ANNUAL REPORT 2023
ANNUAL REPORT 2018
HER
SUCCESS
LIFTS
AMERICA
"THROUGH THE GRAMEEN AMERICA PROGRAM, I HAVE MADE FRIENDS, MADE NEW PEOPLE, AND LEARNED FROM OTHER BUSINESS OWNERS."
HEATHER
HARLEM, NY
In the most rigorous, independent, third-party evaluation of microfinance in the United States to date, top-tier research organization MDRC is assessing Grameen America’s program in Union City, New Jersey. MDRC used a randomized controlled trial design—the gold standard of research methods that uses the same rigorous methods as pharmaceutical trials. While there have been several evaluations of international microfinance programs, few robust studies, and no randomized controlled trials, have been conducted of U.S. microfinance programs—until now.
THE FIRST-EVER RANDOMIZED CONTROLLED TRIAL OF MICROFINANCE IN THE U.S.
ANNUAL REPORT 2023
ANNUAL REPORT 2018
HER
SUCCESS
LIFTS
AMERICA
ANNUAL REPORT 2018
HER
SUCCESS
LIFTS
AMERICA
Grameen America is dedicated to helping entrepreneurial women who live in poverty build businesses to enable financial mobility.
“Not having access to affordable capital and financial services is a huge barrier to entrepreneurship for Latina women in my community. When I found out about Grameen America, I finally felt that there was an organization that believed in women like me.”
Roselani
50's-Inspired Shop Owner
Los Angeles, CA
Grameen America will raise $600 million, through a combination of $300 million in philanthropy and $300 million in debt capital, to meet the urgent need for affordable capital and demand for Grameen America’s program across existing and new cities.
Grameen America is building on our proven record to embark on a five-year campaign to realize our bold ten-year strategic goals, providing opportunities for economic mobility for more than 750,000 women and their families.
ANNUAL REPORT 2023
Celebrating 15 Years
$4 Billion Disbursed
The Limitless Scale
Today, Grameen America is at an inflection point as we look towards the next ten years. Having proved our impact and scalability in the U.S., we have bigger and bolder goals to grow at an unprecedented rate, providing exponentially more women entrepreneurs with access to affordable capital, financial and health education, credit- and asset-building, and peer support to accelerate upward economic mobility for all.
The Framework
- Strengthening internal capacity, processes, and technology capabilities for scale
- Implementing cashless disbursements through digital technology
- Transitioning to paperless operations
- Emphasizing organizational sustainability
- Expanding to 23 branches across the country
The Momentum
- Supporting recovery and resilience during the pandemic
- Attaining organizational sustainability
- Achieving fast growth and high quality wrap-around services
- Advancing commitment to racial equity through the Elevate by Grameen America
- Validating our program impact through the first-ever independent study of microfinance in the U.S.
- Beginning to offer an improved savings program
- Transitioning to a digital platform and launching a mobile app for members
- Expanding to 34 branches
The Foundation
- Developing a proof of concept: Will a group lending model work in the U.S.?
- Implementing in-person cash disbursements and paper passbooks
- Refining and fine-tuning the microloan product
- Introducing our first savings program
- Initiating credit reporting
- Achieving early success and expanding to 11 branches
Grameen America envisions an inclusive society in which all entrepreneurs, regardless of gender, race, or income, have access to fair and affordable financial services to support upward economic mobility.
OUR VISION
Jennifer
Lopez
Leading the
Way for
Entrepreneurs
It is life-changing to be able to secure funding for the business you dream of building, especially when you lack capital and the mainstream financial system does not believe you are worth the investment.
A Message From Our National Ambassador
For me, this obviously hits very close to home. Not just because of what I do, but because I was raised by strong entrepreneurial women.
That’s why it was a perfect fit for me to join Grameen America as the National Ambassador to get the word out about the program so more people can have access to life-changing opportunities. All I ever wanted was a chance to prove myself, and now I’m proud to be able to offer that opportunity to other entrepreneurial women.
Grameen America has proven how successful women-owned businesses are and can be.
Eventually the world won’t overlook us and see us for the hard-working, successful business women we are.
99%
Repayment Rate
1 Million
Total Loans Disbursed
190,000
Women Served
$4 Billion
In Loan Capital Disbursed
27
U.S. Cities
36-Month Impact Snapshot
Study Affirms Grameen America's Efficacy in Advancing Financial Inclusion
Our
Proven
Impact
Grameen America’s unique model allows us to reach the most underserved communities with affordable financial services. In March 2022, nonprofit research organization MDRC and Grameen America released a first-of-its-kind study on the impact of Grameen America’s microfinance program.
The rigorous, independent, third-party evaluation determined that the Grameen America microlending model resulted in an increase of credit scores, business ownership, savings, financial wellbeing, and a reduction of material hardship.
It marks the first time a microfinance institution in the United States has been evaluated using a randomized controlled trial, the gold standard of evaluations.
Business Earnings
Members’ average monthly business earnings was $483 compared to $356 in a control group, representing an increase of $127.
Credit Score
Members (79%) were more likely to have a VantageScore, compared to a control group (62%), representing a 17.2 percentage point increase.
Savings
Members experienced higher average non-retirement savings ($2,076) compared to a control group ($1,237), representing an increase of $839.
Material Hardships
Members experienced 0.9 material hardships in the last 12 months compared to 1.1 experienced by a control group, representing a decrease of 0.2 types of material hardships.
