Muhammad Yunus founded Grameen Bank in 1976 to provide microloans to poverty-stricken individuals in Bangladesh. Grameen Bank has issued over $5.1 billion in loans to over 5.3 million borrowers, with a 95% repayment rate. The bank loans primarily to women organized into solidarity groups, leveraging group peer pressure to encourage repayment. This model of microcredit has allowed over 50% of borrowers to rise out of poverty.