Grameen America

Total Page：16

File Type：pdf, Size：1020Kb

Opportunity Finance Network Member Profile Grameen America www.grameenameria.com Founded by Nobel Peace Prize recipient Muhammad Yunus, Grameen America is a 501(c)(3) nonprofit microfinance organization dedicated to helping women who live in poverty build small Financial and Social Impact businesses to create better lives for their families. The organization offers microloans, training, and support to transform communities and fight poverty in the United States. Since opening in January Since opening in 2008: 2008, Grameen America has invested over $1.5 billion in more than 132,400 low-income women entrepreneurs. Started in Jackson Heights, Queens, Grameen America has expanded to 15 cities in • Over $1.5 billion invested in 132,400 women entrepreneurs across 15 U.S. New York City, Austin, TX, Boston, MA, Charlotte, NC, Indianapolis, IN, Los Angeles, CA, Newark, cities NJ, Omaha, NE, Oakland, CA, San Jose, CA, San Juan, PR, and Union City, NJ, Miami, FL, Houston, TX, and Fresno, CA. Learn more at www.grameenamerica.org. • 567,000 loans disbursed • 139,000 jobs created or maintained CDFI Story: Lasting Impressions Hosiery and Accessories, Harlem, NY Sheila owns Lasting Impressions Hosiery and Accessories, a mobile boutique on 125th street in • $1,785 additional income boost achieved for businesses served Harlem, next to the iconic Apollo Theater. She started her business selling hosiery, jewelry, and accessories from a table as a street vendor. It was physically demanding and the harsh New York winters made it difficult for Sheila to work outside year round. Through her resourcefulness, Sheila purchased and refurbished a truck to house her mobile boutique. By expanding her business to a nimble truck, Sheila is now able to travel with her mobile boutique and run her business throughout the colder months. With her first loan from Grameen America, Sheila added contemporary and vintage clothing to her store and the business began to thrive. Contact “Having my own business gives me the freedom to do what I want with my life. With Grameen 150 West 30th Street, 8th Floor America’s support, my credit score has increased. I’ve made great strides.” New York, NY 10001 Name: Mindee Barham, VP of Development Email: [email protected] August 2020 Photo by Vera Robstova We Believe In Opportunity. For All. OFN.ORG.

Copy Link

Recommended publications

2019 Program Report Report Lifting Prepared for New York the Brown Foundation
Q2 2019 QUARTERLY 2019 PROGRAM REPORT REPORT LIFTING PREPARED FOR NEW YORK THE BROWN FOUNDATION BLANCA CLOTHING STORE OWNER - grameenamerica.org Lifting Houston HOUSTON We are happy to share an update on Grameen Building on a successful decade of empowering America and our program in Houston in 2019. women nationwide, Grameen America has launched Our members have gained access to affordable a bold new campaign, Lifting America: The Campaign capital, credit-building, free savings accounts, for Her Future, to raise $300 million, including $100 and financial education to enable them to boost million in philanthropy and $200 million in debt their business income, create jobs in their capital. Our goal for the next decade is to double our communities and enter the mainstream footprint from 21 to 40 branches, to be the catalyst to financial system. launch Grameen America into the national landscape to have a material impact on poverty alleviation. We will focus on Expansion to Deepen Our Impact and Reach New Communities; Continued Innovation and IMPACT Digital Inclusion; and Providing Enhanced Wraparound Services. Since opening in 2008, we have expanded to 23 branches in 15 cities – Austin, Boston, Charlotte, Through the Campaign, we will reach four times Fresno, Houston, Indianapolis, Los Angeles (3), the number of women, impacting 400,000 women Miami, New York (7), Newark, Oakland, Omaha, entrepreneurs by 2028. These women will spearhead San Jose, San Juan and Union City. The fastest economic revitalization in their communities, proving growing non-profit microfinance organization in that microfinance can have a measurable impact on the U.S., Grameen has assisted over 127,000 income inequality in developed countries throughout low-income women entrepreneurs, investing the world.
