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 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 John F. Megrue Jr. MOBILITY. President & CEO Nobel Laureate Co-Chair, Bridgewater Associates, LP Grameen America Founder of 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 . 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. contribute to our ongoing 36 month evaluation.

Adopting a randomized controlled trial design, The findings from the first of its kind study in the the gold standard of research methods, MDRC is United States demonstrate that the Grameen conducting the first randomized controlled trial of America microfinance model is instrumental in microfinance in the United States. alleviating financial hardship—confirming what we have always known about the power of our Reporting on 1,492 women across 300 loan groups, program. candidates were assigned at random into two groups—those eligible to receive Grameen America Grameen America and MDRC aim to release loans and the control group. the 18 month report in Fall 2020.

SIX MONTH MDRC SURVEY RESULTS

95.3% Can afford to buy Have a VantageScore needed items (credit score) 82.3% 78.3% Grameen America members The Grameen America were 13 percentage points program produced a 22 more likely than their control 56.3% percentage point increase group counterparts to report in the attainment of a credit that they could afford to buy score 7–12 months after the things they needed. participants enrolled in the study.

“Since joining Grameen America, I can plan ahead 94.3% Financial situation is Have a Prime and invest in my business. I 81.3% better than last year VantageScore (credit score between am thankful because I have More than 94 percent of been able to grow as a person Grameen America members 650-850) because of this is opportunity.” reported that their financial The study found a 6 situation is better than it was the 1 7. 7 % percentage point increase previous year, a 13 percentage 11.9% in the attainment of a Prime point increase over the control credit score, the top tier of Maryluz group average. creditworthiness. Clothing Store Owner, Newark, NJ

Control Group Grameen America Group 11 2019 ANNUAL REPORT Photo by Jason Grobstein 2019 ANNUAL REPORT 12 HER ENTREPRENEURIAL JOURNEY

2013 2014 2015 2018 2019 2020

Guadalupe forms a group with With her second loan, Guadalupe Guadalupe expands the menu. With additional loans, Guadalupe and Vanessa employ Aqui en Bella Puebla was featured four other aspiring women uses the capital to purchase stock The authenticity of the food Guadalupe is able to service eight staff members. Aqui en Bella in Bon Appétit’s list of the best entrepreneurs, receives financial for her business. she serves makes returning online and mobile food Puebla is truly a family business tacos in . training and a $1,500 loan from customers feel like they are orders by purchasing a with Guadalupe’s other daughter, Grameen America. Vanessa, Guadalupe’s daughter, at home. fax machine to manage Paloma, and Vanessa’s husband With access to future loans from starts working at the restaurant. incoming orders. now employed at the restaurant. Grameen America, Guadalupe With access to capital, Guadalupe Together, the pair remodel the Guadalupe runs her business plans to expand her restaurant to opens a traditional Mexican dining space. by the motto, “We sell, we Over the years as a member of a second location. restaurant in her community buy,” and the loans from Grameen America, Guadalupe called Aqui en Bella Puebla, an Grameen America allow her to has taken out over $82,000 in homage to the cuisine of her continue this profitable model. microloans. In 2019, she received hometown. a Business Expansion Loan for $10,000. 13 2019 ANNUAL REPORT Photos by Jason Grobstein/Mark Thompson/Paul Crispin Quitoriano 2019 ANNUAL REPORT 14 HER CITIES Omaha,NE ,IN HER NEXT

8,005 Members 5,328 Members CITIES 8,470 Jobs Created 5,637 Jobs Created $97.3M Dollars Disbursed $43.9M Dollars Disbursed Our continued national expansion to Chicago and in Texas will provide San Jose,CA financial access to underserved Oakland,CA communities, with the goal of scaling our operations to 40 branches over 6,995 Members 4,099 Members ,MA Union City,NJ the next decade. 7,401 Jobs Created 4,337 Jobs Created $33.7M Dollars Disbursed $90.3M Dollars Disbursed 3,730 Members 3,887 Members Grameen America’s Chicago branch 3,946 Jobs Created 4,112 Jobs Created will open with lead support from $29.3M Dollars Disbursed $28.1M Dollars Disbursed Citi Community Development, the Seedlings Foundation and additional support from Whole Planet Foundation.

