Small Loans, Big Dreams How Nobel Prize Winner Muhammad

Small Loans, Big Dreams How Nobel Prize Winner Muhammad Yunus and Microfi nance Are Changing the World Alex Counts John Wiley & Sons, Inc. ffirs.indd iii 2/26/08 11:37:56 AM ffirs.indd ii 2/26/08 11:37:55 AM Additional Praise for Small Loans, Big Dreams “Alex Counts has spent his career building a movement to expand access to fi nance for the world’s poorest citizens. He describes the power of simple ideas to bring banks to Bangladeshi villages, and how those ideas have traveled across continents. It’s an improbable story of global proportions, told by a gifted story-teller with inside access.” —Jonathan Morduch, Professor of Public Policy and Economics, Wagner Graduate School of Public Service, New York University, and Co-Author, The Economics of Microfi nance “Resist the temptation to dismiss Small Loans, Big Dreams as a mere second edition of Alex Counts’ earlier Give Us Credit. This is far more than a warmed-up paean to Muhammad Yunus, though Alex continues in his role as the leading apostle and chronicler of a truly remarkable prophetic voice for the poor everywhere in the world. Alex adds his own compelling voice to show us that the success of microfi nance is founded on the capacities of the poor themselves—the power of the individual human spirit and the social capital of women’s groups that gives them the resil- ience and resourcefulness to borrow, invest, save, and learn to value themselves and their futures.” —Christopher Dunford, President, Freedom from Hunger “Counts has stretched my thinking around social investment models of possibility through the compelling stories, and his dedication, evidenced in this book. He gives the reader the gut knowledge that the rich/poor divide issue does not need to be the failed challenge of our globalizing generation. The book inspires around solutions with dignity.” —D. Wayne Silby, Founding Chair, Calvert Social Funds “Small Loans, Big Dreams provides an insight into microfi nance, as it has evolved from the origins of Grameen Bank, led by Muhammad Yunus, to that of a broader social and business movement. Counts calls for business and social entrepreneurs to collaborate to make access to credit more inclusive and to ensure that even the smallest of entrepreneurs share in the opportunity to realize their potential.” —Bob Annibale, Global Director, Citi Microfi nance fend.indd A 2/26/08 11:37:11 AM “An illuminating book telling the fascinating story of microcredit reducing poverty in diverse parts of the globe. In a brilliant style, it brings the simple concept born in Bangladesh to the world stage. Alex Counts’ own deep commitment and long involvement in the microfi - nance movement presents a rare, perceptive dimension that makes the book engagingly readable.” —Ambassador Anwarul K. Chowdhury, Former Under-Secretary-General and High Representative of the United Nations “Small Loans, Big Dreams tells the story of the remarkable achievements of the Grameen Foundation, and other microlending organizations in pulling millions of the world’s poor from the agony of poverty to a life of hope for a productive and joyful future for themselves and their families. Alex Counts is one of the leaders in this fi eld and this book is based on his personal experience in this dramatic, noble work, and written with clarity and emotion.” —Richard S. Gunther, Private Investor, Board Member, Grameen Foundation “Small Loans, Big Dreams is a profoundly important book that comes at a time when microfi nance is hot and at a crossroads. Will we focus more on the fi nancial health of the investors, the microfi nance institutions, or the hundreds of millions of very poor families who need a hand up? Alex Counts provides a deeply intimate view of the latter and of the microfi nance institution that won the Nobel Peace Prize for showing the world a better way to end poverty.” —Sam Daley-Harris, Founder, RESULTS and the Microcredit Summit Campaign “As the right-hand man to the Nobel Peace Prize winner Dr. Muhammad Yunus, Alex Counts is uniquely positioned to share intimate and enlight- ening insights into the world of microfi nance. The real-life stories of the borrowers, and the impact that these small loans make on their lives and their families, will touch your heart and change your way of thinking about poverty forever. Thanks to the dedication of Dr. Yunus, Alex Counts, and the many other committed people in this book, we truly are on the road to making poverty a relic of history.” —Elizabeth Funk, Chair, Unitus and CEO, Dignity Fund fend.indd B 2/26/08 11:37:12 AM Praise for earlier edition, published as Give Us Credit “Give Us Credit by Alex Counts is a must-read book for all times. It narrates a universal human-interest story on overcoming deprivation. The book is an eye-opener story, a heart warmer story, an inspiring do-able story. The book inspired me to create Grameen Koota in 1999, a Microfi nance Institution which is today ranked 19th in the Forbes list of ‘the top 50 MFIs in the world.’ Today it serves and empowers 130,000 women and their families with credit, micro-insurance, and capacity building services.” —Vinatha Reddy, Founder, Grameen Koota “Best of all, [Counts’] binational book demonstrates that microcredit isn’t an exotic quick fi x but the kind of slow, often frustrating, step-by- step process that is usually the hallmark of real change.” —The San Francisco Chronicle, May 26, 1996 “Alex Counts’ book about the operations of Yunus’s Grameen Bank provides a detailed look into the lives of some of the bank’s borrowers in Bangladesh and [the Chicago neighborhood of] Englewood . Counts provides . an insider’s picture of the bank’s operations.” —The Chicago Tribune, April 15, 1996 “Most banking stories are great cures for insomnia. But this author wisely hones in on the humanity of the borrowing women, whose loan payments are as vital a part of their lives as breathing is to us. Give Us Credit has the vitality of a work in progress, with human stories that lenders and anyone interested in the human side of business will appreciate.” —Minneapolis Star-Tribune, May 10, 1996 “In addition to providing a fascinating history of Bangladesh and a detailed profi le of Yunus and his bank, Counts explains how the lend- ing program has translated to other parts of the world, mostly from borrowers’ viewpoints. The author does a good job of retelling their stories, allowing readers to understand how people become impover- ished and how diffi cult it is to break out.” —The St. Louis Post-Dispatch, May 20, 1996 fend.indd C 2/26/08 11:37:12 AM fend.indd D 2/26/08 11:37:12 AM Small Loans, Big Dreams ffirs.indd i 2/26/08 11:37:55 AM ffirs.indd ii 2/26/08 11:37:55 AM Small Loans, Big Dreams How Nobel Prize Winner Muhammad Yunus and Microfi nance Are Changing the World Alex Counts John Wiley & Sons, Inc. ffirs.indd iii 2/26/08 11:37:56 AM Copyright © 2008 by Alex Counts. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. An earlier version of the book was published as Give Us Credit: How Muhammad Yunus’ Microlending Revolution is Empowering Women from Bangladesh to Chicago by Random House in 1996. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600, or on the web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at http://www.wiley.com/go/permissions. Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifi cally disclaim any implied warranties of merchantability or fi tness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profi t or any other commercial damages, including but not limited to special, incidental, consequential, or other damages. For general information on our other products and services or for technical support, please contact our Customer Care Department within the United States at (800) 762-2974, outside the United States at (317) 572-3993, or fax (317) 572-4002. Wiley also publishes its books in a variety of electronic formats. Some content that appears in print may not be available in electronic books. For more information about Wiley products, visit our web site at www.wiley.com. Library of Congress Cataloging-in-Publication Data: Counts, Alex. Small loans, big dreams : how Nobel prize winner Muhammad Yunus and microfi nance are changing the world / Alex Counts. p.

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