[Show full text]
Q3 2019 Quarterly Report 1 Geography Highlight Expanding Our Reach in California
Q2 2019 QUARTERLY Q3 2019 REPORT QUARTERLY LIFTING REPORT NEW YORK LIFTING NEW YORK BLANCA CLOTHING STORE OWNER - grameenamerica.org Lifting New York Grameen America is the fastest growing nonprofit microfinance organization in the United States with a proven national solution to advance financial inclusion for women. We provide small loans, training and support to low-income women to help them build businesses, achieve higher family incomes and revitalize their communities. OUR MISSION Grameen America is dedicated to helping entrepreneurial women who live in poverty build businesses to enable financial mobility. NATIONAL IMPACT OUR SERVICES Grameen America provides microloans (ranging from 99% Repayment Rate $2,000 to $15,000), financial training and support to members. As part of our program, members open free savings accounts with commercial banks and make 15 U.S. Cities weekly deposits. We also report microloan repayments to Experian and Equifax, enabling our members to build their financial identity. 503,000 Total Loans WHO WE SERVE 131,000 Jobs Created or Maintained Our target population is women who live below 124,000 Women Served the federal poverty line for whom the mainstream financial system is currently out of reach. Our members are women who previously had few options $1.32 Billion Loans Disbursed for accessing capital and most lacked bank accounts and credit scores. OUR MODEL Groups attend weekly meetings with Members are eligible for larger loans to grow Group of five Members open a Grameen America field officers to make
[Show full text]
Putting Microfinance to the Test 18-Month Impacts of the Grameen America Program
Putting Microfinance to the Test 18-Month Impacts of the Grameen America Program September 2020 M. Victoria Quiroz Becerra Kelsey Schaberg Daron Holman Richard Hendra Dissemination of MDRC publications is supported by the following organizations and individuals that help finance MDRC’s public policy outreach and expanding efforts to communicate the results and implications of our work to policymakers, practitioners, and others: The Annie E. Casey Foundation, Arnold Ventures, Charles and Lynn Schusterman Family Foundation, The Edna McConnell Clark Foundation, Ford Foundation, The George Gund Foundation, Daniel and Corinne Goldman, The Harry and Jeanette Weinberg Foundation, Inc., The JPB Foundation, The Joyce Foundation, The Kresge Foundation, and Sandler Foundation. In addition, earnings from the MDRC Endowment help sustain our dissemination efforts. Contributors to the MDRC Endowment include Alcoa Foundation, The Ambrose Monell Foundation, Anheuser- Busch Foundation, Bristol-Myers Squibb Foundation, Charles Stewart Mott Foundation, Ford Foundation, The George Gund Foundation, The Grable Foundation, The Lizabeth and Frank Newman Charitable Foundation, The New York Times Company Foundation, Jan Nicholson, Paul H. O’Neill Charitable Foundation, John S. Reed, Sandler Foundation, and The Stupski Family Fund, as well as other individual contributors. The findings and conclusions in this report do not necessarily represent the official positions or policies of the funders. For information about MDRC and copies of our publications, see our website: www.mdrc.org. Copyright © 2020 by MDRC®. All rights reserved. Putting Microfinance to the Test 18-Month Impacts of the Grameen America Program M. Victoria Quiroz Becerra Kelsey Schaberg Daron Holman Richard Hendra September 2020 OVERVIEW his report summarizes 18-month findings from the evaluation of the Grameen America pro- gram, a microfinance institution that provides loans to low-income women in the United States who are seeking to start or expand a small business.