New York,NY Newark,NJ Grameen America’s expansion in Texas to Dallas and San Antonio is 63,418 Members 1,546 Members made possible with lead support from 67,102 Jobs Created 1,717 Jobs Created Wells Fargo. $836M Dollars Disbursed $5.9M Dollars Disbursed

Charlotte,NC

8,930 Members 9,448 Jobs Created $107.7M Dollars Disbursed

Los Angeles,CA Miami,FL

13,296 Members 1,665 Members 14,068 Jobs Created 1,761 Jobs Created $105.3M Dollars Disbursed $5.5M Dollars Disbursed

Fresno,CA Austin,TX Houston,TX San Juan,PR

56 Members 3,731 Members 848 Members 3,509 Members 59 Jobs Created 3,947 Jobs Created 897 Jobs Created 3,712 Jobs Created $102K Dollars Disbursed $25.7M Dollars Disbursed $1.9M Dollars Disbursed $12.1M Dollars Disbursed

15 2019 ANNUAL REPORT Job numbers include jobs created and maintained. Photo by Juan Alaniz www.genesisdigital.tv 2019 ANNUAL REPORT 16 SCALING THROUGHOUT CALIFORNIA

In 2019, we deepened our impact in California with two new branch openings in Long Beach and Fresno. These new branches increased our branch portfolio reach to 23 locations in 15 cities across the United States.

Grameen America’s Long Beach branch opened with lead support from East West Bank. This location is the third Grameen America branch in , alongside those in Boyle Heights and Pico Union.

Our growth into the Central Valley was made possible with lead support from Bank of the West and additional support from Wells Fargo.

We opened our first branch in California in 2012. Since then, we have served over 24,000 women and disbursed more than $220 million in loans in California.

As low-income women remain excluded from the financial mainstream, our continued expansion in California aims to address this inequity.

Maria started selling traditional Mexican food out was able to afford repairs unforeseeable damages 24,446 of her house on the weekend. Her home quickly to her restaurant’s roof. Without access to these Women Served in California Pictured: became a popular destination to eat in her Los loans, Maria would have been significantly limited Angeles community, with lines often leading out the in making these improvements to her business. (Top) Andrea Jung and door. Maria struggled to keep up with demand. Today, Maria employs fourteen staff at her Professor Muhammad Yunus “I would tell any woman restaurant including cooks, servers, and busboys. with Dominic Ng, Chairman, When her ability to pay her rent and buy groceries wanting to start her own 25,000 President and CEO of East West Bank, at the Long Beach was compromised, Maria knew something needed “Before Grameenbusiness America, to Inot was beworking afraid. long branch opening. to shift. She discovered that a local restaurant hours and I dreamedIt is hard about work having but ait betteris very life,” 20,000 was going out of business and was eager to seize Maria said. “Being in the program has given me (Bottom) Andrea Jung and rewarding to be financially upon the opportunity. With the owner’s support, more free time and the flexibility to be with my 15,000 Professor Muhammad independent.” Yunus with Nandita Bakhshi, Maria arranged to rent the space, with the option family.” President and CEO of Bank 10,000 of purchasing the restaurant once her business of the West, at the Fresno became profitable. Maria is the mother of six children. She learned branch opening. how to cook from her mom. The most popular 5,000 Maria Now, as a member of Grameen America, Maria dishes at her restaurant are carnitas and menudo Restaurant Owner, owns Tacos Virginia in East Los Angeles. With her which reflect the diversity of food from her home 0 Los Angeles, CA first loan, Maria purchased a freezer and furniture country, Mexico. In the future, Maria wants 2012 2013 2014 2015 2016 2017 2018 2019 for her restaurant. With her most recent loan, she to continue to attract more customers to her 17 2019 ANNUAL REPORT Photos by Juan Alaniz www.genesisdigital.tv/Pamela Leeds Photography Photo by Juan Alaniz www.genesisdigital.tv 2019 ANNUAL REPORT 18 HER FUTURE

INVESTING IN HER GROWTH

Our Business Expansion Loan was created to assist our most advanced members to scale their microenterprises to larger businesses.

Starting at $10,000 over a six month cycle, the Business Expansion Loan offers qualified members access to larger loans to continue to expand, build and formalize their businesses.

To qualify for a Business Expansion Loan, members must have been directly involved with their business for two years, possess a strong Grameen America repayment record, maintain emergency savings, retain a business-relevant license and commit to completing a business training course over a one-year period.

At present, the Grameen America Business Expansion Loan is available at the Jackson Heights and Manhattan branches, with the goal of expanding to additional locations in the coming years.

