Minnesotan brings "micro-lending" concept home
The 2006 Nobel Peace Prize went to an economist from Bangladesh pioneered the idea of "micro-credit" -- giving small loans to help poor people start a business. Mohammed Yunus shares the prize with the Grameen Bank he created for the purpose. The program has helped over 100 million people.
Organizations around the world have followed the model. And so has Minnesotan Joe Selvaggio. He's the founder of the Project for Pride in Living and the One Percent Club. Most recently he's been connecting philanthropic Minnesotans with people who need small amounts of money to start or find work.
Selvaggio told Minnesota Public Radio's Greta Cunningham that Muhammad Yunus and the Grameen Bank were an inspiration to him.
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