[Show full text]
2016 and 2015
Grameen America, Inc. Consolidated Financial Statements December 31, 2016 and 2015 Grameen America, Inc. Index December 31, 2016 and 2015 Page(s) Report of Independent Auditors ............................................................................................................... 1 Consolidated Financial Statements Statements of Financial Position .................................................................................................................. 2 Statements of Activities and Changes in Net Assets ................................................................................... 3 Statements of Cash Flows ........................................................................................................................... 4 Notes to Financial Statements ............................................................................................................... 5–11 Report of Independent Auditors To the Board of Directors of Grameen America, Inc. We have audited the accompanying consolidated financial statements of Grameen America, Inc. and its subsidiaries which comprise the consolidated statements of financial position as of December 31, 2016 and 2015, and the related consolidated statements of activities and changes in net assets and of cash flows for the years then ended. Management’s Responsibility for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted
[Show full text]
Suntrust Foundation Awards Grant to Grameen America
News Release For Immediate Release: Dec. 2, 2019 Media Contacts Grameen America [email protected] Audria Belton SunTrust Foundation [email protected] 404.813.3664 SunTrust Foundation Awards $214,000 Grant to Grameen America to Empower Charlotte’s Women Entrepreneurs ATLANTA, Dec. 2, 2019 – The SunTrust Foundation today announced it has awarded a $214,000 grant to Grameen America, a national, nonprofit, microfinance organization that helps low-income women entrepreneurs access capital to build small businesses. The grant will go toward Grameen America’s branch in Charlotte, North Carolina, and will support its microloan program, financial training and peer support to low-income women entrepreneurs in Concord and Monroe, North Carolina. For over two years, the SunTrust Foundation has partnered with Grameen America and has contributed $250,000 toward 30,000 hours of financial education for low-income women in the region. With the SunTrust Foundation’s continued support, Grameen America anticipates it will be able to reach a total of 9,900 women in greater Charlotte by 2020. “The SunTrust Foundation is committed to partnering with organizations that empower communities through small business development and entrepreneurship,” said Stan Little, president of the SunTrust Foundation. “We’re proud to support Grameen America and help women across Charlotte attain success and reach their goals through financial education.” Grameen America provides affordable capital, credit building, financial education and peer support to empower its program members to open small businesses, which boost their income and help them enter the mainstream financial system. Grameen America has provided more than $1.3 billion in loan capital and served over 124,000 low-income women entrepreneurs across the country since 2008.
[Show full text]
Who Needs and Who Wants Financial Education? a Study of the Characteristics of Mexican Immigrants Participating in a Financial Education Program in New York City
Who needs and who wants financial education? A study of the characteristics of Mexican immigrants participating in a financial education program in New York City. Adrian Franco Submitted in partial fulfillment of the requirements for the degree of Doctor of Philosophy under the Executive Committee of the Graduate School of Arts and Sciences COLUMBIA UNIVERSITY 2012 ©2012 Adrian Franco All rights reserved ABSTRACT Who needs and who wants financial education? A study of the characteristics of Mexican immigrants participating in a financial education program in New York City. Adrian Franco This dissertation explores the characteristics of first generation underserved Mexican immigrants participating in a community-based financial education program in New York City. According to the literature, this group is less likely than other ethnic groups in the United States to have a bank account and understand and utilize other financial services from the financial mainstream. This condition hinders its opportunities for financial stability and socioeconomic development. Using a mixed method study, this dissertation aims to respond who among the population of first generation underserved Mexican immigrants living in New York City decides to attend a voluntary community-based financial education program. This dissertation finds that there are demographic and socioeconomic characteristics that differentiate those participating in the financial education program from the population, and that these participants might not be the ones who need the program the most according to the literature. The results show that these participants are more likely to have a bank account and use other financial services before they start the program. They also possessed basic understanding of financial concepts and the financial system and decided to enroll in the program because they wanted assistance to better utilize the financial services they already have access to.
