Journey of Founding Grameen Foundation and the Power of Microfinance

Miad Hossain

During a recent visit to Dhaka, Alex Counts, the founder of Grameen Foundation, sat down with The Daily Tribunal to discuss his experiences and insights in the field of microfinance. Founded in 1997, Grameen Foundation has grown from a small initiative into a leading international organization focused on empowering the impoverished through sustainable financial solutions. Alex Counts, who was mentored by Professor Dr. Muhammad Yunus, has dedicated his career to poverty alleviation and continues to expand the impact of microfinance worldwide.

Here is the full interview with The Daily Tribunal:

The Daily Tribunal: What inspired you to establish Grameen Foundation 18 years ago and how has the journey evolved over time?

Alex Counts: "The foundation of Grameen Foundation was truly a culmination of my experiences in poverty alleviation and microfinance. For a decade before its founding, I was working in this field, and my commitment deepened during my time as a Fulbright Scholar in Bangladesh. Living there, I witnessed the transformative work being done by Grameen Bank under Professor Yunus's leadership, showing me how microloans could empower people to lift themselves out of poverty. With his mentorship and a $6,000 seed grant, I began Grameen Foundation with a vision to adapt this model for communities globally. Today, it has evolved into a leading organization, but that original mission of empowering the impoverished is still our guiding force."

The Daily Tribunal: Could you share the vision and mission behind Grameen Foundation and how it aligns with your recent work in microfinance?

Alex Counts: "Our mission at Grameen Foundation has always been to alleviate poverty and empower underserved communities worldwide through tools that promote self-sufficiency. What we do aligns closely with my ongoing work in microfinance, where I strive to support scalable, grassroots approaches to lift people out of poverty. Initially inspired by the Grameen Bank model in Bangladesh, we’ve expanded into areas like health, agriculture, and financial literacy, recognizing that poverty alleviation is multi-dimensional."

The Daily Tribunal: What challenges did you encounter while building Grameen Foundation, and how did those experiences shape your approach to microfinance?

Alex Counts: "Starting Grameen Foundation was no easy task; we began with limited resources and a small network of supporters. With a $6,000 initial fund, we had to carefully build a network of people who believed in the vision of replicating Grameen Bank's success globally. Those early challenges taught me resilience and reinforced my belief that poverty alleviation requires a mix of local understanding and global vision. These experiences deeply shaped my approach to microfinance, making me value adaptive, sustainable, and patient methods that respect the unique needs of each community."

The Daily Tribunal: Your book, Small Loans Big Dream, touches on the transformative power of microloans. Could you explain how microfinance can impact lives on a personal level?

Alex Counts: "In my work, I’ve always aimed to convey that microfinance is more than just providing loans; it’s a powerful tool for empowerment. When someone receives a microloan, they’re given a way to become economically active and independent. In places like Bangladesh, and even in the U.S., small loans can enable people to start businesses, improve their homes, and support their families. I’ve seen people rise out of poverty and transform entire communities with the support of microloans. Microfinance offers a path to self-sufficiency, which can be life-changing."

The Daily Tribunal: What motivated you to write Small Loans Big Dream, and what do you hope readers will take away from it?

Alex Counts: "I was motivated to write about microfinance because I feel it’s important to communicate the real impact of this sector. There are many misconceptions, and I wanted readers to understand how a microloan can create profound, sustainable changes. Through this book, I hope readers gain insight into how tackling poverty is achievable by providing people with tools to uplift themselves. My goal is for the book to inspire a wider audience—whether policymakers, social workers, or potential donors—to see the value in supporting microfinance."

The Daily Tribunal: In your experience, what are the most significant misconceptions about microfinance, and how does your book address them?

Alex Counts: "A major misconception is that microfinance can create dependency, that it’s a form of handout that keeps people in poverty. This couldn’t be further from the truth, and I address this myth in my book. Microfinance, when done right, is about empowerment. It provides individuals with opportunities to create economic stability for them. Through the stories in my book, I’ve tried to show that microfinance fuels entrepreneurship and self-reliance, rather than dependency."

The Daily Tribunal: Could you discuss any real-life success stories from Grameen Foundation that illustrate the impact of small loans?

Alex Counts: "Over the years, Grameen Foundation has been part of countless success stories. For example, one woman used her microloan to start a small shop, which gradually expanded, allowing her to employ others in her community. Her journey exemplifies how microloans not only empower individuals but also create a ripple effect, lifting up entire communities."

The Daily Tribunal: How do you see technology influencing the future of microfinance, especially for rural and underserved communities?

Alex Counts: "Technology has the potential to extend the reach of microfinance to rural communities more effectively. With digital banking and mobile payment platforms, we’re breaking down geographical barriers that previously hindered access to financial services. I believe technology will be central in making microfinance more accessible and efficient, allowing us to better support underserved communities."

The Daily Tribunal: What advice would you give to young entrepreneurs or social workers who are looking to make an impact in microfinance or similar sectors?

Alex Counts: "One of the best pieces of advice I can offer is to find mentors. My time with Professor Yunus was instrumental; he taught me the value of empathy and resilience in poverty alleviation. Equally important understands the needs of those you want to serve. Be patient and adaptable, as each community has unique challenges. A commitment to learning and adapting is essential for meaningful work in poverty alleviation."

The Daily Tribunal: Looking forward, what are your goals for both Grameen Foundation and your personal contributions to the field of microfinance?

Alex Counts: "For Grameen Foundation, the goal is to continue expanding its reach so more people can access the resources to break free from poverty. Personally, I want to keep sharing my insights through writing. Books like Changing the World Without Losing Your Mind allow me to advocate for a balanced approach to social impact work, one that respects both the well-being of those who serve and those being served. I hope to inspire future leaders in microfinance, while helping Grameen Foundation makes a lasting difference worldwide."

Alex Counts' words reflect his unwavering commitment to alleviating poverty through sustainable solutions. Grameen Foundation continues to expand its global impact, empowering individuals and communities through microfinance and beyond.