Microloans for 50 Impoverished U.S. Entrepreneurs

Grameen America is so pleased to be a member of the GlobalGiving community.  Now that we are officially onboard, it is time for us to share with you some of the great work that has been funded, in part, by your generosity.

We raised over $5,000 through GlobalGiving during the Open Challenge toward our goal of $75,000 for 50 Microloans for Impoverished U.S. Entrepreneurs.  The amount raised during the Open Challenge provided funding for 3 microentrepreneurs.

The tremendous support of the GlobalGiving community allowed us to kick off 2011 with a significant milestone, surpassing 5,000 members in the Grameen America program.  We have more than doubled the size of the program from last year and are dedicated to maintaining our commitment to providing new opportunities to low-income communities. 

Over the past three years we have disbursed over $14 Million dollars in microloans in New York and Nebraska.  The track record of our members clearly shows how serious they are about improving their lives and those of their families.  They have maintained a repayment rate near 99% and an equally high attendance rate at center meetings.

In order to ensure the programs positive growth, we have made savings and fiscal education a top priority.  While program members are encouraged to contribute a minimum of $2 each week to their personal savings, we find that they are generally saving much more than the required minimum.  To date, Grameen America members have deposited over $650,000 in savings.

We hope to bring you additional updates including news of additional branches, exciting new programs and borrower stories within the coming year.  Stay tuned to our website and social media channels for daily updates.

Links:

• A map of our growing programs around the country.
• Visit our blog to read about a recent trip to our branch in Jack