Wells Fargo Provides $7 Million to Grameen America
Wells Fargo & Company announced today it has provided $7 million to Grameen America to support microloans for women entrepreneurs. The $1 million equity equivalent investment and $6 million senior debt facility, which act as revolving funds, are estimated to yield over a three-year period an additional $42 million in loans for start-ups and expansions to more than 10,000 low-income women entrepreneurs.
"With the right tools and support, women across the country are becoming engines of economic growth," said Andrea Jung, president and CEO of Grameen America. "We are fortunate to have Wells Fargo's support as we empower women entrepreneurs through access to capital, savings and credit-building."
Alma, a Grameen America borrower in Manhattan, prepares food for her successful food truck business.