Dec 27, 2009 #1
So this is my essay for Stanford University.
It feels a little rough on the edges but I need some input.
All helpful comments are welcome and thank you in advance.
There are an infinite number of things out there in the world that are interesting and I have only seen and stumbled upon a small amount. This next generation will be facing many projected and unforeseen challenges. In my environmental science class, our teacher is very active in making the environment a better place to live. He is always telling us about these new solutions that people around the world have found.
One of these solved challenges that he showed us was about eliminating poverty with micro loans. The micro loan idea began when Professor Yunus started using it in Bangladesh. The poor in the surrounding area could never obtain loans because they had no collateral. They, however, needed little money to start a small entrepreneurship. Yunus took the chance and loaned some of his money and was surprised at the results. The poor had very high rates of repay. Yunus' idea soon transformed into the Grameen Bank.
Currently, the bank boasts a 97% rate of recovery of loans! Many banks would do anything to have this high of a rate, especially during these rough times. This topic got me thinking of all the good that this would do for developing countries. Not only would everyone be rising in living standards, the countries economies would rise too.
Another curious statistic was that 97% of the borrowers were women. In the environmental class, we learned that the key to ending poverty was rights for women. The Grameen Bank is doing just that. It is giving women the chance to earn their own money and become educated.
This whole subject was very intriguing to me and I have only glanced the surface of the topic.