ANNUAL REPORT 2024
ANNUAL REPORT 2018
HER
SUCCESS
LIFTS
AMERICA
"THROUGH THE GRAMEEN AMERICA PROGRAM, I HAVE MADE FRIENDS, MADE NEW PEOPLE, AND LEARNED FROM OTHER BUSINESS OWNERS."
HEATHER
HARLEM, NY
In the most rigorous, independent, third-party evaluation of microfinance in the United States to date, top-tier research organization MDRC is assessing Grameen America’s program in Union City, New Jersey. MDRC used a randomized controlled trial design—the gold standard of research methods that uses the same rigorous methods as pharmaceutical trials. While there have been several evaluations of international microfinance programs, few robust studies, and no randomized controlled trials, have been conducted of U.S. microfinance programs—until now.
THE FIRST-EVER RANDOMIZED CONTROLLED TRIAL OF MICROFINANCE IN THE U.S.
ANNUAL REPORT 2023
ANNUAL REPORT 2018
HER
SUCCESS
LIFTS
AMERICA
ANNUAL REPORT 2018
HER
SUCCESS
LIFTS
AMERICA
Grameen America is dedicated to helping entrepreneurial women who live in poverty build businesses to enable financial mobility.
“I want women like me to know that they can do what I did - be independent and work while supporting and having time for my children.”
Maria
Flower Shop Owner
Jackson Heights, NY
ANNUAL REPORT 2024
The Limitless Scale
Today, Grameen America is at an inflection point as we look towards the next ten years. Having proved our impact and scalability in the U.S., we have bigger and bolder goals to grow at an unprecedented rate, providing exponentially more women entrepreneurs with access to affordable capital, financial and health education, credit- and asset-building, and peer support to accelerate upward economic mobility for all.
The Framework
- Strengthening internal capacity, processes, and technology capabilities for scale
- Implementing cashless disbursements through digital technology
- Transitioning to paperless operations
- Emphasizing organizational sustainability
- Expanding to 23 branches across the country
The Momentum
- Supporting recovery and resilience during the pandemic
- Attaining organizational sustainability
- Achieving fast growth and high quality wrap-around services
- Advancing commitment to racial equity through the Elevate by Grameen America
- Validating our program impact through the first-ever independent study of microfinance in the U.S.
- Beginning to offer an improved savings program
- Transitioning to a digital platform and launching a mobile app for members
- Expanding to 34 branches
The Foundation
- Developing a proof of concept: Will a group lending model work in the U.S.?
- Implementing in-person cash disbursements and paper passbooks
- Refining and fine-tuning the microloan product
- Introducing our first savings program
- Initiating credit reporting
- Achieving early success and expanding to 11 branches
A Letter from Our President & CEO and Board Chair
In 2024, we marked a transformative moment—cumulatively providing 220,000 women entrepreneurs with the financial resources to build their futures. At the same time, we launched an ambitious five-year investment campaign to accelerate economic mobility and unlock limitless opportunities for all nationwide. The Women Are Limitless campaign reflects our belief that uplifting women entrepreneurs not only leads to generational wealth and job creation, but is also one of the strongest returns on investment.
Women-owned businesses are proven economic engines of growth, making up almost 40% of all businesses in America. That’s over 14 million women entrepreneurs driving our economy, creating jobs, and generating $2.7 trillion in revenue. Yet many women experience barriers to access business funding, making it more challenging to grow their businesses. If all women-owned businesses’ average revenue matched the revenue of male-owned businesses, there would be $7.9 trillion in total additional business revenue across the country. We know that when entrepreneurial women have access to life-changing capital, financial services, and peer support, their opportunities are limitless.
Grameen America offers a pathway to financial mobility through a suite of financial products and services designed to meet these entrepreneurs where they are to boost personal and business growth. Year after year, women entrepreneurs in our program have achieved higher business earnings, greater savings, improved credit scores, and reduced material hardships.
To unleash the momentum of entrepreneurship, we must address the financial challenges that hold people back. By providing accessible capital to those often excluded from traditional lending systems, Grameen America unlocks opportunities for business growth, job creation, and long-term economic impact in a social, scalable way.
