Grameen America, a microfinance organization based on the Grameen lending model, announced it has successfully disbursed more than $1 million in micro-loans to low-income women, many of whom are immigrants, in Queens, New York.
Grameen America is a microfinance organization with a mission to alleviate poverty through entrepreneurship. In January 2008, Grameen America launched its first branch office in the Jackson Heights neighborhood of Queens to provide micro-loans (currently averaging $2,200 each) to the working poor, especially women, so they can lift themselves and their families out of poverty. The loans, meant for income-generating purposes, bear reasonable rates and enable borrowers to avoid predatory lending.
With a loan portfolio of $1 million and nearly a year of operating experience in the US, Grameen America now hopes to increase outreach, raise more capital and expand its services to other NYC boroughs in the coming year.
Photo by Grameen America.