Grameen America offers microloans, financial education and credit building opportunities to impoverished small business entrepreneurs in the United States.
What is the issue, problem, or challenge?
In today's struggling economy, impoverished Americans who dream of becoming entrepreneurs lack the credit, collateral or guarantor, which are required to obtain a loan from a corporate bank. As a result, they are often driven to borrow from loan sharks and other rogue lenders, who demand backbreaking interest rates and thrive off of the borrowers inability to payback loans.
How will this project solve this problem?
We offer microloans without collateral, a guarantor or previous credit history, using the Grameen Bank lending model which has helped over 100 million people worldwide. We also partner with Experian, a national credit agency, to help build credit.
Potential Long Term Impact
Funding for 50 microloans not only provides first time entrepreneurs with the loan capital to start a business but also financial education and community support through the peer lending model, a group of five borrowers which acts as a support group.
This project has been retired and is no longer accepting donations.