Benjamin Gilman: “this is a proud day for me. I began my work in support of microenterprise development almost 20 years ago as a member of…”

“this is a proud day for me. I began my work in support of microenterprise development almost 20 years ago as a member of the President's Commission on Hunger. I introduced the first microenterprise bill in 1986 and supported these programs as strongly as possible during my service here in Congress. The Microenterprise Act, H.R. 3846, represents a historic alliance between the administration, microenterprise groups, and the Congress behind the cause of microenterprise development to help the poorest of the poor work their way out of poverty. We have all heard of Prof. Muhammad Yunus and his successful Grameen Bank in Bangladesh. Today, the Grameen Bank is one of the largest banks in Bangladesh. It has served over 2 million borrowers and lent over $1 billion. Most of the loans are small--under $300--and 94 percent of the borrowers are women. The bank represents one of he most successful foreign assistance programs yet designed to eliminate poverty among the poorest of the poor. Most importantly, Grameen's borrowers have repaid their loans at a 98 percent repayment rate.”