Grameen America's Social Capital Model Turns Virtual Amid COVID-19
For the first time, all Grameen America branches have implemented a virtual model of program delivery to support the 52,000 women entrepreneurs we serve. Our commitment to the health and safety of our members across 15 cities in the United States informed this decision and remains our highest priority.
In light of the current global health crisis, our primary concern at Grameen America is to support the health and safety of our members and staff. In accordance with the Centers for Disease Control and Prevention’s COVID-19 recommendations, our in-person, peer support group-lending model has been adapted to accommodate a need for social distancing, thereby ensuring we do our part to flatten the curve.
In collaboration with Grameen America’s operations and technology teams, the following remote systems were implemented in our 23 branches across the country:
Virtual Weekly Center Meetings. All weekly center meetings are being completed through virtual teleconference meetings led by Grameen America Center Managers. Previously, all members met in-person to repay their loans, build peer support networks and receive training and support.
Digital Loan Repayments Since members will no longer be able to make their weekly repayments during an in-person center meeting, all current 52,000 members have adapted to both new and existing digital repayment channels powered by PayNearMe. Payment options include bank account transfers (ACH), debit, and cash via a network of local retail and pharmacy locations.
Digital Loan Disbursements. All new loans will be made to members directly onto their disbursement cards, which can be used in the same way as a debit card. Many of these recipients are longstanding members who need capital for their businesses during this grave time of need.
In the wake of COVID-19, low-income communities will continue to be inordinately affected by the financial implications of this crisis. As an organization with the goal of advancing financial inclusion, we are uniquely positioned to mitigate the impact of the current economy on small businesses across the country.
By adopting a virtual model to deliver our program, Grameen America will continue to play a crucial role in supporting women small business owners during this period of economic disruption, while pursuing our mission to provide business capital to underserved communities.
“Social belonging, camaraderie and mentorship is the glue that fortifies the success of Grameen America. Through our adoption of a virtual model of program delivery, we can continue to maintain our unique relationship with our members during this unprecedented time,” said Andrea Jung, President and CEO of Grameen America.