The big save

摘要

TWO years ago Sabina sold flowers on the street from a shopping trolley. Today she has her own storefront in Queens, thanks to a $1,500 loan from Grameen Bank, a microfinance institution best known for its work in developing countries. Since opening its first American branch in January 2008, Grameen has found fertile ground. It has lent more than $25m to 7,300 borrowers. At 15%, interest rates are high, but far less than a loan shark or payday lender would charge (the annu-alised interest on a payday loan is typically 400%, sometimes twice that), and there are no other fees or collateral required. Grameen America's repayment rate is around 99%. It now has branches in four of New York's five boroughs, and plans to open in Washington, dc, North Carolina and California. It also has one in Omaha.