Stepping up its efforts in the area of microfinance, or financial services for the poor, the Gates Foundation today said it has awarded a three-year grant to the Grameen Foundation. The $1.5 million grant is the third largest the Grameen Foundation has received toward its goal of reaching 5 million new families and making sure at least half of them can rise above poverty permanently within five years.

The Grameen Foundation grew out of the Grameen Bank of Bangladesh, started by economics professor Muhammad Yunus to offer tiny loans to poor women to expand their businesses. It operates in 22 countries and has a technology center in Seattle.