The New Nation - Internet Edition

UNB, New York

Nobel laureate Dr Muhammad Yunus inaugurated Grameen America, a micro-credit organisation, at Jackson Heights here on Friday.

The Grameen America will provide small loans among the poor people of different ethnic communities in New York. Inaugurating the program, Grameen Bank chairman Dr. Yunus said the success of micro-credit has not only gained worldwide fame, but also changed the lives of hundreds and thousands of people in Bangladesh. He expressed his strong belief that the program would be well received and would gain absolute popularity among the enthusiastic entrepreneurs in New York.

The micro-credit guru also expressed his satisfaction hearing that the people of different ethnic communities in America showed their interests to get involved with the Grameen America's program. Although, the Grameen America primarily started its activities in one center in Jacksion Heights, New York, its target is to make at least a thousand members in one year.

Coordinator of the Grameen America Shah Newaz informed that no security documentation would be needed to take loan from the Grameen America except providing the proof of legal status in the United States.

"Additionally, the borrower would have to prove him or herself as the member of low income group," he said.

Shah Newaz said the Grameen America representatives would decide the loan amount of the borrower between US$ 500 and $ 3,000 according his or her income and need.

After inaugurating the office of the Grameen America, Dr Yunus gave a brief speech at Delhi Palace restaurant at Jackson Heights. The program was attended, among others, by Bangladesh Consul General in New York M Shamsul Hoque.

Few borrowers of the project, people of different ethnic communities and media personnel were present on the occasion. Later, Dr Yunus made a courtesy visit to Muktadhara in Jackson Heights.