NEW YORK, NY April 26, 2008 —With a jumbo pair of scissors and a big round of applause, Dr. Muhammad Yunus officially opened Grameen America in Jackson Heights Friday. It's the first American branch of Grameen Bank of Bangladesh.

REPORTER: More than three decades ago, Dr. Yunus got the bank started by lending small amounts of money - microloans - to poor Bangladeshi villagers. In 2006, Dr. Yunus and Grameen Bank were recognized for their efforts with the Nobel Peace Prize. Yunus explained that Grameen America's mission is in keeping with his original goal: to better the lives of working poor people.

YUNUS: We just do exactly the same things we do in the villages of Bangladesh, we are doing it here in Jackson Heights, New York. Same weekly repayment. Same savings habit, same income-generating activity. Only thing is the loan size is different.

REPORTER: Instead of a few hundred dollars, an American borrower might take out as much as three thousand dollars. Grameen America has about two hundred US borrowers so far. Dr. Yunus said he'd like the bank to expand to other cities if it's successful.