Woodforest National Bank® and Grameen America Announce $5 Million Collaboration to Advance Access to Capital for Women Entrepreneurs
NEW YORK, April 26, 2022 – Grameen America, a nonprofit Community Development Financial Institution (CDFI) helping low-income women entrepreneurs build small businesses, announced today it received a $5 million capital loan from Woodforest National Bank® (“Woodforest”) to strengthen its current program model to empower women entrepreneurs.
The capital will be invested as microloans through Grameen America’s unique group-lending model, whereby loan capital is repaid and redeployed to reach women entrepreneurs nationwide at scale. Funding from Woodforest will directly support grassroots outreach efforts within Grameen America’s branch network which overlaps with Woodforest’s key markets. Woodforest is headquartered in The Woodlands, Texas, operating over 760 branches across 17 states.
"Grameen America is grateful for our new collaboration with Woodforest National Bank® which will enable low-income women in Texas, New York, Florida and beyond to build businesses and lift themselves out of poverty," said David Gough, Senior Vice President, and Chief Financial Officer of Grameen America. “We are excited to work with an organization that shares our commitment to empowering the microentrepreneurs who are the heart of the American economy. Through this exciting alliance, we will distribute 8,300 loans to hardworking emerging businesswomen living in financially underserved communities.”
This loan also supports Grameen America’s 10-year plan aimed at providing $14 billion in loans to more than 600,000 women entrepreneurs by 2030. The organization offers loan capital, financial training, and asset and credit building tools to women entrepreneurs living below the federal poverty line.
Sharon Zimmerman, Vice President, Community Development & Minority Deposit Institution Engagement from Woodforest added, “We are excited to support Grameen America’s mission by making a sizeable investment that will leverage microloans to women-owned businesses across our footprint. Women entrepreneurs are key players in our economy, accounting for millions of dollars generated. Yet, data shows women entrepreneurs receive less funding than their male counterparts. Grameen America is helping even out the playing field by providing access to capital to women-led firms, helping them boost incomes, build assets, enter the mainstream financial system, and create good jobs in their communities.”
Grameen America, the nation’s fastest-growing microfinance organization, works to advance financial inclusion and economic mobility for financially underserved women entrepreneurs in the United States. Since 2008, the organization has invested over $2.26 billion in loans to over 146,700 women entrepreneurs, enabling program participants to enter the mainstream financial system, boost their income, and create jobs in their communities. For inquiries about becoming a member of Grameen America’s microlending program, contact info@grameenamerica.org.