Microfinance Nonprofit Grameen America and East West Bank Mark the Opening of Second Location in Houston, TX to Expand Access to Capital to Women Entrepreneurs
East West Bank continues its collaboration with Grameen America through a $2 million grant to reach underserved business owners in Houston
NEW YORK, N.Y. – September 12, 2024 – Grameen America, the nation’s fastest-growing microfinance nonprofit, proudly announces the opening of its second branch in Houston, Texas. This strategic expansion is empowering more financially underserved women by providing them with access to affordable capital and essential financial services.
The new branch opening has been made possible by a generous $2 million grant from East West Bank, the largest independent bank headquartered in Southern California, with a growing presence in key markets throughout Texas. This milestone was officially inaugurated with a ribbon-cutting ceremony, marking a significant step forward in Grameen America’s mission to promote financial inclusion and economic empowerment across the country.
Grameen America's second Houston branch, located on the city's east side, supports entrepreneurial women in East Houston, Cloverleaf, Humble, and Pasadena. Since opening, the branch has already invested $19.2 million in more than 2,200 entrepreneurial women through 6,000 microloans, achieving a 100% repayment rate. The branch will build on Grameen America’s existing presence in Houston, demonstrating the high demand for the organization’s services.
Grameen America empowers low-income women entrepreneurs by providing affordable loan capital, financial education, asset- and credit-building, and peer support. Since its founding in 2008, Grameen America has invested $4.5 billion in loan capital benefiting more than 200,000 financially underserved women and their small businesses across the United States. In Texas alone, the organization has disbursed over $211 million in loans to more than 15,000 women entrepreneurs in communities including Austin, Dallas, Houston, and San Antonio.
With a population of 2.3 million, Houston is the fourth-largest city in the United States and has a poverty rate of 19.6%. Hispanic households make up 45.8% of the city's population and 36.1% of those living in poverty. The largest demographic group experiencing poverty is women aged 25-44, especially women of color. Additionally, 36.2% of families living in poverty are headed by single mothers.
The $2 million grant is the latest collaboration between East West and Grameen America. In 2019, East West provided catalytic funding to help Grameen America open and launch a location in Los Angeles. East West also provides debt capital to support Grameen America’s loan portfolio in cities across the U.S. and remains a key partner in co-creating financial and business education workshops delivered directly to the women entrepreneurs in Grameen America’s program.
“At East West Bank, we are dedicated to fostering economic growth and supporting communities in need,” said Mike Burr, Senior Managing Director and Head of the Central & Southeast Region at East West Bank. “We are proud to continue our partnership with Grameen America and support their mission to empower women entrepreneurs across Houston and beyond.”
Founded in 1973, East West Bank has a long-standing tradition of supporting underserved communities, aligning seamlessly with Grameen America's mission of financial inclusion. The bank continues to honor this founding purpose through this important partnership in support of the organization’s work to provide essential financial services and resources to underserved women entrepreneurs. This collaboration not only advances shared goals but also fosters broader community success and integration.