The key to Grameen BankвЂ™s success lies in its ability to understand the local and cultural dimensions of its customer base and adapt its business model accordingly. This social compact, based on trust, replaces the legal system of secured transactions favored by larger banks. The 16 Decisions, which vary from вЂњProsperity we shall bring to our familiesвЂќ to вЂњWe shall build and use pit-latrines,вЂќ set up guidelines for the generation and growth of wealth within the community. Beyond solidarity lending, however, Grameen Bank takes a more holistic approach, creating a social compact, the вЂњ16 Decisions,вЂќ between the bank and the community вЂ“ perhaps its most innovative contribution to micro-credit. Solidarity lending works well in the tribal and communitarian mindset of many rural communities, where notions of вЂshameвЂ™ and вЂhonorвЂ™ are a key part of life. In so doing, the bank exploits social capital and peer pressure by fostering mutual support within the group and a вЂspirit of repayment.вЂ™ Through solidarity lending, Grameen lends money to вЂsolidarity groups,вЂ™ usually of around 20 to 30 people, as opposed to individuals. Second, to keep up payback rates and encourage fiscal responsibility, Grameen has adopted solidarity lending. First, the bank has eschewed the standard system of collateral in favor of a trust-based lending system, thereby freeing up its ability to deal with poor rural communities. Grameen BankвЂ™s success in combining social responsibility with a profit-motive lies in three innovative techniques. Remarkably, GrameenвЂ™s payback rate is roughly 90% to 95%, and in the fiscal year 2006, the bankвЂ™s revenue reached $92.3 million - remarkable considering the bank targets exclusively the lowest classes of Bangladeshi society. In 1976, Yunus started his Grameen Bank Project as an experiment in providing small loans to poor rural communities in Bangladesh without collateral, which had traditionally hampered the ability of the poor to take loans.Д«y 1983, Grameen Bank had become an independent bank, and, by 2007, it had provided loans to more than 7.3 million people, with over half breaking the cycle of poverty within five years of taking a Grameen loan. On October 13, 2006, the Nobel Committee announced it would award the 2006 Nobel Peace Prize to Bangladeshi banker and economist Muhammad Yunus for his вЂњefforts to create economic and social development from belowвЂ¦вЂќ through his pioneering approach to micro- credit. вЂњDevelopment from Below: The Grameen Bank Model for Alleviating PovertyвЂќ The essays have been lightly edited for length and KWHS style. Below are the four winning essays in the вЂњSocially Responsible BusinessвЂќ category, which asked students to highlight a private sector company that has created a lasting positive impact on the community вЂ“ local, national and/or global - through socially responsible policies. and the world to submit essays on their choice of two topics: вЂњStarting a New BusinessвЂќ or вЂњSocially Responsible Business.вЂќ From the several hundred entries, judges chose four high school students (two each from grades 9-10 and 11-12) as winners in each of two topic categories. In preparation for its launch, High School held a contest in which it invited high school students from across the U.S. HCMG 001: Introduction to Health Economics.STAT 001: Introduction to Statistics and Data Science.FNCE 002: Essentials of Personal Finance.FNCE 001: Introduction to Financial Markets and the Global Economy.

Management & Technology Summer Institute.

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