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Her America Scaling Financial Advancement ANNUAL REPORT 2019 HER AMERICA SCALING FINANCIAL ADVANCEMENT ® LETTER FROM THE CEO AND CHAIRMEN Dear Friends and Partners, 2019 has been a momentous year for Grameen With new branches in Fresno and Long Beach America. After 11 years of operation, we have opening in 2019, we remain focused on broadening seen firsthand the power of microloans and the our geography, with plans to serve Chicago ingenuity of the women we serve. and Connecticut and expand our footprint in California and Texas. We are committed to our Together, we have driven a national movement high-touch model and are developing our products towards financial inclusion and empowered low- and services to better serve the needs of our income women to participate in a system that for members. too long has been a closed door. Now, more than ever, we know our program is The foundations of our ongoing work culminated proven to transform underserved communities in the release of the MDRC study, where early across the country. We provide vital access to loan findings determined that Grameen America’s capital to low-income women to launch or sustain a microfinance model is instrumental in alleviating business. financial hardship in the United States—confirming what we have always known about the power of At the heart of our program is the knowledge that our program. when women have access to the financial system, they become economic engines for their families With your investment, we have served over 129,000 and communities. women, distributed more than $1.42 billion in loans and helped create or maintain more than The impact of a microloan is only reaffirmed by 136,000 jobs in the United States. the words of our members throughout these pages. With your partnership and support, we are We have shaped these tangible results together. committed to ensuring women entrepreneurs Now, we are looking to the future. across the country can access life-changing loan capital and support. ® This year we launched an ambitious undertaking, GRAMEEN AMERICA IS Lifting America: The Campaign for Her Future, a Together, we can scale financial advancement five-year campaign to deepen our national impact throughout her America. DEDICATED TO HELPING to lift the lives of women entrepreneurs across the ENTREPRENEURIAL nation. WOMEN WHO LIVE IN POVERTY BUILD BUSINESSES TO ENABLE FINANCIAL Andrea Jung Muhammad Yunus John F. Megrue Jr. MOBILITY. President & CEO Nobel Laureate Co-Chair, Bridgewater Associates, LP Grameen America Founder of Grameen Bank Co-Chair, Grameen America Co-Chair, Grameen America 1 2019 ANNUAL REPORT Photo by Vera Rubtsova Cover photo by Caitlin Feltman Photography 2019 ANNUAL REPORT 2 HER STORY Diana, a Grameen America member of six years, shares her entrepreneurial journey. Before I joined Grameen America, my husband These days, I feel financially secure. and I sold perfume door-to-door in Manhattan. We would transport the perfume in our backpacks and Our lives have transformed since having access in the bottom of our son’s stroller, showing our to loan capital. Before I became a member of products to potential customers on the street. Grameen America, I spent my days selling perfume on the street. Today, I am able to work flexible It was a difficult time. My son was only three years hours and have more time to spend with my old. It was freezing during the winter and we family. struggled to be outside for long periods of time. Grameen America works with women to help them I had applied for small business loans at multiple establish their own businesses. I am proof that banks. I was not able to meet their collateral with their support, dreams can become a reality. requirements, and since I did not have an established credit score, I was considered credit When you attend a weekly Grameen America invisible. Everywhere I asked said no. center meeting, you build a bond with the other women in your community and they become part I was very disappointed because no one of your family. Whenever I need help, I know I have would help me. a support system that I can count on. My mom had been a member of Grameen America With loans from Grameen America, I have seen my for two years and encouraged me to join. I was credit score grow. I can count on Grameen America reluctant because I had previously been declined for another loan in the future, and I know that I loans through traditional avenues. But I thought, will be able to grow my business and continue to “Why not just see what happens?” That is how I create a better life for my two children. became a member of Grameen America. Thank you for empowering women like myself to My first loan was for $1,000. I was very happy. In become successful entrepreneurs. You have made six months, I was able to access another loan which a difference in my life. encouraged me to work even harder. Now, I own my own storefront, Aroma D’Angel, where I sell perfume, clothing and accessories. “I NOW FEEL Diana Perfume Store Owner, Manhattan, NY 3 2019 ANNUAL REPORT Photo by Jason Grobstein 2019 ANNUAL REPORT 4 HER FINANCIAL MOBILITY Women are disproportionately