Grameen America Inc receives $25 million grant from MacKenzie Scott
Publish- July 30, 2020, 10:18 PM
UNB NEWS - UNB NEWS
Grameen America Inc, the leading microfinance nonprofit organisation focused on low-income minority women in the United States, has announced the receipt of a $25 million grant from philanthropist MacKenzie Scott.
This investment in Grameen America’s proven social capital model will accelerate the organisation’s strategic initiatives over the next decade, including its focus on enabling a just and inclusive rebuild of America in the wake of COVID-19, Yunus Centre said on Thursday.
Grameen America Inc is at the frontline of poverty alleviation and financial empowerment and equity in the US, providing access to loan capital, training and support to women who live in poverty to start or expand a small business.
Participation in Grameen America’s microfinance programme has proven to increase the financial wellbeing of economically disadvantaged women, in turn improving the health and education opportunities for their families and their communities. At present, underserved minority businesswomen are a population disproportionately affected by the current economic crisis, demonstrating the critical need to support the organisation’s members at this time.
“Systemic inequality requires bold solutions and MacKenzie Scott’s investment in our programme will support a new path forward towards a more just and equitable rebuild and reimagining of the United States,” said Andrea Jung, President and CEO of Grameen America.
“This transformational gift will allow us to cement our programme for the next decade and we are emboldened to lead this work which prioritises economically underserved women and their communities,” he said.
“We are deeply honored by this recognition, and applaud MacKenzie’s leadership and commitment to using her platform to elevate and empower Grameen America and other organizations driving change. Collectively we will accelerate our progress to design solutions to the critical issues of our time,” Jung said.
Scott’s philanthropic support marks a new chapter in Grameen America’s work as a leader in the financial inclusion sector.
The investment will advance strategic initiatives that economically empower women business owners affected by poverty in the US.
Most recently, the organisation launched the Grameen America Economic Relief and Recovery Fund to provide essential capital and support to its members facing hardships during this unprecedented time of need.
The Fund has permitted the organisation to help its members throughout the current rebuild, including supporting their resiliency through loan repayment assistance and providing tens of thousands of low-income women in financial distress with special Recovery Loans.
Over the next decade, Grameen America aims to scale its operations in order to reach 400,000 minority small business owners, through 40 branch locations across the country, and grow its cumulative loan disbursements to $12 billion from the $1.5 billion to date.