DEEPENING OUR IMPACT

We have initiated a hub and spoke approach to widen our radius in communities we already serve which have a greater need for our services. For each spoke, we require at a minimum a Center Manager and Assistant Branch Manager to reallocate their time to oversee operations in the new “The women at Grameen location. America encourage me to be a better entrepreneur. Weekly center meetings take place within our members’ We set goals together and communities. By using our current branch as a base for our Photo by Natural Studio help each other promote operations, the hub and spoke model allows us to serve more our businesses in our low-income women with microloans, training and support. community.” In New York City, this model is operating in Staten Island and the North Bronx. In 2019, we initiated a spoke at our Charlotte branch to serve the low-income communities of Concord and Jennifer receives her Mitzie Monroe. 12th Grameen America Hair Salon Owner, loan at the Jackson Harlem, NY Our goal is to continue to roll out this model to more Heights branch. geographies across the country, with the San Fernando Valley slated to be the next location in 2020. 19 2019 ANNUAL REPORT Photo by Vera Rubtsova 2019 ANNUAL REPORT 20 HER ACCESS TO HEALTH CARE BUILDING HER CREDIT

Grameen Promotoras is aimed at improving the One of the biggest obstacles facing low-income overall wellbeing of our members. Members who women entrepreneurs in the United States is the have agreed to participate in the program meet absence of a credit score. Being credit invisible with a community health worker, otherwise known can hold these women back from accessing as a Promotora, to receive health workshops, other financial opportunities. referrals and assistance navigating the health system during their weekly center meetings. Grameen America addresses this gap by regularly reporting members’ loan repayments A joint health initiative delivered by our partner to Equifax and Experian, two of the major credit Grameen PrimaCare, Grameen Promotoras offers bureaus. In 2019, we reported the transactions health screenings for key biomarkers including of more than 61,000 members across the monitoring members’ blood glucose levels and country. blood pressure measurements. With health at the heart of a woman’s wellbeing, Promotoras also Over 64 percent of our members now have near- deliver workshops on health literacy including prime or prime credit scores. At present, three nutrition, mental health, physical activity and educational modules on credit building have domestic violence. been developed and are being delivered to our members. Over 3,900 women have been served by Grameen Promotoras, which was first piloted at Grameen America’s Bronx branch in 2016. In Summer 2020, the program will expand to our branch in Jackson Heights, .

“Loans from Grameen America have helped me to realize my dreams. As I have progressed through the program, my business has grown and I have become financially secure.”

Grameen Promotora, Maria Anel, teaches a Juice Shop Owner, workshop at a weekly Austin, TX center meeting.

21 2019 ANNUAL REPORT Photo by Natural Studio Photo by Melissa Bordeau 2019 ANNUAL REPORT 22 2019 KEY FINANCIAL HIGHLIGHTS OUR BALANCE SHEET SUPPORTS GROWTH AND EXPANSION

$145.8 MILLION (All $M) 2016 2017 2018 2019 YOY Total Assets Loan Portfolio $58.9 $61.1 $79.3 $108.2 36%

Total Assets $78.3 $88.5 $103.2 $145.8 41% $160

$140 $108.3M Net Assets $34.9 $39.3 $46.0 $68.5 48% Loan Portfolio $120 Debt/Net Assets 1.20x 1.23x 1.22x 1.08x

$100 $68.5M Net Assets $80 MILLIONS $60 1.08 $40 Debt/Net Assets

$20

$0 0.14% Portfolio at Risk > 30 Days 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

82% Organizational Sustainability $43.6M $21.2M 0.13% Total Income* Total Expenses 80% Write-offs since 2008: 0.13% of total dollars disbursed 35% Interest Income 91% Program Services 70% 32% Individuals 5% Fundraising 60% 0.04% 29% Corporations 4% Management & General Loans written off in 2019 40% 3% Foundations 1% Government 20%

In-kind revenue and expenses excluded. $0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

23 2019 ANNUAL REPORT *Philanthropic income reflects donor type 2019 ANNUAL REPORT 24 SCALING OUR GROWTH $5M Supports our geographic expansion, New Products serving 15,000 women To help members embark on the next phase of business growth, entrepreneurs we will roll out our Business Expansion Loan across the with nearly 50,000 country. Starting at $10,000, the Business Expansion Loan assists microloans. our more advanced members to scale their microenterprises into formalized small businesses.

New Services $2M Launches one new Our Member Development Program delivers training on personal finances and business development. Our joint health branch, serving 6,000 women entrepreneurs initiative with Grameen PrimaCare, Grameen Promotoras, offers education on health and wellness topics, referrals to with nearly 20,000 local health providers and assistance navigating the health care microloans. system.

