HER
RESILIENCE
ANNUAL REPORT 2020
ANNUAL REPORT 2018
HER
SUCCESS
LIFTS
AMERICA
"THROUGH THE GRAMEEN AMERICA PROGRAM, I HAVE MADE FRIENDS, MADE NEW PEOPLE, AND LEARNED FROM OTHER BUSINESS OWNERS."
HEATHER
HARLEM, NY
In the most rigorous, independent, third-party evaluation of microfinance in the United States to date, top-tier research organization MDRC is assessing Grameen America’s program in Union City, New Jersey. MDRC used a randomized controlled trial design—the gold standard of research methods that uses the same rigorous methods as pharmaceutical trials. While there have been several evaluations of international microfinance programs, few robust studies, and no randomized controlled trials, have been conducted of U.S. microfinance programs—until now.
THE FIRST-EVER RANDOMIZED CONTROLLED TRIAL OF MICROFINANCE IN THE U.S.
ANNUAL REPORT 2020
HER
RESILIENCE
CHARTING THE REBUILD AND RECOVERY OF SMALL BUSINESS IN AMERICA
ANNUAL REPORT 2018
HER
SUCCESS
LIFTS
AMERICA
Our Mission
Grameen America is dedicated to helping entrepreneurial women who live in poverty build businesses to enable financial mobility.
ANNUAL REPORT 2018
HER
SUCCESS
LIFTS
AMERICA
ANNUAL REPORT 2018
HER
SUCCESS
LIFTS
AMERICA
$1M
Empowers 3,000 women and creates nearly 1,000 new businesses.
There are at least 1.4 million self- employed Black women with poor access to affordable credit.
15% of Black Americans are credit invisible, compared to 9% of white Americans.
15%
13%
1.4 Million
Only 13% of Black-owned businesses reported getting the full amount of non- emergency financing they sought, outside of PPP and other government relief programs..
THE CAMPAIGN FOR HER RECOVERY
Lifting America: The Campaign for Her Recovery magnifies our efforts to address systemic racial discrimination experienced by Black and brown women, supporting our entrepreneurial members to lead the recovery of the United States following the COVID-19 pandemic.
The Campaign for Her Recovery consolidates our commitment to racial justice and delineates our bold vision to raise $300 million to support more underserved minority communities across America, with the goal of bolstering the economic progress achieved by women of color in the preceding decades.
IT'S
MORE
THAN
A LOAN
ACCELERATING THE AMERICAN DREAM
ANNUAL REPORT 2018
HER
SUCCESS
LIFTS
AMERICA
99%
REPAYMENT RATE
613,000
TOTAL LOANS
15
U.S. CITIES
133,300
WOMEN SERVED
$1.76 Billion
TOTAL DISBURSED
IT'S
MORE
THAN
A LOAN
ACCELERATING THE AMERICAN DREAM
23
BRANCHES
CHARTING THE REBUILD AND RECOVERY
OF SMALL BUSINESS IN AMERICA
HER CITIES
Grameen America is dedicated to helping entrepreneurial women who live in poverty build businesses to enable financial mobility.
TOTAL DISBURSED
$1.76B
LEADING HER RECOVERY
As a nonprofit microfinance organization providing low-income women of color with small business loans, we have seen firsthand the anguish underserved communities are facing at this critical time.
In 2020, our immediate priority was to play a vital role in supporting our members during this period of economic disruption, while pursuing our mission to provide financial inclusion to underserved communities.
62,000
Total loans disbursed to underserved
women during the pandemic.
$258 Million
Total loan capital invested in women entrepreneurs during the pandemic.
GRAMEEN AMERICA'S
MEMBER ECONOMIC
RELIEF AND RECOVERY
EFFORTS
To lift the most vulnerable communities during this period of economic disruption, we launched major efforts to support our members in their long road to recovery, including the Grameen America Member Economic Relief and Recovery Fund. In 2020, we raised $63.2 million in philanthropy and debt capital to support our economic relief and recovery efforts.
Through our efforts, Grameen America helped members experiencing financial hardship by providing 0% interest free loans, reimbursing members’ fees for digital repayment and supporting a transition to virtual operations.
"Grameen America came in and
was a life saver during this time."
Lanise and Janine, Co-Owners of Vegan Food Business in Harlem, NY
OUR RESPONSE TO COVID-19
The impact of COVID-19 has greatly affected self-employed, minority women across the country whose economic survival is dependent on the success of their small businesses. The pandemic has disproportionately decimated small enterprises run by women and people of color across the country, with many business owners unable to access financial support from the federal government.
