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EN
Microfinance is intended to combat the phenomenon of social and financial exclusion. We hope that the supportive political environment in the EU will meaningfully contribute to the betterment of this situation in Europe. The paper draws attention to the banking and non-banking institutions granting microloans which constitute the key element facilitating the creation and continued operation of firms. It is very important that microfinance is viewed as a weapon in the fight against poverty and inaccessibility of financial services.
EN
The phenomenon of Grameen Bank has had a worldwide impact over thirty years of its successful history. It is assessed now that over 500 million of the world’s poorest population has benefited from microloans, a concept developed by professor Muhammad Yunus, 2006 Peace Nobel Prize Winner. By means of undertaken activities, Muhammad Yunus has given an unprecedented example of development of social business, which can be a modern way to replace charities. According to this concept, a social business is a sustainable business run in free market conditions, however profit-making is not its ultimate goal. A social business is either established to respond to a social need, which is not addressed otherwise, or is owned by the poor for whom a profit from shareholding can vitally contribute to their well-being. The present article discusses the history and main concepts of Grameen Bank – being the world largest social business – and other entities established as followers of the ideas voiced by Muhammad Yunus.
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