Microenterprise, or microcredit, development in developing nations is an incredibly beneficial concept that focuses on three areas of strategic support: financial services, business development services, and enabling environment. Muhammed Yunus, who founded the Grameen Bank for the purpose of making microcredit loans available to those living in poverty in Bengladesh, was the instigator of the idea and has since then been awarded with both the Nobel Prize and an honorary doctorate degree from Brigham Young University for his efforts and service to the developing world. Yunus is a Bangladeshi banker and economist. He developed the concept of microcredit in which loans are provided to entrepreneurs with inadequate credit to qualify for traditional bank loans. He used his founded bank to fund the efforts. The idea behind the concept is that in these developing countries such as Bangladesh, a seemingly minimal loan can make a disproportionate difference to an extremely poor individual.
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Muhammad Yunus, Grameen Bank, specialized Grameen Bank