Yunus founded the Grammeen Bank in 1976 with just 27 from his own pocket. The idea came to him while he was teaching economics at Chittagong University in southern Bangladesh, which is one of the poorest nations in the world. He and his students started an experimental project: They lent poor women small amounts of money. The women used the money for their own small businesses; for example, to buy straw to make stools. Until then local women relied on local moneylenders who charged them high interest rates.