Bank for underprivileged
Friday, August 20th, 2010
Reports claim that less than 70% of the population in Hungary have savings of any kind. One of the reasons is that there is a growing number of people living beneath the bread-line. Three brainy Hungarian bankers are said to have devised a scheme (similar to Nobel laureate Muhammad Yunus’ Grameen Bank) where impoverished Hungarians, mostly from the uneducated and unemployed gypsy community will be able to utilize.
Members of the community wanting to borrow money will be allowed to do so providing another member of that same group signs as guarantor for the loan. The idea is to avoid loan shark activities, which generally lead to criminal activities and violent if not deadly disputes. Anyone borrowing a loan will also be registered with the tax authority to avoid any form of money laundering.
The aim of the game is to help small entrepreneurial businesses prosper from homes and develop into self-sufficient prosperous small or medium sized company that could employ other needy members of the same community.
