Grameen America’s Elevate initiative aims to meaningfully address systemic barriers and funding gaps that women in financially underserved Black communities face. Launched in May 2021, the Elevate initiative aims to accelerate Grameen America’s commitment to racial equity.

The Elevate initiative offers affordable loan capital, business development training, and asset- and credit-building tools to impact and improve emerging Black businesswomen’s income, credit scores, and personal savings. Strengthening financial inclusion for Black women significantly improves credit establishment, income opportunities, and job creation, in turn bringing economic mobility to families and entire communities.

The Elevate initiative currently brings affordable capital to Black businesswomen in Harlem, NY, Newark, NJ, Memphis, TN, and Atlanta, GA with plans to expand nationally over the next decade.

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The Need

While highly entrepreneurial, the longstanding impact of systemic racism means that Black women entrepreneurs disproportionately lack access to business capital and credit. At least 1.4 million low-income Black women in business have limited access to credit, according to market sizing research by Boston Consulting Group.

15%

In the United States, a staggering 15% of Black women and 30% of low-income individuals are credit invisible.

20%

Black women entrepreneurs are 20% less likely to fund their businesses with bank business loans and more likely to rely on expensive personal credit cards and personal and family savings.

42%

Black women were among the fastest-growing demographic of entrepreneurs before COVID-19, representing 42% of new women-owned businesses—three times their share of the female population.

Our Program

Bridging the gap between health and financial security.

The Elevate initiative aims to invest $1.3 billion in loans to more than 80,000 Black women entrepreneurs by 2030. Since 2021, the Elevate initiative has made the following impact:

Basic Health Screenings

Promototas provide access to blood pressure, sugar level testing (A1C), and other biometric tests.

(currently on-hold due to COVID-19)

Health Conversation Workshops

Through educational workshops, the community health workers increase members’ knowledge and awareness of health-related topics, such as women’s health, nutrition, health literacy, physical activity, and disease management.

Health System Navigation & Referrals

Promotoras provide assistance in identifying and utilizing existing community health resources, such as low-cost or free preventive care options, including primary care, dental screenings, cancer screenings, and metabolic syndrome screenings.

Our Impact

Bridging the financial gap for Black women entrepreneurs.

The Elevate initiative aims to invest $1.3 billion in loans to more than 80,000 Black women entrepreneurs by 2030. Since 2021, the Elevate initiative has made the following impact:

1,008

Black Women Served

1,707

Microloans

$2,600

Average Loan Size

$4,227,000

Total Dollars Invested in Black Women Entrepreneurs

**Tailoring the Member Experience**

Grameen America recognizes that Black women entrepreneurs are on a different financial and business journey than other women of color. In partnership with BCG, Grameen America set out to understand the unique needs and challenges Black women entrepreneurs face and develop solutions to connect Black women entrepreneurs to affordable business capital.
BCG conducted two surveys to assess gaps in Grameen America’s current model, which revealed three important findings:
• Black women entrepreneurs are more likely to have lower credit ratings and/or pre-existing debt such as credit cards and student loans.
• Grameen America’s Black members had relatively more sophisticated business models than its existing member base and could benefit from the guidance of more experienced staff to deliver top-tier customer service, professionalism, and financial education.
• To accelerate growth in predominantly Black communities, engagement with local Black partner organizations would enhance trust, improve recruitment, and increase member retention.

“Elevating Black Women Entrepreneurs is a solution to the formal banking system, which can uphold racial inequality by systemically denying Black women the same access and opportunity as other entrepreneurs in the United States. Our team is poised to support the ingenuity and grit of Black women business owners across the country to grow their businesses and energize their communities.”

— Alethia Mendez, Division President for Elevating Black Women Entrepreneurs