[Show full text]
2014 and 2013 Grameen America, Inc
Grameen America, Inc. Consolidated Financial Statements December 31, 2014 and 2013 Grameen America, Inc. Index December 31, 2014 and 2013 Page(s) Independent Auditor’s Report.......................................................................................................... 1–2 Consolidated Financial Statements Statements of Financial Position.............................................................................................................3 Statements of Activities and Changes in Net Assets ...............................................................................4 Statements of Cash Flows ......................................................................................................................5 Notes to Financial Statements .......................................................................................................... 6–11 Independent Auditor’s Report To the Board of Directors of Grameen America, Inc. We have audited the accompanying consolidated financial statements of Grameen America, Inc. (“the Organization”), which comprise the consolidated statements of financial position as of December 31, 2014 and 2013, and the related consolidated statements of activities and cash flows for the years then ended. Management’s Responsibility for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design,
[Show full text]
PUBLIC INSPECTION COPY EXTENDED to to NOVEMBERNOVEMBER 15, 15, 20172017 1545-0047 Return of Organization Exempt from Income Tax OMB No
PUBLIC INSPECTION COPY EXTENDED TO TO NOVEMBERNOVEMBER 15, 15, 20172017 1545-0047 Return of Organization Exempt From Income Tax OMB No. 1545-0047 Form 9990 90 Under section 501501(c),(c), 527527,, or 49474947(a)(1)(a)(1) of the Internal Revenue Code (except private foundations) | Do not enter social security numbers on this form as it may be made public. 22016 0 1 6 Department of the Treasury | Do not enter social security numbers on this form as it may be made public. Open totoPublic Public InternalInternal Revenue Service | Information Information about about FormForm 990 and its instructions is at wwwwww.irs.gov/form990. irs gov/form990 Inspection A ForFor the 2016 calendar year, or tax year beginning and ending B Check if C Name of organization D EmployerEmployer identificationidentification number applicable: Address richange GRAMEEN AMERICA, AMERICA, INC. INC. Name richange Doing business as 20-849799120-84 97 991 Initial rireturn Number and street (or P.O.P.O. box if mail is not delivereddelivered to street address) Room/suite E Telephone number Final rireturn/ 150 WESTWEST 30TH30TH STREETSTREET 8TH8TH FL (718)704-0424( 718)704-0424 termintermin-- ated City or town, state or province, country, and ZIP or foreign postal code G Grossreceipts$Gross receipts $ 20,098,364.20, 098, 36 4. Amended rireturn NEW YORK, YORK, NY NY 10001 H(a) Is thisthisagroup a group returnreturn ApplicaApplica-- rition F Name and address of principal officer: ANDREA JUNG for subordinates?subordinates?~~~~ riYes riX No pending SAME AS CC ABOVEABOVE H(b) Are all subordinates included? riYes No I Tax-exempt status: X 501(c)(3) 501(c) ( )§ (insert no.) 4947(a)(1) or 527 If "No,"No, attach attach a alist.
[Show full text]
Grameen America
Contact Information Organization Name Grameen America Program Name Staff Contact Street 1 1460 Broadway Street 2 10th floor City New York State/Zip NY, 10036 Phone # 212-735-4043 Fax # 212-735-4090 Email [email protected] Website www.grameenamerica.org Organization Description Grameen America provides affordable microloans to financially empower low-income entrepreneurs and promote equitable economic growth. In pursuing its mission, Grameen America utilizes the group lending model pioneer by Nobel Laureate Muhammad Yunus and the Grameen Bank to provide microloans, saving accounts, and financial education to low-income individuals. Counties Served by Financing Programs Brooklyn, Bronx, New York, Queens Loan Enrollment Information Loan Program(s) Description Our microloans have a maximum initial size of (Detail on borrower eligibility, geographic $1,500, with a 15% annual interest rate (on a focus, eligible uses of funds, applications decline basis including all fees) and a requirements, etc.) maximum term of one year. Principal repayments and interest payments are made on a weekly basis. There are no collateral or credit history requirements. However, Grameen America staff will conduct home visits to assess the level of prospective borrowers’ assets to determine that they are living below the poverty line. The low principal is designed to be appropriate to small enterprises and the low interest and frequent repayments encourage financial discipline among people with limited means and financial experience. Serve Pre-Startups? Yes Serve Startups (less than one year in Yes operation)? Serve Operating Businesses? Yes Loan Amounts Up to $1,500 Interest Rate 6.9% to 7.5% Fees None Number of Loans Made in the Previous 4,153 Calendar Year Dollar Amount of Loans Made in the Previous $8.9 million Calendar Year Is the organization a CDFI? Yes Other services available Our borrowers receive a no-fee, no-minimum balance savings account, as well as a no-fee ATM card with a local partner bank.
