Grameen America, a micro-finance organisation in the United States, has distributed $1.0 billion in microloans to more than 100,000 low-income women entrepreneurs in the country since its inception 10 years ago.
A press release said, the organisation aims to touch the lives of 1 million people, create 360,000 jobs, and invest $12 billion in women-owned businesses over the next decade.
These results were shared to the board in a board meeting held in the New York city of the United States on September 26.
Nobel Laureate Professor Muhammad Yunus, the founder of Grameen Bank in Bangladesh, presided over the meeting.
“This record $1.0 billion achievement has proved that the model can scale successfully, and we are excited to see where the next decade takes us,” said Yunus.
Professor Yunus first brought his Nobel Peace Prize-winning model to Jackson Heights, Queens, New York City.
“Many had doubts whether micro-finance would be effective as a poverty alleviation tool in the United States, but we have clearly proved them wrong,” he added.
Currently, the organisation now has 20 branches in 13 American cities and plans to open a branch in Houston next month.
Grameen America has seven branches in the New York city, a significant and growing presence in northern and southern California, and branches in cities throughout the country, including San Juan, Puerto Rico.
It also plans to expand its activities to other cities.
According to the press release, the organisation has adapted its small-group, trust-based micro-finance model in different markets across the United States.
It serves women who are usually not eligible for loans from traditional banks and largely excluded from the mainstream US financial system. Start-up loan is under $2,000.
Loans from Grameen America have direct impact on the lives of the women and their families.
Women who have received microloans from Grameen America can better afford their basic needs, have less material hardship, and have developed credit histories. Cumulatively, women small business owners who have received loans from Grameen America have created more than 109,000 jobs.
“By investing $1 billion in the entrepreneurial businesses of low-income women, Grameen America has helped over 106,000 women in the United States break out of the cycle of poverty,” said Andrea Jung, President and CEO of the organisation.
“These small loans enable women to start or grow their own businesses, which boosts local economies and is a significant force in revitalising American communities.”