Simplify the following text for a Grade 7 native English-speaking person.
Original: The Global Microcredit Summit in 2006 by one of the banks managers says that by May 2006 , around 73,000 beggars have taken loans of about 58.32 million taka ( approx .
Simplified: Based on a paper presented in the Global Microcredit Summit in 2006 by one of the bank 's managers , as of May 2006 , around 73,000 beggars have taken loans of about Tk 58.32 million ( approx .