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State Employees' CU Welcomes Micro Lending Alliance

RALEIGH, N.C. -- After recently meeting with Muhammad Yunus, a 2006 Nobel Peace Prize winner who founded a mirco loan bank, State Employees' Credit Union is hoping to bring the lending model to North Carolina.

By Michelle A. Samaad | Updated on February 08, 2009

RALEIGH, N.C. — After recently meeting with Muhammad Yunus, a 2006 Nobel Peace Prize winner who founded a mirco loan bank, State Employees’ Credit Union is hoping to bring the lending model to North Carolina.

Grameen America is the U.S. affiliate of Grameen Bank, a microfinance institution started in Bangladesh by Yunus. It provides small unsecured business loans to low-income individuals who do not qualify for traditional credit and has a 99.5% loan repayment rate, according to the bank. Grameen America has chosen North Carolina as its next potential site because of the highly supportive stance of the state’s financial community, according to $16 billion SECU.

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