(L-R): Arcelia Gomez and Alex Counts of Grameen Foundation meet with Fred DeLuca, co-founder and president of Subway Restaurants, at the 2014 Subway Convention.
What do Grameen Foundation and the Subway® restaurant chain have in common? More than you might think.
Fred DeLuca, co-founder and president of Subway Restaurants, has long been a supporter of microcredit and is also a living example of its success. Fred (as he insisted I call him from our first meeting when I was barely 30 years old) opened his first sandwich shop (then called Pete’s Super Submarines) at just 17 years old with a $1,000 loan from friend and co-founder Peter Buck in 1965. He soon aimed to have 32 stores in operation by 1975. Then and now, he was a humble, hard-working, plain-spoken man – much like Professor Yunus, my mentor from the age of 20.