Grameen America Expands Impact in Texas, Launches New Branches in Dallas and San Antonio With Goal to Support 1,000 Businesswomen of Color in First Year
NEW YORK, February 2, 2022 — Today, national microfinance organization Grameen America announced the launch of its new branch locations in San Antonio and Dallas, marking the organization's 21st and 22nd cities across America. The two new locations in Texas join Grameen America’s existing branch locations in Austin and Houston, deepening the organization’s work to meaningfully address systemic lending barriers for women of color throughout the state. In its first year of operation, Grameen America aims to invest $2.5 million in loans to over 1,000 women entrepreneurs in Dallas and San Antonio.
Grameen America helps increase women's economic mobility through its proven, self-sustaining approach of engaging with and lending directly to low-income women entrepreneurs of color. The organization, which has already served over 6,700 women entrepreneurs in Texas and 146,700 women nationally, last year achieved a historic milestone of investing $2 billion in microloans to microentrepreneurs. The opening of Grameen America’s new branches in Dallas and San Antonio marks the organization's expansion to 28 branches across the United States.
“Our mission is to create a more inclusive economy in which entrepreneurs from all backgrounds have equal success in building and scaling their microbusinesses,” said Grameen America’s President & CEO, Andrea Jung. “With this notable expansion in Texas, women historically shut out of the mainstream financial system will receive access to life-changing capital and support.”
Grameen America is uniquely positioned to address the socioeconomic barriers that impact the low-income businesswomen in San Antonio and Dallas. The poverty rates in both cities are high at 17.8% and 18.6%, respectively, when compared to the 16% state and 13.4% national figures. Additionally, 40% of San Antonio and 54% of Dallas residents are unbanked or underbanked, with limited access to financial tools. With access to microloans, training and support, women entrepreneurs can grow their business, create jobs in their communities, and achieve financial independence.
“Women living in underserved communities in Texas often struggle to access capital to fund their businesses,” said David Acosta, Texas Area Director at Grameen America. “Grameen America gives women the opportunity to receive fair and equal access to the financial system. In Texas, I have seen firsthand how our work has changed tens of thousands of families, and I am excited to deepen our impact to bring financial inclusion to women living in Dallas and San Antonio.”
Grameen America’s Dallas and San Antonio branches open with catalytic support from the Wells Fargo Foundation through its Diverse Community Capital Activator grant. The $2.75 million, multi-year grant will provide anchor funding for Grameen America’s Southwest expansion in Texas and California.
“Healthy and growing women-owned businesses are vital to our country’s economic recovery, and microloans are crucial in meeting the credit needs of entrepreneurs,” said Jenny Flores, head of Small Business Growth Philanthropy at Wells Fargo. “This Diverse Community Capital Activator grant means Grameen will be able to build their capacity and net assets to reach more female business owners who need resources to stabilize and grow.”
To promote the health and safety of businesswomen in Dallas and San Antonio, Grameen America’s operations in Texas will utilize a hybrid approach, combining both virtual and in-person activities relating to community outreach, financial education, repayment, and peer networking.
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.
Media Contacts
media@grameenamerica.org