Grameen America, the fastest-growing nonprofit microfinance organisation in the United States of America, plans to invest $40 billion of loan capital in underserved women entrepreneurs by 2033, according to a press release.
The organisation announced the opening of its new branch in Phoenix in Arizona, with significant philanthropic support from the Wells Fargo Foundation, said the release issued by the Yunus Centre in Dhaka on Tuesday.
‘To expand access to affordable capital for women entrepreneurs, Wells Fargo made a $3.25 million grant over three years to help Grameen America expand its operations to Phoenix and advance the organisation’s technology and digital platforms,’ it said.
With the funding from Wells Fargo, Grameen America estimates the new branch will disburse nearly $14 million in capital to over 2,000 low income women by the end of 2026.
Since launch, the Phoenix branch had already disbursed over $3,27,000 in loan capital through microloans supporting more than 130 women entrepreneurs, said the release.
Earlier this year, in February 2024, Grameen America reached the milestone of investing $4 billion in affordable microloans directly to women-run businesses.
This achievement solidifies Grameen America’s position as the fastest-growing microfinance organisation in the United States.
Since its establishment in 2008, Grameen America has disbursed over $4 billion in microloans to more than 197,000 women entrepreneurs across 27 US cities in 14 states maintaining a loan repayment rate of over 99 per cent.
