MICROCAPITAL BRIEF: Grameen America to Open Additional Branches in California, Michigan and Nebraska

Muhammad Yunus, founder of Grameen Bank of Bangladesh, has reportedly announced that Grameen America, a nonprofit microfinance institution (MFI) based in the US state of New York City, will open additional branches in California, Michigan and Nebraska. The timeframe was not disclosed. Since its first branch opened in New York in 2008, Grameen America has grown its number of borrowers from about 1,000 to 8,000. In addition to its four branches in New York, Grameen America has also opened one branch in Nebraska in 2009 and one in Illinois in 2011 [1] [2]. Plans to open a branch in San Francisco, California, were announced in 2010, but this location has not yet opened.

As of 2010, Grameen America has assets of USD 8.48 million and 2,000 borrowers.

By Brendan Millan, Research Associate

About Grameen America: Grameen America is a nonprofit microfinance organization based in New York City that was founded by Dr. Muhammad Yunus in 2008 to replicate the model of the Grameen Bank, a microfinance institution in Bangladesh. Grameen America provides group loans to low-income entrepreneurs in theUnited States. As of 2012, Grameen America has branches in New York City, Nebraska and Illinois. As of 2010, Grameen America has assets of USD 8.48 million and 2,000 borrowers.

About Grameen Bank: Grameen Bank is a Bangladeshi microfinance institution (MFI) that provides collateral-free loans to poor entrepreneurs in rural areas. It was founded in the 1970s by Dr. Mohammad Yunus, who, along with Grameen Bank, won the 2006 Nobel Peace Prize for their work in developing the concept of microfinance. As of 2010, Grameen Bank reports to the US-based nonprofit Microfinance Information Exchange (MIX) assets of USD 1.7 billion, deposits of USD 1.5 billion, a gross loan portfolio of 939 million and 8.3 million active borrowers.

Sources and Resources:

[1] The Economic Times: “Muhammad Yunus’ Grameen Americamoves next door to Warren Buffett” by Shilpy Sinha and Gayatri Nayak. http://articles.economictimes.indiatimes.com/2012-02-27/news/31104534_1_credit-crisis-open-branches-grameen-bank

[2] Grameen America: “About Us – Our History.”, http://www.grameenamerica.com/about-us/our-history/

MicroCapital.org Article, July 16, 2010, “$1m Investment from Wells Fargo Helps Grameen America Open Microfinance Bank in San Francisco, Its fifth in the US”, https://www.microcapital.org/microcapital-brief-1m-investment-from-wells-fargo-helps-grameen-america-open-microfinance-bank-in-san-francisco-its-fifth-in-the-us/

MicroCapital.org Article, July 27, 2010, “Nonprofit Organizatin Grameen Americaopens New Branch in New York Under Supervision of Muhammad Yunus,” https://www.microcapital.org/microcapital-brief-nonprofit-microfinance-organization-grameen-america-opens-new-branch-in-new-york-under-supervision-of-muhammad-yunus/

MicroCapital.org Article, March 4, 2008, “Wall Street Journal Interviews Muhammad Yunus and Discusses Grameen America”, https://www.microcapital.org/microcapital-story-wall-street-journal-interviews-muhammad-yunus-and-discusses-grameen-america/

MicroCapital.org Article, June 4, 2007, “H&R Block Team Up With Grameen Americato Provide For-Profit Microcredit Programme in New York”, https://www.microcapital.org/microcapital-story-hr-block-team-up-with-grameen-america-to-provide-for-profit-microcredit-programme-in-new-york/

MicroCapital Universe: Grameen Bank, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Grameen+Bank#

MicroCapital Universe: Grameen America, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Grameen+America

MicroCapital Universe: Muhammad Yunus, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Muhammad+Yunus

Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/

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