Grameen America Launches its 19th City Through a Branch Network in Connecticut to Support Low-income, Minority Businesswomen
NEW YORK, December 2, 2021 - National microfinance organization Grameen America announced today the launch of its 19th city in Connecticut to serve women-owned businesses across the state. The first-of-its-kind Connecticut branch network will expand access to affordable credit and capital to low-income entrepreneurial women in New Haven, Bridgeport, Hartford, Stamford, New Britain, Meriden, and the surrounding areas.
Grameen America helps increase women's financial mobility through its proven, self-sustaining approach of engaging with and lending directly to low-income minority women entrepreneurs. The organization, which has invested in more than 142,500 members since its opening in 2008, recently achieved a historic milestone of investing $2 billion in microloans to microentrepreneurs. The opening of Grameen America’s branch network in Connecticut marks the organization's expansion to 19 cities across the United States.
“Amid the ongoing economic crisis exacerbated by COVID-19, Grameen America’s expansion into Connecticut ushers in vital economic support to the state’s underserved entrepreneurial women of color,” said President and CEO of Grameen America, Andrea Jung. "This novel opening marks the first time our unique group-lending model addresses the financial needs of an entire state, thereby advancing entrepreneurship, employment opportunities and asset building to women throughout Connecticut who need our services the most.”
In the wake of COVID-19, Grameen America is uniquely positioned to address the socioeconomic barriers that impact the state’s low-income businesswomen. In Grameen America’s Connecticut branch network location, 21-31% of residents live below the poverty line, compared with the national poverty rate of 11.8%. Additionally, 21% of Connecticut’s residents are unbanked or underbanked, with limited access to financial tools. In the state, many low-income residents face exclusion from the mainstream financial system due to educational, cultural, and childcare barriers.
Grameen America’s branch network in Connecticut opens with catalytic investment from Dalio Philanthropies. Through the organization’s partnership with Dalio Philanthropies, Connecticut’s women entrepreneurs will have access to affordable capital, credit- and asset-building programs, financial and business education and training, and valuable peer networking opportunities.
“We’re thrilled to support Grameen America in their mission to provide businesswomen with the tools they need to become successful entrepreneurs, especially in our home state of Connecticut,” said Ray Dalio, founder of Dalio Philanthropies. “Unfortunately, there are many existing and unacceptable socioeconomic challenges and barriers impacting low-income residents in the state. With Grameen America’s expansion and commitment to the area, we aim to increase the fairness and productivity of the system and provide jobs and microfinancing opportunities to thousands of female entrepreneurs in their business endeavors.”
To promote the health and safety of businesswomen in Connecticut, Grameen America’s operations in Connecticut will utilize a hybrid approach, combining both virtual and in-person activities relating to recruitment, financial education, repayment, and peer networking. By 2029, Grameen America aims to invest $88 million in loans to 7,800 women entrepreneurs in Connecticut.
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 $2.12 billion in more than 142,500 low-income women entrepreneurs. Opening originally in Jackson Heights, Queens, Grameen America has expanded to 19 cities in Austin, TX, Boston, MA, Camden, NJ, Charlotte, NC, Chicago, IL, Fresno, CA, Houston, TX, Indianapolis, IN, Los Angeles, CA, Miami, FL, Newark, NJ, New York City, NY, Omaha, NE, Oakland, CA, San Jose, CA, Trenton, NJ and Union City, NJ.
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