$356
$356
62%
79%
$1.2K
$2K
1.1
0.9
Grameen America Group
Control Group
Our
Impact
Our
Community
Fresno, CA
1,365 Members Served
$11.1M Dollars Disbursed
Los Angeles, CA
20,344 Members Served
$394M Dollars Disbursed
Oakland, CA
8,397 Members Served
$206.8M Dollars Disbursed
San Jose, CA
6,041 Members Served
$128.8M Dollars Disbursed
Dallas, TX
613 Members Served
$3.4M Dollars Disbursed
Austin, TX
4,986 Members Served
$91M Dollars Disbursed
Omaha, NE
9,480 Members Served
$195.1M Dollars Disbursed
Chicago, IL
2,180 Members Served
$13.1M Dollars Disbursed
Charlotte, NC
14,176 Members Served
$340M Dollars Disbursed
Memphis, TN
282 Members Served
$543K Dollars Disbursed
Indianapolis, IN
7,110 Members Served
$128.5M Dollars Disbursed
Boston, MA
6,211 Members Served
$111.7M Dollars Disbursed
New York, NY
79,425 Members Served
$1.9B Dollars Disbursed
Connecticut
1,375 Members Served
$9.3M Dollars Disbursed
Newark, NJ
3,900 Members Served
$52M Dollars Disbursed
Union City, NJ
6,083 Members Served
$110.5M Dollars Disbursed
New Expansion in 2024
In 2024, Grameen America plans to open new branches in New York, NY, and Miami, FL. In addition, we aim to enter the metropolitan area of Raleigh, NC for the first time, and expand Elevate by Grameen America in Houston, TX.
14 States | 27 Cities | 34 Branches
“Grameen America is giving women a hand up, especially women who may not be able to get funding in other ways. Grameen America is all about helping people. They go straight on your merit to pay your loan back, all while helping build your credit. For me, it’s not just about the money, it’s about the community and the support.”
Barbara
Tea Lounge Shop Owner
Memphis, TN
The
Vision
Over the next ten years, Grameen America will change the paradigm of addressing economic inequity. We will deepen our impact by moving beyond financial stability to advance true upward mobility while advocating for a more inclusive financial system.
Financial
Highlights
Our
Program
Since 2021, Elevate by Grameen America has helped accelerate Grameen America’s commitment to racial equity and meaningfully address systemic barriers and funding gaps faced by women in financially underserved Black communities. Elevate currently reaches Black women entrepreneurs in New York, NY, Newark, NJ, Memphis, TN, and Atlanta, GA. In 2024, Grameen America aims to expand the initiative to Birmingham, AL and Houston, TX.
Riverside, CA
4 Members Served
$10K Dollars Disbursed
Phoenix, AZ
68 Members Served
$162K Dollars Disbursed
Houston, TX
6,257 Members Served
$63.8M Dollars Disbursed
San Antonio, TX
538 Members Served
$2.7M Dollars Disbursed
Trenton/
Camden, NJ
1,018 Members Served
$6.2M Dollars Disbursed
Miami, FL
5,607 Members Served
$69.5M Dollars Disbursed
Atlanta, GA
741 Members Served
$2.1M Dollars Disbursed
A Transformational
600M
Campaign
$300M
In philanthropy
$300M
In debt capital
With the strategic support from Blue Meridian Partners, Grameen America is well-positioned to accomplish its goals, driving a decade of sustainable growth, innovation in products, capacity-building, and ensuring financial inclusion for all.
Broaden
Our Reach
We will expand access to affordable financial services in underserved communities, reaching 4X the number of women with 10X the amount of capital ($40 billion) over the next 10 years.
Deepen
Impact
Leveraging MDRC validated impact, we aim to innovate our programming to improve outcomes, moving our members from financial stability to true upward economic mobility through savings, credit establishment and repair and business growth.
Innovate to
Expand Access
Accelerating our commitment to serving the most systemically disenfranchised women, we will continue to innovate Elevate by Grameen America and leverage learnings to expand access to new communities.
Promote
Systems Change
We will be more intentional about disrupting narratives and leveraging our data and insights to influence the broader financial system toward inclusion for all.
Invest for Scale
To execute on our key strategic priorities for breakout growth and impact, we must strengthen the organization’s technology, data capabilities, and infrastructure, and significantly invest in human capital.
Our
Limitless
Scale
Grameen America has provided
$4 billion in affordable capital to more than 190,000 women entrepreneurs across 27 U.S. cities. Over the next decade, we aim to open two times the number of locations, reach four times the number of women entrepreneurs, and disburse ten times the amount of loan capital.
70+
U.S. Branches
2x growth
750,000
Women Served
4x growth
$40 Billion
In Loan Capital Disbursed
10x growth
In ten years, Grameen America will reach:
The
Goal
Supporting
Black-Owned
Businesses
To advance the organization’s technology foundations, Grameen America launched a new mobile application to enhance the member experience, save staff time that can be reallocated to member-focused activities, and provide data-driven insights on program impact and member satisfaction. Since its launch in April 2023, the app has experienced a remarkable surge in registration and engagement.
A Mobile App
To Enhance the
Member Experience
Asset- and
Credit-
Building
In 2023, we developed a brand-new savings solution and continued to help members build and enhance their credit identities. The Savings Program is designed to eliminate systemic barriers, including account opening requirements, minimum balances, and fees. This innovative, flexible, free, and easy-to-use online savings tool will help women build their long-term financial independence.
In 2023, Grameen America continued to host multiple expert-led workshops in an effort to empower members with more business knowledge and financial education. Since October 2020, 100 virtual workshops have been hosted, spanning popular topics like managing loan capital, creating a business plan, and leveraging new business support and AI tools like ChatGPT.
Virtual Workshops,
Education, and
Networking
*Philanthropic income reflects donor type
In-kind revenue and expenses excluded.