He explained his fairly simple vision that all people are born equal and everyone deserves the same basic amenities of life, regardless of place of birth, nationality and race. He observed that the poor have skills and have the ability to get themselves out of the vicious cycle of poverty provided they are given opportunities. One striking thing about the Bank is that the majority of the Grameen Bank’s borrowers are women comprising 97% and the repayment rate is approximately 99%.Statistics reveal women’s sincerity, integrity and managerial aptitude. His vision is “the total eradication of poverty from the world and to preserve poverty in a museum for the succeeding generations.”
His vision is absolutely practical and attainable and he is convinced that his vision will materialize in the near future keeping pace with the fast moving global technological advancement.
He explained that ‘Social Business’ is a non-dividend company to solve human problems. Conventional business aims at personal profit making. While ‘Social Business’ focuses on problem solving, without any intention of making personal gain. Investors can get the investment money back over a period of time but he does not take any dividend after that profit is ploughed back in to make it financially stronger. He believes ‘Social Business’ will dominate a substantial part of the world.
He also mentioned ‘Grameen America’s’ microcredit program which has been extended to Los Angeles communities. Two branches of Grameen America are in operation in Boyle Heights and West Lake. He further said there are 2085 borrowers under these two branches. All of them are women. Their repayment rate is over 98%.
Dr. Yunus also took the oath as an “Honorary Governor” for Little Bangladesh and was given the key of the city.