"Speak Out" is an expression of opinion from the Editorial Board of WBTV, and is presented by General Manager, Nick Simonette.
A new way of banking is coming to Charlotte.
Modeled after the Grameen Bank of Bangladesh, "Grameen America" is designed to support small businesses from lower income entrepreneurs.
Loan recipients would have personal incomes of no more than $20,000.
The microloans they receive would likely top out at $1500, and they must be repaid in 9 to 12 months.
Borrowers must take a financial course and have help developing a business plan.
Grameen America currently operates in four states, and their loan repayment rate is 99%.
Wouldn't our large banks love to have that?
They're not quite ready to break ground in Charlotte, but they have been building their financial base.
Wells Fargo Bank, The City of Charlotte, and the Z. Smith Reynolds Foundation are already on board.
They've currently raised $1.6 million of a two and a half million dollar goal, and fundraising continues.
Now, compared to Charlotte's mega banks, Grameen America is pretty small potatoes.
But for lower income families with a dream of starting their own businesses, this opportunity is immense.
We applaud the efforts of those involved in getting Grameen America off the ground.
And in this tough economy, here's to the success of the small businesses it aims to help.
Tell us what YOU think. SpeakOut@wbtv.com.
