Commitment to Action

Dhaka to Harlem: Empowering Women as Engines of Growth

Commitment by

Grameen America, Inc.

In 2014, Grameen America committed to bringing the microfinance model pioneered by Professor Muhammed Yunus to Harlem, in New York City, and disburse $50,000,000 in microloans to low-income women over the next six years. Grameen's Harlem branch will be strategically located to offer an alternative to predatory lenders, advancing Grameen's inclusive vision for poverty alleviation, allowing the program to expand within African American and West African immigrant communities. Grameen's sustainable business model will serve 7,000 women in this community in the next six years and transform the branch into a self-sustaining financial institution. Grameen will provide first-time loans of up to $1,500; a five-day group-training programs on interest rates, savings products and credit establishment; credit-building services with Experian; open no-fee, no-minimum-balance savings accounts for members by partnering with commercial banks; and encourage members to learn from each other during weekly meetings, making small repayments and savings deposits, and developing a strong network of support.

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Overview
Summary

Commitment

Dhaka to Harlem: Empowering Women as Engines of Growth

Launched

2014

Est. Duration

6 years

Estimated Total Value

$50,000,000

Region

Northern America

Countries

United States

Commitment by

Grameen America, Inc.

Partner(s) of the Commitment Maker(s)

Dalio Foundation, Inc., The Citigroup Private Bank, Upper Manhattan Empowerment Zone