2008-06-06 00:24:37 -

www.grameenamerica.com/ - Grameen America Shadab Mahmud, 617-953-1665 S.Mahmud@grameenamerica.com Dr. Muhammad Yunus, the founder of Grameen Bank and the founding father of the microfinance movement, will discuss eliminating poverty in the United States at the John F. Kennedy Presidential Library and Museum Saturday, June 7, from 2:30 PM to 5:00 PM and sign copies of his New York Times bestselling book Creating a World without Poverty: Social Business and the Future of Capitalism.

The Nobel Peace Prize laureate's discussion is open to the public, but reservations should be made by calling (617) 514-1643 or registering online at www.jfklibrary.org. The library, located at Columbia Point, Boston, MA 02125, will open its doors at 1:30 PM. Dr. Lincoln Chen, founder of Harvard

University's Global Equity Initiative, will moderate the event, sponsored by the library and Grameen America.

Grameen America is a microcredit lender whose mission is to help alleviate poverty through entrepreneurship by providing loans, savings programs, credit establishment, and other services to the working poor, especially women, in the United States. It is supervised by Prof. Yunus and other Grameen Bank officials.

Grameen America began disbursing loans on January 15 and inaugurated its first office in April in New York. As of mid-April, it had disbursed more than $500,000 to more than 165 borrowers whose combined savings exceed $40,000.

No longer dependent on local, non-bank lenders who charge usurious rates, Grameen America borrowers are using loans for a range of income-generating programs, to establish new businesses and expand services and products of existing operations.

Grameen America uses a group lending and savings model refined by Grameen Bank over 30 years requiring prospective borrowers to groups that meet weekly. All borrowers must save money to build financial resources. Group meetings and Grameen lending standards promote repayment and provide a forum for best-practice sharing and training on financial issues and related needs including health and insurance.

While attracting grants, private contributions, loans, and equity investments to support its initial development, Grameen America is designed to become a self-sufficient national business. After opening additional branches in New York and a second pilot program, Grameen America plans to roll out operations nationally.

Free Event by the Father of Microcredit is Open to the Public