April 18, 2009
Nobel Peace Prize Laureate Prof. Muhammad Yunus, Founder of Grameen Bank, paid a
special visit to St. John’s and its Queens Campus yesterday
afternoon to announce a new partnership venture between the
University and Grameen America. The appearance was part of Grameen
America’s Open House and Spring Fair held in Carnesecca Arena.
Grameen America was established in January 2008 in Jackson Heights,
Queens, to bring successful social justice programs of Grameen Bank
to the United States.
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The Open House was highlighted by an inspired speech by Dr.
Yunus that looked into Grameen’s unique microfinance opportunities
which has moved millions out of poverty. And, close to 100 clients
of Grameen America, most from Latino communities in Queens,
participated in a Borrowers’ Market outside of Carnesecca Arena
during the day-long festivities complete with musical performances
and traditional presentations.
The historic day marked a new collaboration between Grameen
America and St. John’s in joining the University’s Tobin College of Business
(TCB), and the newly established Vincentian Institute for Social
Action (VISA) and Global Loan Opportunities for Budding
Entrepreneurs (GLOBE) initiatives that will provide students the
opportunity to learn and work in the field of business and
microfinance as they support Grameen America’s plans to expand
throughout New York City and around the country.
“By working with Grameen’s proven model – both their
microfinance program and Professor Yunus’ emerging concept of
social businesses – our students and faculty will be learning from
the very best and at the same time they will have the opportunity
to help thousands escape poverty,” said Dr. James P. Pellow, Ed.D.,
Executive Vice President and Chief Operating Officer at St. John’s,
who also served as Master of Ceremonies for the event. “Our goal is
collaboration that generates Action with Impact.”
Grameen Bank and Dr. Yunus, pioneers of modern day microfinance,
were jointly awarded the Nobel Peace Prize in 2006. As of January,
2009, Grameen Bank had 7.71 million borrowers, 97% of whom are
women, and operated 2,451 branches that provide services to 83,744
villages covering almost 100% of the total villages in
Bangladesh.
“I am speechless,” said Dr. Yunus, after hearing countless
Grameen clients give testimonials of success and student Jessica
Lazo representing St. John’s Tobin College of Business, speaking to
the benefits this partnership will have for her and fellow
classmates as they venture out into the business world. “I
congratulate St. John’s University and thank them for taking this
big journey with us, and hope that this relationship can grow into
something that is meaningful and powerful as it benefits both
sides.”
After an initial meeting in December 2008, St. John’s and
Grameen America participated in the TCB Microfinance Day on March
27 on the University’s Queens Campus where Grameen America
representatives Katherine Brodsky and Leslie Kane served as
panelists. Dr. Linda M. Sama, Associate Dean for Global Initiatives
and Professor of Management at The Tobin College of Business, and
students from the Global Micro-loan class sponsored the event as
part of the new GLOBE initiative.
GLOBE was inspired by the work of Dr. Yunus and Grameen Bank.
The mission of GLOBE, a student-managed program in TCB, is to help
alleviate poverty in developing countries by providing small
business loans to entrepreneurs in impoverished areas who would
otherwise not have access to credit. GLOBE has established a
partnership with the Daughters of Charity, an international
religious order of sisters operating in over 90 countries, to award
microloans in developing nations.
Initially, this partnership will engage students from TCB who
will serve as interns at Grameen America. Student interns will be
selected from our Global Microfinance Program, established by TCB
Dean Dr. Steven Papamarcos in spring 2009 and directed by
management professor Dr. Linda Sama.
"We envision the partnership growing to include many students
and faculty at St. John’s who will assist Grameen America to expand
their services in New York City, and begin to explore how the
resources of higher education might advance the latest poverty
solution promoted by Dr. Yunus with the establishment of social
businesses,” Dr. Pellow said.
This strategic partnership between St. John’s and Grameen
America will be managed through the university’s newly formed VISA
model. VISA was established to coordinate the talents of
inter-disciplinary faculty, passionate students and strategic
service partners to develop and implement practical, measurable
solutions to poverty. VISA will draw upon the resources of
all six colleges and schools of St. John’s as it works with select
social agencies in New York City, across the nation and around the
world. Rev. James J. Maher, C.M. serves as Executive Director of
the VISA program at St. John’s.
Dr. Yunus, a Fulbright scholar and esteemed Professor at the
University of Chittagong in Bangladesh, began his transformation
from teaching economic theory to implementing practical solutions
to poverty in 1976. While conducting field-based research with
graduates students in his homeland, Dr. Yunus discovered that the
poor were unable to advance not because of a lack of skill, but
because of a lack of access to capital. He arranged for a
small loan of $27 to a group of 42 families who were suffering from
famine. This led to the creation of the now famous Grameen Bank, a
credit delivery system that would provide banking services to
millions of rural poor without the burdens of predatory lending or
the policy limitations of traditional banking systems. By moving
from a posture of research to one of action,
Interested media representatives can contact Dominic Scianna,
Assistant Vice President for Media Relations at St. John’s
University by calling (718) 990-6185 or e-mail inquiries to sciannad@stjohns.edu. For
more information about St. John’s visit the University’s web site
at www.stjohns.edu/news.
More information about Dr. Yunus and Grameen America can be
obtained by visiting their web site at www.grameenamerica.com