New Geographies We aim to scale our operations to 40 locations and widen our $1M radius in communities we already serve through a hub and Empowers 3,000 spoke model. As part of the Campaign, we recently opened new women and creates branches in Long Beach and Fresno. In the coming year, we nearly 1,000 new plan to open new branches in Chicago and Connecticut and businesses. expand our presence in California and Texas. Photo by Vera Rubtsova

THE CAMPAIGN FOR HER FUTURE To make this $300M campaign a reality, 2019–2023 we need your support to raise:

In 2019, we launched Lifting America: The 21 40 $30M Campaign for Her Future, our bold vision to raise PHILANTHROPY $300M to scale our organization. Double our footprint across the United States RAISED IN 2019 To meet the need for our program in low-income $100M communities across the country, we require your support to raise $100M in philanthropy and 100K 400K in Philanthropy $200M in debt capital. Reach four times the number of women $44.7M Our goal for the next decade is to produce DEBT CAPITAL a measurable impact on the lives of women RAISED IN 2019 affected by poverty in the United States. $1B $12B $200M Grow our cumulative loan disbursements in Debt Capital 25 2019 ANNUAL REPORT 2019 ANNUAL REPORT 26 LIFTING AMERICA INVESTORS MAJOR PHILANTHROPIC PARTNERS

We are proud to recognize the support of our Lifting America Investors who have championed financial inclusion and women-owned businesses in the first year of the Campaign.

Together, we will scale our organization to lift more low-income communities across the country.

MAJOR LENDING PARTNERS

CDFI

Creating Opportunities

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27 2019 ANNUAL REPORT Photo by Jason Grobstein Includes all contributions, including the provision of services, in excess of $100K. 28 2019 ANNUAL REPORT

7604 U Blue 072 U Neutral Black U Cool Gray 1U FUNDING PARTNERS

Annenberg Foundation Hyde and Watson Foundation Shine Electronics Anonymous (4) Jennifer & Jonathan Allan Soros Foundation Silicon Valley Bank Antonia Hernández Jewish Community Foundation Skadden, Arps, Slate, Meagher & Flom LLP of Los Angeles Apax Foundation SunTrust Foundation Jewish Women’s Foundation Apple Synchrony Bank of New Jersey Bank of America Tarsadia Foundation John S. and James L. Knight Foundation Bank of the West TD Charitable Foundation Kelson Foundation BBVA Foundation The Benevity Community Impact Fund La Fondation Cuvelier BCG The Hearst Foundations Lena and Yu Sing Jung Benjamin Farkas & Meghan Eison The Jorge M. Pérez Family Foundation at Loud Hound Foundation The Miami Foundation Blair and Cheryl Effron Mahmoud Mamdani The MCJ Amelior Foundation Bridgewater Associates, LP Mastercard The Merancas Foundation, Inc. California Community Foundation Medtronic Foundation The Miami Foundation Capital One Michael & Irene Ross Endowment Fund of The Power of Good Fund by bareMinerals Carole and Norman Barham the Jewish Community Foundation of Los at Hopewell Fund Angeles Citi Community Development The Prudential Foundation Michael Gould Community Development Financial Institutions The Sobrato Family Foundation Fund, U.S. Department Michael Granoff of the Treasury U.S. Small Business Administration Morgan Stanley Dalio Philanthropies Upper Manhattan Empowerment Zone MUFG Union Bank Development Corporation East West Bank New York Community Trust Vidar Jorgensen Empire State Development Corporation PNC Foundation Wells Fargo First National Bank of Omaha Popular Whole Planet Foundation Fondation CHANEL Princess House Friedman Family Foundation Robin Hood Foundation Fundación Segarra Boerman e Hijos Seabreeze Foundation Greater Houston Community Foundation Seedlings Foundation Hispanic Impact Fund at AustinCommunity Foundation

LENDING PARTNERS

Annenberg Foundation First Internet Bank Seabreeze Foundation Austin Community Foundation First National Bank of Omaha Silicon Valley Bank “When you have poor credit, Austin Lender Consortium Foundation for the Carolinas SunTrust now Truist especially as a woman, Bank of America KLP Enterprises Sustainable Communities Fund nobody believes in you. Bank of the West Lake City Bank Suzanne Deal Booth Revocable Trust Grameen America gave me BBVA MUFG Union Bank Synchrony Bank this opportunity to grow and BNP Paribas Northern Trust Corporation TD Bank California Community Foundation OFN Good to Grow CDFI Investment Fund The Miami Foundation be successful.” Calvert Foundation PNC Bank Treehouse Investments Capital One Bank Premier Capital Corporation Upper Manhattan Empowerment Zone Development Corporation Dalio Foundation Santander Bank Wells Fargo Bank Tedy Empire State Development Corporation Sara Blakely Foundation Paralegal Business Owner, First Financial Bank Schejola Partners Newark, NJ

