Grameen America Announces License Approval by Department of Financial Services to Further Expand Financial Inclusion to Women Entrepreneurs in New York
License Will Help to Empower Tens of Thousands of Low-Income Women Entrepreneurs in New York with Access to Credit
Grameen America, a leading nonprofit microfinance organization, today announced that it has received approval from the New York State Department of Financial Services to be a licensed lender in New York State. The license further enhances Grameen America’s ability to deliver continuing financial services and training to its community of more than 47,000 low-income women entrepreneurs in New York.
“This milestone underscores the important partnership Grameen America has with the State of New York and the tens of thousands of women entrepreneurs we serve here,” said Grameen America President and CEO Andrea Jung. “Licensing by DFS will enable Grameen America to continue to empower women to become small business owners, generate income for themselves and their families, and ultimately help to revitalize their communities.
To date, Grameen America has invested over $400 million in microloans to more than 47,000 low-income women entrepreneurs in New York. The organization opened its inaugural branch in Jackson Heights, Queens, in January of 2008 and has since expanded to seven branches across New York City.
"DFS is proud to lead the responsible and regulated growth of licensing lenders such as Grameen America so that they can make basic financial services more accessible to New Yorkers,” said Financial Services Superintendent Vullo. “DFS is particularly pleased to work with Grameen America in furthering its commitment to helping low-income women entrepreneurs establish small businesses in New York communities and achieve financial independence.”
Grameen America has branch locations in 12 cities across the country and has invested over $620 million in microloans to more than 88,000 women. In addition to microloans, the organization provides members with financial training and education, credit and asset-building services, and other support.