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Friday, January 4, 2013

Microloan bank comes to Charlotte

The Grameen Bank opened in Charlotte this week, good news for small-business owners who don't qualify for traditional big-bank loans.

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According to WFAE, the bank offers small loans - none exceeding $1,500 - that borrowers pay back in small weekly installments, a practice that originated "in developing countries as a way to lift people from poverty by giving them just enough money to start a business."

It's a refreshing concept in Charlotte, whose boosters have traditionally shunned small-business growth and entrepreneurship in favor of big banks and established corporations.

Listen to WFAE's piece here.

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