Grameen America Announces Expansion of Microlending Program for Entrepreneurial Women in Connecticut
National microfinance organization Grameen America today announced the expansion of its microlending program in Connecticut. The organization, which is currently operational in New Haven, is expanding to Bridgeport and plans to launch in Hartford by the end of the year.
Grameen America aims to invest $88 million in loan capital to 7,800 women entrepreneurs living at or below the federal poverty level, primarily women of color living in financially underserved communities. The organization has already provided microloans totaling over $826,000 to 372 female entrepreneurs in the state since first launching in July 2021.
“Connecticut’s economy is growing and will continue to thrive if we maximize the economic contributions from businesses large and small, and from entrepreneurs from all socioeconomic backgrounds. Grameen America’s microlending program is helping to ensure Connecticut’s lower-income, female entrepreneurs have the resources they need to realize their business goals and expand the positive impact they are having in the community.”
Grameen America is at the frontline of poverty alleviation and financial empowerment in the U.S., providing access to loan capital, training and support to minority women to start or expand a small business. Grameen America helps increase economic mobility through its proven, self-sustaining approach of engaging with and lending directly to women living below the federal poverty line, for whom the mainstream financial system is currently out of reach.
The organization utilizes a group-lending model, whereby a woman in need of business capital forms a group of five trusted women entrepreneurs from her community and each receive a first-time loan of up to $2,000. The group meets weekly to repay their loans, provide peer support and receive ongoing financial education.
Since its founding in 2008, Grameen America has served over 146,700 women in 23 U.S. cities, distributed more than $2.26 billion in loans, and helped create and maintain 154,000 jobs. The organization’s repayment rate is 99% and its members have achieved an average credit score of 644 through participation in the program.
“By bringing access to capital to New Haven, Bridgeport, Hartford, and the surrounding communities, Grameen America is demonstrating its long-term commitment to uplifting the state’s low-income women who currently have limited access to financial services,” said Andrea Jung, President and CEO of Grameen America. "Access to microloans, financial training, and support provides emerging women entrepreneurs with opportunities to grow their businesses, create jobs in their communities, and achieve financial independence.”
Grameen America is uniquely positioned to address the socioeconomic barriers that impact Bridgeport’s low-income businesswomen. In the city, 23.2% of residents live below the poverty line, compared with the national poverty rate of 11.4%. Across Connecticut, 21% of residents are unbanked or underbanked, with limited access to financial tools. Many low-income Bridgeport residents face exclusion from the mainstream financial system due to educational, cultural, and childcare barriers.
“Two years ago, I dreamed of using my pattern-making skills to start a clothing business but was unable to access a loan from a bank,” said Jennifer Marie Lopez, owner of Jenna Line and member of Grameen America’s branch in Connecticut. “Since joining Grameen America, I have established my business, improved my credit score, and formed bonds with other women entrepreneurs in my community. Together, we share resources and help each other do our best.”
In addition to providing access to capital and financial education, Grameen America is launching its community health program, Grameen Promotoras, in Connecticut this month. Grameen Promotoras is a joint health initiative between Grameen America and its sister organization, Grameen PrimaCare, which aims to bring health education, clinical screenings, and system navigation to Grameen America members who may otherwise be excluded from the mainstream health system.
Since first launching in 2016, the Promotoras program has served over 13,000 Grameen America borrowers across The Bronx, NY, Jackson Heights, NY, and Charlotte, NC. In 2021 alone, the program supported low-income women by scheduling over 3,200 appointments for primary care, dental, and vision exams and delivered over 6,000 health education workshops.
Grameen America’s branch network in Connecticut opens with financial support from Dalio Philanthropies. Grameen Promotoras, the organization's community health program, launches with key funding from Seedlings Foundation.
“Grameen America is so effective in enabling people with limited resources to be productive and self-sustaining in creating their own businesses, and there is a large population of women in Connecticut who would benefit from its program, so we are thrilled to do our part by financially supporting this initiative.”
Entrepreneurs interested in joining Grameen America’s program in New Haven or Bridgeport should contact info@grameenamerica.org.
About Grameen America
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 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 2008, Grameen America has invested over $2.26 billion in more than 146,700 low-income women entrepreneurs. Opening originally in Jackson Heights, Queens, Grameen America has expanded to 22 cities in Austin, TX, Boston, MA, Camden, NJ, Charlotte, NC, Chicago, IL, Connecticut, Dallas, TX, Fresno, CA, Houston, TX, Indianapolis, IN, Los Angeles, CA, Memphis, TN, Miami, FL, Newark, NJ, New York City, NY, Omaha, NE, Oakland, CA, San Antonio, TX, San Jose, CA, Trenton, NJ and Union City, NJ.
For press inquiries, please email media@grameenamerica.org
About Grameen PrimaCare
Grameen PrimaCare envisions a world where access to high quality, affordable and comprehensive health care is a reality for all people. Our mission is to provide underserved women from low-income immigrant communities with a health promotion program, empowering them to lead healthier lives. Our community health worker program currently operates in The Bronx, NY, Jackson Heights, NY, Charlotte, NC, and Connecticut.