We have taken swift action to protect the health and safety of our members and staff across the country. In March, with funding support from Mastercard, we transitioned our model to operate remotely to serve over 50,000 members across the country.
Grameen Promotoras, led by our sister organization Grameen PrimaCare, champions health justice by providing essential health, social and emotional support to Grameen America members in Queens and The Bronx, New York.
Expanding Her Access to Healthcare
Scaling Her Access to Resources
and Support
In response to COVID-19 and our members’ changing needs across the country, we initiated several new channels to provide needed resources, education and support to our members.
In a significant departure from our established in-person recruitment, the impact of COVID-19 and our responsibility to protect the safety of our staff and new members prompted the adoption of a virtual recruitment model.
Advancing Virtual Member
Recruitment
Distributing Loan Relief and Direct Cash
Assistance to Our Members
Repayment relief and direct cash assistance was available for members who were diagnosed with COVID-19, were hospitalized with the virus or for members experiencing acute financial hardship.
"My new normal meant bringing my products
online. I figured out how to connect with my
customers virtually."
Sheila, Mobile Boutique Owner in Harlem, NY
Our Social Capital Model Turns Virtual
2,400+
Each week, we run over 2,400 virtual center meetings through video conference to maintain our high- touch, peer support model.
Our Vision
Grameen America envisions an inclusive society in which all entrepreneurs, regardless of gender, race or income, have access to fair and affordable financial services to support upward economic mobility.
Chicago, IL
NEW 2020 CITY
In December 2020, Grameen America’s Chicago branch opened through completely virtual operations with lead support from Citi and the Seedlings Foundation, with additional support from the Whole Planet Foundation.
Grameen America Receives a Transformational Gift
In July, we received a $25 million grant from philanthropist MacKenzie Scott, to accelerate our national expansion and advance our strategic initiatives for the next decade.
Ms. Scott’s philanthropic support marks a new chapter in Grameen America’s work as a leader in the financial inclusion sector, expanding our capacity to support low-income minority women in the United States.
In December, we launched our $17.5 million Social Business Fund II to provide nearly $200 million of cumulative loan capital to minority business women, over the Fund’s five year life.
Grameen America Launches Second Impact Investing Fund
AMPLIFYING
RACIAL
EQUITY
Grameen America has made a bold commitment to innovate its microloan program, launching the Elevating Black Women Entrepreneurs Initiative to better serve Black women entrepreneurs throughout the United States.
Over the next decade, we will launch a new network of Grameen America branches in underserved Black communities, starting with three branches over the next two years, in which we will test iterations of our model and use our learnings to make improvements to better serve all entrepreneurs.
By 2030, we plan to reach over 70,000 Black women entrepreneurs, investing over half a billion dollars in their small businesses, delivering results which mirror the scale and proven impact of our current program.
SCALING FINANCIAL INCLUSION FOR
BLACK WOMEN ENTREPRENEURS
HER
PROVEN
ADVANCEMENT
In September, nonprofit research organization MDRC and Grameen America released new interim results from MDRC’s evaluation of our microfinance model. The rigorous, independent, third-party evaluation determined that the Grameen America microlending model resulted in a reduction of measures of material hardship, and an increase of credit scores and business ownership, for Grameen America members as compared to the control group.
The microlending program also improved participants’ feelings of overall financial well-being and increased nonretirement savings for the women served. The study, which was funded by Robin Hood, examined 1,492 women in 300 loan groups who applied to the Grameen America microlending program in Union City, NJ.
It marks the first time a microfinance institution in the United States has been evaluated using a randomized controlled trial, the gold standard of evaluations.
STUDY DETERMINES GRAMEEN AMERICA'S MICROLENDING
PROGRAM REDUCES MATERIAL HARDSHIP AND INCREASES
CREDIT WORTHINESS AND EARNINGS AMONG WOMEN IN POVERTY.
HIGHLIGHTS FROM THE 18-MONTH FINDINGS
"Loans from Grameen America helped
me realize my dreams."
Maria, Juice Bar Owner in Austin, TX
OUR IMPACT
FINANCIAL HIGHLIGHT
ANNUAL REPORT 2020
"I want other women to know that with great effort
and perseverance they can achieve anything."
Aurora, Equestrian Store Owner in Houston, TX