[Show full text]
Breaking Through
Report - March 2016 Breaking Through Women entrepreneurs of all ages, races and ethnicities are having an increasingly large impact on New York City’s economy. But even as the number of female-owned firms is soaring in every borough, the city has only begun to harness the full potential of women entrepreneurs. by Judy Messina with Audrey Gray, Phil Lentz and Jonathan Bowles The following is the introduction to Breaking Through. Read the full report (PDF). View the recommendations from the report. View the charts and tables from the report. View an accompanying data analysis on women-owned businesses in the nation's 25 largest cities. As technology disrupts entire industries in New York City, another disruption is taking place right alongside—a flood of women entrepreneurs in virtually every industry in the city. Women founders of all ages, races and ethnicities are creating jobs, bolstering the city’s economy, strengthening families and neighborhoods, and providing new and creative solutions to the problems of modern life. Fueled by advances in technology, lowered barriers to entry and recession era lay-offs, women throughout the city—from stay-at-home moms to fashion designers and finance pros—are starting and growing new businesses at a remarkable clip. This research was made possible through Capital One’s Future Edge initiative, a $150 million, five- year effort to help more American workers and entrepreneurs succeed in the 21st century In the decade from 2002 to 2012, the most recent year for economy. Through Future Edge, Capital One which rigorous data is available, the number of women- works with hundreds of leading community and owned businesses grew by a whopping 65 percent or 45 nonprofit organizations in NYC and beyond, new businesses every day, adding more than 56,000 jobs including microfinance and micro-lending and $3 billion in payroll to the city’s economy.
[Show full text]
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.
[Show full text]
Unlocking the Power of Women Entrepreneurs in New York City
Unlocking the Power of Women Entrepreneurs in New York City November 2015 Acknowledgments We are grateful for the generous support Citi Community Development has provided to this study. OFFICE OF DEPUTY MAYOR FOR HOUSING AND NYC DEPARTMENT OF SMALL BUSINESS ECONOMIC DEVELOPMENT SERVICES Alicia Glen Andrew Schwartz Deputy Mayor for Housing and Economic Development Acting Commissioner, NYC Department of Small Business Services Sonam Velani Policy Advisor Gregg Bishop Deputy Commissioner, Business Development Division Rachel Van Tosh KNOWLEDGE PARTNER - A.T. KEARNEY Assistant Commissioner, Financial & Business Services Hana Ben-Shabat Marti Speranza Partner Director, Women Entrepreneurs New York City Alanna Klassen Jamjoum Elyssa White Principal Deputy Director, Women Entrepreneurs New York City Nirvana Randhawa Merideth Weber Consultant Director of Communications (Alumni) Diana Damyanova Lulu Mickelson Consultant Community Engagement Designer Sarah Krauss Chief of Staff (Alumni) We also want to recognize the following individuals for their strategic guidance and contribution Chirlane McCray Maria Torres-Springer First Lady of New York City President, NYC Economic Development Corporation Eileen Auld Patricia Greene Director of New York Tri State Market Paul T. Babson Chair in Entrepreneurship Citi Community Development Babson College Colleen Galvin Senior Vice President Citi Community Development 2 WE NYC Advisory Council Alicia Glen, Deputy Mayor for Housing & Economic Development Eileen Auld, Director for the New York Tri State Market, Citi Community Development Jonathan Bowles, Executive Director, Center for an Urban Future Mika Brzezinski, MSNBC Co-Host, Morning Joe Majora Carter, Founder, Sustainable South Bronx; CEO, StartUp Box Joanna Coles, Editor-in-Chief, Cosmopolitan Fany Gerson, Founder, La Newyorkina Mexican Ice & Sweets; Co-owner, Dough Patricia Greene, Paul T.
[Show full text]