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.

"We greatly enjoyed meeting with Dr. Yunus and the Grameen staff [last week]," said Jim Blaine, president/CEO of SECU. "SECU is always interested in creative solutions to help North Carolina overcome a weakening economy. The cooperation of North Carolina's diverse financial community in supporting this endeavor is the key ingredient."

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.