29 2019 ANNUAL REPORT Photo by Jason Grobstein Includes all donors and lenders $10K and above between January 1, 2019 and December 31, 2019. 2019 ANNUAL REPORT 30 Photo by Caitlin Feltman Photography BOARD OF DIRECTORS WITH GRATITUDE Andrea Jung Nandita Bakhshi Vidar Jorgensen Karen Pritzker President & CEO, Grameen America President & CEO, Bank of the West Chairman, President, Co-Chief Executive Officer, World Health Care Congress Seedlings Foundation FROM THE FIELD Professor Muhammad Yunus BNP Paribas USA Inc. Grameen Bank Founder Abdul Hai Khan DIRECTOR EMERITUS Co-Chair, Grameen America Benjamin Farkas Managing Director, Grameen Trust Partner, Hellman & Friedman Ray Dalio John F. Megrue Jr. Hope Knight Founder, Chairman, & Since his beginnings as Trainee Center Michael D. Granoff Co-Chair, Bridgewater Associates, LP President & CEO, Greater Jamaica Co-Chief Investment Officer, Co-Chair, Grameen America Founder & CEO, Pomona Capital, LP Manager at our Omaha branch in Development Corporation Bridgewater Associates, LP 2011, David Acosta has risen in the Antonia Hernández Mahmoud Mamdani President & CEO, Vice Chairman & Managing ranks at Grameen America, working in California Community Foundation Director, Morgan Stanley Charlotte, San Juan and Houston.

One of the driving factors for me to start working at Grameen America was my family. EXECUTIVE LEADERSHIP When I was growing up, my mom had a small business of her own selling cosmetics. When I

Andrea Jung Miriam Benitez Noemi Huiracochoa Jeffrey Nadler first started, she told me, “Whenever you give President & Chief Executive Officer Vice President, Human Regional Director, Senior Director, a loan, think of me. Treat these women with Resources South & West Region Institutional Giving respect and kindness.” David Gough Senior Vice President & Marcus Berkowitz Ursula Lalone Rajitha Swaminathan Chief Financial Officer Vice President, Regional Director, Senior Director, Programs Now, every time a member comes to me to Technology & Innovation Central & Southeast Region Mary Majewski Johanna Avila receive a loan, I think of my mother’s advice. I General Counsel and Habibur Chowdhury Andrew Horrow Director, Training love Grameen America and I am always striving Compliance Officer Vice President, Senior Director, Accounting to do my best. National Operations Jason Grobstein Shah Newaz Jill Monum Director, Marketing Chief Advisor Alethia Mendez Senior Director, Corporate & Communications Since 2008, we have served over 129,000 Vice President, Operations and Partnerships & Engagement Mindee Barham Program Strategy women and have distributed more than $1.42 Vice President, Development billion in loans to women entrepreneurs in the United States. But most importantly, I have seen firsthand the power our program has to change our members’ lives.

There are members with whom I worked BRANCH OPERATIONS when I started in Omaha, Nebraska, who are now receiving $10,000 loans through our program. With access to capital, these women Boyle Heights, CA San Jose, CA Omaha, NE Harlem, NY Charlotte, NC MD Saiful Alam Mariela Cerpas MD Muffakharul Islam Latonia Greene Yessenia Rodriguez are transforming their families and local economies. Fresno, CA Miami, FL Newark, NJ Jackson Heights, NY San Juan, PR Lucy Mendez Ursula Lalone Jessica Quinteros MD Asaduzzaman Daniel Gonzalez Stories like these make an impact in my life Long Beach, CA Chicago, IL Union City, NJ Jamaica, NY Austin, TX because I know that our program is supporting Lourdes Aguilar MD Shah Alam Marybel Lorenzo Thelma Suarez Natalie Andrade tens of thousands of families across the Oakland, CA Indianapolis, IN , NY Manhattan, NY Houston, TX country. David Carlos Fernandez David Acosta Syed Tofazzel Hossain Jannet Ramirez Abdus Salam Branch Manager, Gates Avenue, NY Pico Union, CA Boston, MA Sunset Park, NY Houston, TX Maritza Valencia Jessica Rivas Saret Garcia Ruth Buestan

31 2019 ANNUAL REPORT Branch operations as of March 2020. Back cover photo by Vera Rubtsova 2019 ANNUAL REPORT 32 HER AMERICA

® SCALING FINANCIAL ADVANCEMENT

GRAMEENAMERICA.ORG @grameenamerica