annualreport2017.grameenamerica.org

grameenamerica.org DOWNLOAD THE PDF Annual Report 2017 More than 16 million women in the U.S. live in poverty. Women are 38 percent more likely to live in poverty than men. 16,000,000 38% 4% Women receive only 4 percent of all small business loans from mainstream financial institutions. A DECADE OF EMPOWERMENT Employing new technologies We recognize the major benefits of digital banking—for our members and our staff. With the support of Apple, Mastercard Center for Inclusive Growth, Citi Community Development, Capital One Bank, MetLife Foundation , and New York Community Trust , we completed our multi-year transition to a cloud-based management information system. The new system enabled us to more efficiently scale our services and grow at unprecedented rates, while providing the groundwork to transition our members to fully digital financial transactions. Instead of checks, our members now receive their loans through cards, which are safer, give them full and immediate access to funds, and decrease check-cashing costs. We are also expanding digital options for members to repay their loans. Leading pioneering on-the-ground research Grameen America seeks to ensure low-income women have access to financial services and works to eradicate the barriers they face. To this end, Grameen America undertook three research projects with support from the W.K. Kellogg Foundation, Citi Community Development, Whole Planet Foundation , and MetLife Foundation : 1) we worked with Symphonic Strategies to look at reaching wider demographics of women entrepreneurs, and are implementing this work to serve African-American women at our branch in Harlem, 2) we partnered with Common Cents Lab, a research lab at Duke University, to undertake behavioral research to improve our members’ financial well-being, and 3) we commissioned the Center for Financial Services Innovation to analyze the current asset-building options available to women in order to help them grow their savings. The findings from this research will inform our work moving forward, enhance our services, and contribute to the field of microfinance. Enhancing the financial knowledge and well-being of our members To better equip women to navigate their financial needs, Grameen America launched the Member Development Program in 2017, through funding from the Robin Hood Foundation . The program leverages our weekly meetings with members to provide trainings on business, financial literacy, and digital education. Through these sessions, we give our entrepreneurs additional tools to grow their businesses and improve their financial health. Often, this is the first time many of our members have been exposed to these business topics. GRAMEEN AMERICA IS DEDICATED TO HELPING ENTREPRENEURIAL WOMEN WHO LIVE IN POVERTY BUILD BUSINESSES TO ENABLE FINANCIAL MOBILITY . JOINT LETTER FROM THE PRESIDENT AND CHAIRMAN Dear Friends and Partners, It’s been an incredible 10 years. When we opened our first branch in Jackson Heights, Queens, in 2008, we had no idea that we would be where we are today. We now have 20 branches in 13 cities and have invested nearly $1 billion in 100,000 women entrepreneurs across the country. And we are scaling quickly; Grameen America is the fastest growing microfinance organization in the United States. Some doubted that microfinance was needed or would work in the United States, but we’ve seen its profound impact only grow. We recently traveled to several of our branches across the country and met women who had received microloans from Grameen America that are fueling their businesses and helping lift their families out of poverty. READ THE LETTER EMPOWERING WOMEN EMPOWERING LIVES " I know of no model that is better than this model—that will fund itself and have that kind of impact on the people who need it the most. " 99 % REPAYMENT RATE 346,000 TOTAL LOANS 13 U.S. CITIES 97,000 WOMEN SERVED $820 Million EMPOWERING COMMUNITIES Miami , FL Grameen America opened its first branch in Miami at the end of 2017, with lead support from JPMorgan Chase & Co., as well as funding from Northern Trust, the Carlo & Micól Schejola Foundation, Whole Planet Foundation, The Miami Foundation, Capital One Foundation, and TD Charitable Foundation. In our first year, we project we will serve 500 women in Miami with more than $700,000 in microloans. 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 low-income women who currently have limited access to the formal financial system. Houston , TX EMPOWERING INNOVATION EMPOWERING SCALE 2017 BY THE NUMBERS 2017 KEY FINANCIAL HIGHLIGHTS Pro bono revenue and expenses excluded. TOTAL DISBURSED $250M CAMPAIGN THE FUND FOR HER FUTURE Give with us Philanthropists can make charitable donations of any size, knowing that their support will help level the playing field for women entrepreneurs. One-time or multi-year commitments will help secure our members’ financial advancement and expand our program to reach the 16 million women living in poverty in the United States. With our 99 percent repayment rate, donations continue to be recycled back into our program with a twelve-times return over a five-year period. Grant/Loan with us Foundations and other charitable organizations can sustain and expand our programs through grants. Commercial lenders and foundations can participate through program-related investments and Community Reinvestment Act-related grants and loans. Impact invest with us Impact investors have a unique opportunity to invest. We plan to launch a series of Social Business Funds to finance our growth over the next decade. Ray Dalio Founder, Bridgewater Associates VIEW MORE LEARN MORE Want to learn more about our Social Business Fund? SEE OUR MAJOR INVESTORS VIEW OUR PARTNERS DONATE WATCH VIDEO grameenamerica.org...