The Grameen Bank opened in Charlotte this week, good news for small-business owners who don’t qualify for traditional big-bank loans.
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.
This article appears in Jan 2-8, 2013.
