Grameen America Opens New Branch in New Jersey Serving Women in Trenton and Camden
Earlier this year, Grameen America opened its 24th branch location, injecting much-needed affordable capital into the hands of minority women entrepreneurs in Trenton and Camden.
Since 2014, Grameen America’s presence in New Jersey has helped connect more than 6,000 low-income women with access to microloans, training, and support to start or expand their small businesses. The Trenton-Camden location will follow in the footsteps of Newark and Union City, two Grameen America branches that have together already disbursed over $58 million in loans over the past seven years.
In the wake of the stay-at-home advisories and closures of nonessential businesses in New Jersey, the low-income women entrepreneurs we serve remain disproportionately affected by the health and economic consequences of COVID-19. Both Trenton and Camden are home to large populations of Hispanic and Black Americans, two groups for which the mainstream financial system is currently out of reach.
In Trenton and Camden, 27.3% and 37.4% of residents live below the federal poverty line, respectively, compared with the national poverty rate of 11.8%. Additionally, 28% of New Jersey residents are unbanked or underbanked. Our expansion in New Jersey advances our work to help women entrepreneurs as they recover and rebuild their microbusinesses to get back on their feet.
Grameen America’s branch in Trenton and Camden opened through catalytic support from the New Jersey Pandemic Relief Fund, as well as additional support from New Jersey Economic Development Authority, the TD Ready Commitment, and a number of philanthropic individuals.
In its first seven years, Grameen America aims to invest over $97 million in microloans to 14,000 minority women entrepreneurs in Trenton and Camden.
“Grameen America’s expansion into Southwestern New Jersey will bring unprecedented financial capital and support to the region’s historically marginalized populations. Emerging women-owned businesses are the backbone of our economy and key to our nation’s rebuild.”