If you have not heard of it, the concept was pioneered by economist Muhamad Yunus who founded the Grameen Bank in the 1970s to give small loans to the poor in INdia to help them start small businesses as a way out of proverty. He won the 2006 Nobel Peace Prize & the model has been relicated all over after that.
We have started our own here in spore.It was launched a yr ago with $5 million in seed funding & has since approved 31 loans. The scheme is not a handout, but a real commerical loan for tsoe who traditionally do not have access to credit. It charges between 8 to 12 % interest pa. And borrowers must be Sporeans with annual incomes of less than $30,000-. Loan can be repaid by 10 years.
POBS is behind the scheme by being the loan adminstartor. SE Hub provides free space for the scheme's office.. Retired banker Mr Kuo How Nam is volunteering as chairman of the loan committee.
For more info call 6774-4318 or go to any POSB to pick up an application
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