HER
SUCCESS
LIFTS
AMERICA
TRANSITIONING TO NEW TECHNOLOGIES
AND MODERNIZING SYSTEMS
After completing our technological infrastructure build-out in 2017, we continue to increase our use of technology in our operations, expanding our capacity to manage rapid national growth and enabling continual enhancement of our products and services. Members now receive loans via digital disbursement cards instead of checks. Disbursement cards are safer, give members full and immediate access to funds, decrease check-cashing costs, and support their broader transition from cash to digital banking.
We also piloted digital repayment methods, offering members the ability to pay back their loans using their own debit card. Members simply bring their debit cards to the weekly meetings and swipe them using a tablet device. After a successful pilot, we have gradually begun to offer this repayment method to other branches. Our goal is to offer a suite of easy and innovative repayment methods, helping to bring our women digitally forward.
Dear Friends and Partners,
This was a watershed year for Grameen America. We celebrated our 10th anniversary. We hit $1 billion in total loan disbursements since our inception. And cumulatively, we have reached more than 110,000 women who are living in poverty and isolated from the mainstream U.S. financial system. We have successfully adapted our microfinance model to 14 different markets across the country, empowering low-income women to build their businesses, raise their incomes, and live out their dreams.
Our impact continues to grow exponentially, and we now have data demonstrating this. Exciting early findings from an evaluation conducted by research organization MDRC reveal that just six months after getting their first loan, our members had already started their businesses, were experiencing less material hardship, and had begun to develop credit histories.
Pro bono revenue and expenses excluded.
Give with us
Philanthropists can make one-time donations or multiyear commitments, which will allow us to expand to new cities, introduce new products, and further develop innovative services for our members.
Grant/Loan with us
Foundations and charitable organizations can sustain and expand our programs through grants. Commercial lenders and foundations can make program-related investments and Community Reinvestment Act-related grants and loans.
Impact invest with us
Investors can have a significant impact on communities through our impact investment initiatives.
LIFTING
AMERICA
ANNUAL
REPORT
2018
THE FIRST-EVER RANDOMIZED CONTROLLED TRIAL OF MICROFINANCE IN THE U.S.
Grameen America is dedicated to helping entrepreneurial women who live in poverty build businesses to enable financial mobility.
OUR
MISSION
OUR
MISSION
LIFTING
AMERICA
ACCELERATING
DREAMS
LUISA
CLOTHING BUSINESS
Small Loan Sizes
Short Repayment Cycles
High-Touch Model
Social Collateral
THE SECRETS
TO OUR SUCCESS
ZONIA RECEIVES
HER 11th LOAN
99%
REPAYMENT RATE
433,000
TOTAL LOANS
14
U.S. CITIES
113,000
WOMEN SERVED
$1.08 BILLION
TOTAL DISBURSED
IT'S MORE THAN A LOAN
ACCELERATING THE AMERICAN DREAM
LIFTING WOMEN & COMMUNITIES
ACHIEVING TRANSFORMATION
EXPANDING GEOGRAPHIES
We have now expanded to 21 branches in 14 U.S. cities.
After disaster strikes, Grameen America offers a long-term solution to help women small business owners get back on their feet. In the aftermath of Hurricane Harvey, we accelerated our plans to open a branch in Houston. With support from Whole Planet Foundation, we now expect to open this location in late 2018, which will serve a large population of l ow-income women who currently have limited access to the formal financial system.
NEW CITY:
HOUSTON, TX
ALBA
JEWELRY BUSINESS
OWNER IN HOUSTON
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.
SIX-MONTH SURVEY IMPACT
The following data represents findings that MDRC reports as statistically significant.
Financial situation is better than last year.
Have a VantageScore (Credit score)
More than 94 percent of Grameen America members reported that their financial situation is better than it was the previous year, a 13 percentage point increase over the control group average.
Control Group
Grameen America Group
The Grameen America program produced a 22 percentage point increase in the attainment of a credit score 7–12 months after participants enrolled in the study.
81.3%
94.3%
78.3%
56.3%
LIFTING THROUGH INNOVATION
DEBIT CARD
LOAN REPAYMENT
ENHANCING OUR MEMBERS’ LIVES
We are leading innovative programs to improve the well-being of our members. The Grameen Promotoras initiative takes advantage of our weekly meetings with members in communities in The Bronx and brings in community health workers, or promotoras, to provide basic health education and system navigation. The promotoras hold workshops and engage members in interactive discussions on topics ranging from improving nutrition to preventing domestic violence. Thus far 625 women have been served. The program has led to significant improvements in participants’ knowledge of health topics and access to care; those obtaining medical appointments rose by 60 percent.
We are also increasing our focus on financial and business education for our members. In a 2017 pilot project, staff members at select branches were trained on basic business management and financial literacy topics. They then shared this information with members at their regular meetings. The project was very positively received, with 91 percent of members rating the content as very useful or useful. In 2018, we scaled this project nationwide and offered a broader range of topics, including digital banking and emergency preparedness.
PROMOTORAS
HEALTH WORKSHOPS
LIFTING AMERICA
$300M CAMPAIGN
THE CAMPAIGN FOR HER FUTURE
KEY FINANCIAL HIGHLIGHTS
*Philanthropic income reflects donor type
ANNUAL REPORT 2018
HER
SUCCESS
LIFTS
AMERICA
IT'S
MORE
THAN
A LOAN
ACCELERATING THE AMERICAN DREAM
Grameen America is dedicated to helping entrepreneurial women who live in poverty build businesses to enable financial mobility.
LIFTING
GEOGRAPHIES
We have now expanded to 21 branches in 14 U.S. cities.
"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.