Microfinance Nonprofit Grameen America Opens New Branch in Phoenix With Catalytic Support From Wells Fargo [Yahoo! Finance]
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Source: Yahoo! Finance
NEW YORK, NY / ACCESSWIRE / May 22, 2024 / Grameen America, the fastest-growing nonprofit microfinance organization in the United States, announced the opening of its new branch location in Phoenix, Arizona with major 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. Grameen America provides low-income women entrepreneurs with affordable loan capital, financial education, asset- and credit-building, and peer support. With the funding from Wells Fargo, Grameen America estimates the new branch will disburse nearly $14 million in capital to over 2,000 women business owners by the end of 2026. Since launch, the Phoenix branch has already disbursed over $327,000 in loan capital through microloans supporting over 130 women entrepreneurs. Members
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