Grameen America Inc. (GAI), the fastest-growing nonprofit microfinance organization in the United States of America, announced the opening of its new branch in Phoenix, Arizona, with significant philanthropic support from the Wells Fargo Foundation.
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 organization’s technology and digital platforms.
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 has already disbursed over $327,000 in loan capital through microloans supporting more than 130 women entrepreneurs.
Earlier this year, in February 2024, Grameen America reached the milestone of investing $4 billion in affordable microloans directly to women-run businesses. This accomplishment is a groundbreaking milestone for the organization, marking the first time in its history that it has provided an unprecedented speed of $1 billion-a-year in capital to women business owners.
This achievement solidifies Grameen America's position as the fastest-growing microfinance organization 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 U.S. cities in 14 states maintaining a loan repayment rate of over 99 per cent. Grameen America plans to invest $40 billion of loan capital in underserved women entrepreneurs by 2033.
Bd-pratidin English/Tanvir Raihan