Dear Friends
and Partners,
99%
Repayment Rate
1.2 Million
Total Loans Disbursed
220,000
Women Served
$5.1 Billion
In Loan Capital Disbursed
29
U.S. Cities
Our
Limitless
Strategy
We partnered with Blue Meridian Partners to evaluate Grameen America’s proven model and impact to enhance its key pillars for unprecedented scale. Together, we developed and announced a bold strategic plan to broaden our reach, deepen our impact, innovate to expand access, promote systems change, and invest for scale.
Broaden Our Reach
We will expand access to affordable financial services in underserved communities, reaching four times the number of women with ten times the amount of capital ($40 billion) over the next ten years.
Deepen Impact
Leveraging our research-validated impact by MDRC, we aim to innovate our programming to improve outcomes, helping our members move from financial stability to true upward economic mobility through personal savings, credit development, and business growth.
Innovate to
Expand Access
Accelerating our commitment to providing financial access for all, we will continue to innovate our program through Elevate by Grameen America to expand access in predominantly Black communities and leverage learnings to increase access to new communities across America.
Promote
Systems Change
We will focus on reshaping narratives and leveraging our data and insights to influence the broader financial system towards opportunity for all.
Invest for Scale
To execute our key strategic priorities for breakout growth and impact, we are strengthening the organization’s technology, data capabilities, and infrastructure, and significantly investing in human capital.
Our
Impact
Our
Community
Birmingham, AL
15 Members Served
$27,300 Dollars Disbursed
Phoenix, AZ
460 Members Served
$1.7M Dollars Disbursed
Fresno, CA
1,994 Members Served
$22M Dollars Disbursed
Los Angeles, CA
23,801 Members Served
$519.8M Dollars Disbursed
Miami, FL
7,723 Members Served
$114.2M Dollars Disbursed
Atlanta, GA
1,944 Members Served
$9.3M Dollars Disbursed
Chicago, IL
3,355 Members Served
$27.8M Dollars Disbursed
Indianapolis, IN
7,858 Members Served
$168.8M Dollars Disbursed
Boston, MA
7,715 Members Served
$161.9M Dollars Disbursed
Omaha, NE
10,187 Members Served
$235.2M Dollars Disbursed
Newark, NJ
5,018 Members Served
$79M Dollars Disbursed
Trenton/Camden, NJ
1,846 Members Served
$15M Dollars Disbursed
Union City, NJ
7,060 Members Served
$150M Dollars Disbursed
New York, NY
85,651 Members Served
$2.4B Dollars Disbursed
Charlotte, NC
16,900 Members Served
$455.6M Dollars Disbursed
Raleigh, NC
95 Members Served
$250,250 Dollars Disbursed
New Expansion in 2025
Grameen America plans to expand our program by opening a second branch in Boston, MA, a third branch in Charlotte, NC, and a fourth branch in Los Angeles, CA. In addition, we aim to bring our program to Philadelphia, PA.
15 States | 29 Cities | 38 Branches
“Grameen America made me push forward, build my brand, and open new horizons. Now I want to scream to every woman business owner to join. As an entrepreneur who has had loans and grants before, I never would’ve expected to be able to make weekly loan repayments, but it’s been nearly a year, and I can’t imagine doing it differently.”
Khadijah
Salon Owner
Atlanta, GA
Financial
Highlights
Bringing
Entrepreneurs
Digitally Foward
Oakland, CA
9,026 Members Served
$256.8M Dollars Disbursed
Riverside, CA
452 Members Served
$1.6M Dollars Disbursed
San Jose, CA
6,784 Members Served
$168.8M Dollars Disbursed
Connecticut
2,277 Members Served
$21.1M Dollars Disbursed
Memphis, TN
449 Members Served
$979,800 Dollars Disbursed
Austin, TX
5,542 Members Served
$122M Dollars Disbursed
Dallas, TX
1,798 Members Served
$11M Dollars Disbursed
Houston, TX
9,642 Served
$114.5M Dollars Disbursed
San Antonio, TX
1,086 Members Served
$7.3M Dollars Disbursed
600M
A Transformational Campaign
$300M
In philanthropy
$300M
In debt capital
We partnered with Blue Meridian Partners to evaluate Grameen America’s proven model and impact to enhance its key pillars for unprecedented scale. Together, we developed and announced a bold strategic plan to broaden our reach, deepen our impact, innovate to expand access, promote systems change, and invest for scale.
Broaden
Our Reach
We will expand access to affordable financial services in underserved communities, reaching four times the number of women with ten times the amount of capital ($40 billion) over the next ten years.
