Microfinance Meets Hip Hop

September 23, 2010

Propelled by a hip-hop video, the first-ever about microfinance, Grameen Foundation has won $200,000 in funding from American Express. Grameen was one of five charitable organizations that won funding through an innovative initiative known as the American Express Members Project  that encourages volunteerism and other chartitable activities.

In its attempt to secure votes, Grameen produced a hip-hop video, written by an intern and featuring scenes from Grameen's work around the world. You can view that video here.

Grameen said it plans to use the funding from AmEx to support lending and mobile technology initiatives.

Despite the name, online voting for the Members Project was open to AmEx cardholders/members and non-members alike. Individuals were allowed to vote once a week for 12 weeks from a list of 50 organizations.

This is the second round of $1 million in funding provided five organizations by AmEx based on member voting. Yet another round of voting is now underway, which is expected to result in additional funding decisions later this fall. Participants can sign up  here.

Americans borrow about $40 billion a year from payday lenders

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