NEW YORK, August 17, 2021 /3BL Media/ - Grameen America, a nonprofit community development financial institution helping low-income women entrepreneurs build small businesses, announced today it has received a $1.5 million grant from Truist Foundation to strengthen its current program model to empower Black women entrepreneurs.
“Seed funding from Truist Foundation will play a transformative role in innovating and adapting our model to advance economic independence for Black women entrepreneurs,” said Andrea Jung, president and CEO of Grameen America. “Together we aim to remove systemic barriers in accessing affordable capital for small businesses led by Black women. When we invest in financial equality for all women, we’re in turn strengthening microbusinesses, creating jobs and revitalizing local economies.”
This grant will help lay the groundwork for Grameen America’s 10-year plan aimed at providing $1.3 billion in loans to more than 80,000 Black women entrepreneurs by 2030. The dedicated program will offer loan capital, financial training, and asset and credit building tools to Black women entrepreneurs.
“Truist Foundation is committed to partnering with nonprofit organizations that address barriers to economic mobility for those historically excluded,” said Lynette Bell, president of Truist Foundation. “We’re excited to support Grameen America in getting the financial tools and resources into the hands of Black women entrepreneurs to help build better lives and communities.”
Additionally, the funding will help the nonprofit lean-test a variety of new programmatic enhancements and community partnerships in select cities, with the goal to scale learnings and programs throughout Truist markets. This partnership will also help Grameen America advance program outcomes related to member outreach, recruitment, upfront training, retention, and financial and business education.
“As a single mother and entrepreneur, my business success means my children will have a better future,” said Ruth, owner of a fashion studio in Harlem. “Having access to capital is everything. Loans from Grameen America allow me to rethink my business goals and focus on expansion.”
Adapting Grameen America’s current model will empower Black women entrepreneurs in cities across the U.S., address systemic racial inequity and play a transformative role in the nation’s economic recovery, especially after a year that disproportionately impacted minority communities.
About Grameen America
Founded by Nobel Peace Prize recipient Muhammad Yunus, Grameen America is a 501(c)(3) nonprofit microfinance organization dedicated to helping women who live in poverty build small businesses to create better lives for their families. The organization offers microloans, training, and support to transform communities and fight poverty in the United States. Since opening in January 2008, Grameen America has invested over $2 billion in more than 138,500 low-income women entrepreneurs. Opening originally in Jackson Heights, Queens, Grameen America has expanded to 18 cities in Austin, TX, Boston, MA, Camden, NJ, Charlotte, NC, Chicago, IL, Fresno, CA, Houston, TX, Indianapolis, IN, Los Angeles, CA, Miami, FL, Newark, NJ, New York City, NY, Omaha, NE, Oakland, CA, San Jose, CA, Trenton, NJ and Union City, NJ.
About Truist Foundation
The Truist Foundation is committed to Truist Financial Corporation’s (NYSE: TFC) purpose to inspire and build better lives and communities. Established in 2020, the foundation makes strategic investments in nonprofit organizations to help ensure the communities it serves have more opportunities for a better quality of life. The Truist Foundation’s grants and activities focus on building career pathways to economic mobility and strengthening small businesses. Learn more at Truist.com/Purpose/Truist-Foundation.
Audria Belton, Truistmedia@truist.com
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