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Update: 23 December, 2018 15:36 PM
Micro-finance provider Grameen Foundation Scotland folds

Micro-finance provider Grameen Foundation Scotland folds

Nobel Peace Prize winner Prof Muhammad Yunus was a director of Grameen Foundation Scotland. Photo: Reuters

A Scottish charity which provided micro-credit business loans in deprived communities has collapsed.

A provisional liquidator was appointed to Grameen Foundation Scotland after its debts became "insurmountable".

The Glasgow-based foundation's cash flow was hit after some of its customers fell into arrears.

The initiative was inspired by the Grameen system in Bangladesh, which was created by Nobel Peace Prize winner Prof Muhammad Yunus.

Prof Yunus was one of six directors of the foundation, which traded as Grameen in the UK, until its collapse.

Provisional liquidator Brian Milne, from business advisers French Duncan LLP, said the business had now closed with the loss of all four jobs.

Grameen, which was based at Glasgow Caledonian University, offered small loans to people unable to access mainstream financial services.

Its stated goal was "to improve the economic situation of the most financially disadvantaged in the UK, initially in the west of Scotland, on a sustainable basis".

Launched in 2012, it provided loans to about 1,000 people.

Mr Milne said: "The Grameen Scotland Foundation is unable to continue trading as its debts have become insurmountable.

"Creditors are due around £300,000 and the main reason for the financial collapse is that a number of the foundation's customer have fallen into arrears which has had a detrimental effect on the company's cash flow.

"The directors petitioned for liquidation as the company is insolvent."

সম্পাদক : ইমদাদুল হক মিলন,
নির্বাহী সম্পাদক : মোস্তফা কামাল,
ইস্ট ওয়েস্ট মিডিয়া গ্রুপ লিমিটেডের পক্ষে ময়নাল হোসেন চৌধুরী কর্তৃক প্লট-৩৭১/এ, ব্লক-ডি, বসুন্ধরা, বারিধারা থেকে প্রকাশিত এবং প্লট-সি/৫২, ব্লক-কে, বসুন্ধরা, খিলক্ষেত, বাড্ডা, ঢাকা-১২২৯ থেকে মুদ্রিত।
বার্তা ও সম্পাদকীয় বিভাগ : বসুন্ধরা আবাসিক এলাকা, প্লট-৩৭১/এ, ব্লক-ডি, বারিধারা, ঢাকা-১২২৯। পিএবিএক্স : ০২৮৪০২৩৭২-৭৫, ফ্যাক্স : ৮৪০২৩৬৮-৯, বিজ্ঞাপন ফোন : ৮১৫৮০১২, ৮৪০২০৪৮, বিজ্ঞাপন ফ্যাক্স : ৮১৫৮৮৬২, ৮৪০২০৪৭। E-mail : [email protected]