Grameen America Continues to Boost Women Entrepreneurs with Support from Synchrony
FOR IMMEDIATE RELEASE
May 23, 2018, New York—Grameen America has received a $100,000 grant from Synchrony, building upon the three-year relationship between the two organizations. The grant will enable Grameen America—the fastest growing microfinance organization in the United States—to better serve low-income female entrepreneurs. Grameen America has branches in 13 cities nationwide, including areas where Synchrony has offices in North Carolina and California.
In 2015, Synchrony provided a $5 million loan to Grameen America. The impact of this loan has multiplied exponentially since then as money gained from Grameen America’s microloan repayments is channeled back into the program as each repayment is made; accordingly, the Synchrony funds have allowed Grameen America to disburse more than $30 million in microloans to women living in poverty throughout the United States since 2015. These resources have helped women start or expand more than 1,300 small businesses and enabled them to create or maintain more than 3,000 jobs.
The average size of the microloans distributed to women is $2,200. In addition to receiving these small loans to grow their businesses, the women gain other benefits from their participation in Grameen America’s program.
“Many of the microloan recipients did not have a savings account or credit history, but with Grameen America’s assistance, they have opened savings accounts and developed credit histories. A good credit score is essential if they want to establish a financial identity to rent a home or buy a car,” stated Marissa Lara, Synchrony’s Chief Diversity and Corporate Responsibility Officer.
“We are thrilled with this partnership,” said Andrea Jung, President and CEO of Grameen America. “Synchrony’s loan to Grameen America in 2015 enabled us to provide microloans to thousands of low-income women entrepreneurs. Their recent additional philanthropic grant will allow us to deepen our impact by strengthening our services to these women and building our program so that we can reach thousands more American families in need.”