peace prize efforts create economic social development award announcement mentions modest beginnings decades ago foremost developed micro credit important instrument struggle poverty source ideas models institutions field micro credit sprung world december euro dollar loan bank buy goat subsequently successful entrepreneur elected board members bank accepted nobel prize behalf investors prize awarding ceremony held oslo city hall business corporation won nobel prize professor chairman speech said giving prize wanted encourage attention achievements muslim world women perspective fight poverty citizens bangladesh celebrated prize critics said award related ventures grown dozen enterprises organizations include energy education fisheries business development owner brand july approved listed mutual funds kind allow million bank members non members buy bangladesh capital markets bank constituents worth usd billion developed share philosophy expand benefits world people rating charity watch provides usa developed country supports institutions worldwide loan guarantees training technology transfer supports institutions following regions bangladesh china indonesia india lebanon pakistan philippines saudi_arabia americas dominican_republic el_salvador haiti honduras mexico peru africa egypt morocco nigeria tunisia criticism analysts suggested bring communities debt escape researchers noted instances linked exploitation pressures poor families sell belongings leading extreme cases humiliation ultimately suggests banks depend subsidies order operate acting example welfare believes working economy giving opportunity create businesses tucker criticism based interpretation decisions seen considering mean context poor peasants bangladesh spoke islamic ways alleged pledge required women obey husbands live poverty anymore norwegian documentary caught micro debt said evaded taxes spanish documentary suggested accusation based transfer approximately million donated entity tax exemption denies tax question tax government provided organizations opportunities use opportunities aim shareholders rural poor women bangladesh question statistical validity studies effects poverty noting complexity situations involved discuss model recent years distorted venture capitalism profit makers cases poor rural families suffered debt harassment debt collectors cases suicide representation media film catch dollar documents process establishing america programs queens new_york premiered film festival documentary film includes providing start small home businesses rural documentary available directly organization living
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