affected by a lack of access to the financial system in the United States. Among minority women, the rates are even higher. OUR PROVEN MODEL 15.5 Million 25% 4% More than 15.5 million women 25 percent of households Women receive only 4 percent Becoming Weekly Ongoing Member live in poverty in the United States. in the United States are of small business loans from unbanked or underbanked. mainstream financial institutions. a Member Interactions Support Success A woman finds four Groups meet weekly Members receive With these tools in other women she trusts at a center meeting ongoing training and hand, our members to form a group of five. with a Grameen support during their are able to increase ® Over the past two decades, the number of Grameen America offers women Each woman participates America Center weekly meetings. their incomes, build women running their own businesses has more in a week of financial Manager to make Long-term members their savings, raise a hand up by providing access to than doubled. Yet women still receive only four training. Following this, loan repayments, can access larger their credit scores, percent of all small business loans. the mainstream financial system each woman receives her continue their financial loans to invest in support their families own microloan to start or education and build their businesses and and create jobs in through loans and support to start By empowering women to become business grow a business. peer networks. develop their financial their communities. or expand a business. owners in their own right, our members gain identities. agency over their own financial identities. 5 2019 ANNUAL REPORT Photo by Juan Alaniz www.genesisdigital.tv Photo by Jason Grobstein 2019 ANNUAL REPORT 6 HER SECRET TO SUCCESS Credit Building We report microloan repayments to Experian and Equifax to help our members build their credit scores. Asset Building We currently partner with banks and credit unions to help our members open low-cost savings accounts to enter the financial mainstream. Microloans With life-changing access to loan capital, women Financial Education can invest in their businesses, build their own We provide financial education to financial identities and develop the communities members prior to receiving their first they call home. After successfully completing each loan and during weekly meetings to loan repayment, members can increase their loan support their financial health. size with subsequent loans. WHAT MAKES US UNIQUE Small Loan Sizes High-Touch Model Our microloans start at a manageable $2,000 or Our members meet with each other and less. For low-income women entrepreneurs who with our staff every week. These face-to-face would otherwise not have access to capital, our meetings build trust and enable members to “Having my own business microloans ensure our members have the ability to receive support and ongoing training. gives me the freedom to do invest in a new or growing business. what I want with my life. With Grameen America’s Short Repayment Cycles Social Collateral support, I have made great strides.” Our six month repayment cycles provide In contrast to traditional loans, we do not structure to empower members to repay their require our members to have collateral or credit loans quickly. After successful repayment, our histories. Through our group lending model, members are eligible to receive larger loans as we emphasize a social contract that holds each Sheila they move through the program. member accountable to the four other women Boutique Owner, in her group and in her center. Harlem, NY 7 2019 ANNUAL REPORT Photo by Vera Rubtsova 2019 ANNUAL REPORT 8 THE SECRET TO OUR SUCCESS 2019 BY THE NUMBERS MEMBER SUCCESS 99% Repayment Rate 31% Clothing & Fashion 129,000 +15,770 23% Food & Beverage 86% Women Served New Members in 2019 11% Cosmetic Sales Retention Rate 10% Health & Fitness 140,000 7% Cleaning $3,700 Average Loan Size 120,000 18% Other 100,000 98,006 Business Types 80,000 Total Loans in 2019 60,000 40,000 JOBS AND EDUCATION 20,000 140,000 0 44,972 136,540 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 120,000 Total New Businesses Opened Total Jobs Created 100,000 or Maintained 4,591 80,000 +$343 MILLION $1.42 BILLION New Businesses Opened in 2019 60,000 Loans Disbursed to Women New Investment in 2019 78,850 40,000 20,000 Member Training Hours in 2019 $1400 0 $1200 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 $1000 FINANCIAL GROWTH $800 $600 MILLIONS 640 $285 $7.12M $400 Average Credit Score Average Member Savings Amount Saved by Members $200 64% 25,000 $1,785 $0 Members with Near-Prime Active Savings Accounts Annual Income Boost 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 or Prime Credit Scores 9 2019 ANNUAL REPORT 2019 ANNUAL REPORT 10 HER PROVEN ADVANCEMENT Top-tier research organization, MDRC, is assessing These promising outcomes from the previously Grameen America’s microloan program through the released six month survey, a report made most rigorous, independent, third-party evaluation possible by Citi Community Development, of microfinance in the United States to date.
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