Hillary Clinton praises microloans, reflects on Muhammad Yunus’ work

Former US secretary of state Hillary Clinton has praised the microloan model for changing lives, recalling how a woman entrepreneur struggled to secure a $10,000 bank loan to expand her business.

In a video posted on her official Facebook page on Thursday, Clinton shared the story of the entrepreneur, who had started a cooking business from her kitchen but needed money to rent a shop and buy equipment.

“She went to bank after bank. She only needed $10,000, and over and over she was told that we don’t give loans this small,” Clinton said.

The woman summed up her experience with a memorable remark: “A lot of dreams die in the parking lots of banks.”

Clinton said people from marginalised communities continued to face barriers to accessing the financial resources needed to pursue their ambitions.

“We still struggle to make sure that people who are marginalised get the opportunities to pursue their own dreams, to make investments in themselves, in their families and communities,” she said.

In the Facebook post accompanying the video, Clinton wrote, “The microloan model has changed lives.”

She shared the remarks while reflecting on the recipients of this year's Hillary Rodham Clinton Awards, presented by Georgetown University's Institute for Women, Peace and Security. Nobel Peace Prize laureate Muhammad Yunus, founder of Grameen Bank and former chief adviser to Bangladesh's interim government, was among the recipients.

Clinton also drew parallels between Bangladesh and the United States, saying that despite the vast differences between the two countries, the challenges faced by people seeking financial opportunities were similar.

Yunus received the Hillary Rodham Clinton Award at a ceremony at Georgetown University in Washington on October 15. Clinton presented the award to Yunus in recognition of work associated with women's empowerment and access to finance.

At the ceremony, Clinton said she had personally witnessed how Grameen Bank had helped women in Bangladesh become self-reliant and strengthen their security and empowerment.

She also praised the global reach of Yunus's work, saying its impact extended beyond the women of Bangladesh to communities around the world.

Three other recipients were honoured alongside Yunus: Reema Nanavaty, director of India's Self-Employed Women's Association; Tory Burch, fashion designer and founder of the Tory Burch Foundation; and Muna Sukhtian, board chair of Jordan's Microfund for Women. Sukhtian also received the Georgetown Ambassadors Award.