LOS ANGELES, CA –Nobel Laureate Dr. Muhammad Yunus captivated the minds of the 400 plus audience assembled at the Sheraton Universal in Universal City here on Nov 22 evening. Dr Yunus enlightened the listeners on the topic ‘ Social Business’ at the Fourth Anniversary Dinner hosted by Little Bangladesh Improvements, Inc.. The program started with the Master of Ceremony Dr. Ruksana Karim introducing...
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the dignitaries who included Dr. Judy Chu, Member of Congress, 27th District; Rick Cole, Deputy Mayor of Los Angeles and many other business and prominent members of the community. Mujib Siddique Founder and Chairman of Little Bangladesh Improvement Inc. welcomed the guests and went on to introduce Dr Yunus. Dr. Yunus started with a brief background on the origin of ‘Micro Credit’ and ‘Social Business’ which are his brain child. He outlined the history of the Grameen Bank which started its journey in 1976 in Bangladesh with a humble beginning of a mere $27 which came from his own pocket for helping the poor especially illiterate women. He helped people who had no land or resources except their ability and willingness to work. He decided to embark on his mission with strong resolve to help the poor. It was his hard work, commitment, tenacity of purpose and above all empathy for the poor that prompted him to carry forward his mission. Within a few years he attained spectacular success and his domain of activity spread all over the country.The Banks activity has transcended the country’s boundary having off shoots in many countries of the world. Today Grameen Bank has made a total of over $6.44 billion in loans to $7.27 million borrowers.
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.
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.
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