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Muhammad Yunus was born on June 28, 1940 in Bangladesh as the third oldest of nine children. He is the founder and managing director of Grameen Bank which pioneered microcredit. As of June 2009, Grameen Bank (GB) has lent over USD 8.65bn to 7.95M borrowers, 97 percent of whom are women. The loan recovery rate is 96.68 percent. In October 2006, Muhammad Yunus was awarded the 2006 Nobel Peace Prize, along with Grameen Bank, for their efforts to create economic and social development. Currently, Muhammad Yunus focuses on spreading the social businesses idea. Social businesses are businesses whose objective is to overcome poverty while being financially sustainable. The first social business, Grameen Danone, was founded in 2006. Muhammad Yunus is married to Dr Afrozi Yunus, and has two daughters.