Deepen
Impact
Leveraging our research-validated impact by MDRC, we aim to innovate our programming to improve outcomes, helping our members move from financial stability to true upward economic mobility through personal savings, credit development, and business growth.
Innovate to
Expand Access
Accelerating our commitment to serving women with limited financial access, we will continue to innovate Elevate by Grameen America and leverage learnings to expand access in predominantly Black communities.
Promote
Systems Change
We will focus on reshaping narratives and leveraging our data and insights to influence the broader financial system towards opportunity for all.
Invest for Scale
To execute our key strategic priorities for breakout growth and impact, we are strengthening the organization’s technology, data capabilities, and infrastructure, and significantly investing in human capital.
Our
Limitless
Strategy
Grameen America has provided
$4 billion in affordable capital to more than 190,000 women entrepreneurs across 27 U.S. cities. Over the next decade, we aim to open two times the number of locations, reach four times the number of women entrepreneurs, and disburse ten times the amount of loan capital.
70+
U.S. Branches
2x growth
750,000
Women Served
4x growth
$40 Billion
In Loan Capital Disbursed
10x growth
In ten years, Grameen America will reach:
The
Goal
In 2024, the My Grameen member mobile app rolled out to all members across the country, expanding access to digital tools, strengthening the member experience, and creating operational efficiencies.
*Philanthropic income reflects donor type
In-kind revenue and expenses excluded.
See our progress on our Limitless strategy in 2024:
- We marked a milestone of a cumulative $5 billion invested in women entrepreneurs.
- We reached 100,000 active members, ending the year with a gross loan portfolio of $350 million.
- We opened new branches in Birmingham, AL; Bronx, NY; Houston, TX; Miami, FL; and Raleigh, NC
- The Savings Program pilot provided key insights into program design, member behavior and program support needs. Across the pilot locations, more than 1,000 members opened active savings accounts with a total of $108,686 in deposits.
- Grameen Promotoras, our dedicated health program, reached over 39,000 entrepreneurs with health education, chronic disease screenings, and health system navigation and referrals.
- We are testing demand for larger loan products and evaluating member needs in select branches to better understand the fit between product and programs.
- To further empower members on their credit journey, we are designing tests to evaluate the impact of alternative credit reporting options and other credit development tools.
- In 2024, Elevate opened two new locations in Birmingham, AL and Houston, TX.
- To date, Elevate has disbursed more than $2 million in affordable capital to women entrepreneurs.
- To expand engagement and prospective member outreach, Elevate has developed the program’s digital presence through brand identity, ad campaigns, and content based on topics that matter most to the community.
- We are working with community organizations to strengthen our network and build credibility in the communities we serve. Through strategic partnerships, we are able to offer wrap-around resources and services to meet members’ range of needs.
- Grameen America has become a new member of national and regional advocacy organizations, joining forces with hundreds of other organizations that share similar goals to uplift women entrepreneurs and their small businesses.
- We plan to partner directly with state governments to explore our ability to expand capital access and education for our members together.
- Across the entire organization, we’ve invested significantly in people, hiring over 120 new employees. We are continuously enhancing our staff training to meet the strong demand for Grameen America’s program and reach new entrepreneurs.
- We rolled out the My Grameen member mobile app nationwide, achieving a 98% registration rate. More than ¾ of members now apply for their loans within the app, up from 0% at the beginning of 2024, generating significant operational efficiencies.
- The Women Are Limitless Campaign raised a total of $258 million of our $600 million goal across philanthropy and debt finance.
70+
U.S. Branches
2x growth
750,000
Women Served
4x growth
$40 Billion
In Loan Capital Disbursed
10x growth
In ten years, Grameen America will reach:
“It’s a one-stop shop where you can do everything and you have all your membership information in one place.”
Grameen America Member
“The app allows for better management of the group, verifying, in real time, repayments and status of each member. It also helps to reduce the administrative work, giving managers more time to offer service and support.”
Grameen America Branch Staff
We envision an inclusive society in which all entrepreneurs, regardless of gender, race, or income, have access to fair and affordable financial services to support upward economic mobility.
Our Vision
“I always wanted to start my own business so I am living my dream. It took a lot of hard work, dedication, and sacrifice to start my business and fill the shelves with products. Grameen America is a movement for women in business and entrepreneurship.”
Traneka
Homemade Candle Shop Owner
Memphis, TN
2024 Annual Report