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Grameen America Launches with Philliou As CEO

Philip J. Philliou has been named CEO of Grameen America, Inc., a for-profit microfinance company that "provides small loans, savings programs, and other services to poor people in the United States."

According to Philliou, "Grameen America will provide initial non-collateral credit-establishment small loans of $500 minimum and savings programs to poor Americans from all backgrounds, with initial efforts focused on the New York City area. The key to success achieved by the Grameen model, which is a unique technology transfer from an under-developed country to a developed county, is to require borrowers, who are also savers, to form or join small groups of borrowers who meet regularly to encourage and reinforce loan repayments and savings by the group participants." [Editor's note: Congratulations to Phil on his new role!]

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