Is there a minimum credit score Grameen America?
No credit score, collateral, guarantors, or bank account is required. Grameen America uses a peer-group lending model pioneered by Professor Yunus and the Grameen Bank in Bangladesh.
What does Grameen America offer?
Grameen America provides microloans to individuals living below the poverty line to start or expand businesses. Grameen America offers a fair interest rate with reasonable terms and supports the microloan with no-fee savings accounts, credit building and financial training.
Does Grameen America conduct a credit check?
There are no collateral or credit history requirements. However, Grameen America staff will conduct home visits to assess the level of prospective borrowers’ assets to determine that they are living below the poverty line.
How do investors make money from Grameen America?
The U.S. nonprofit has mostly been funded by traditional philanthropy and concessionary capital from foundations, charities, individuals and commercial lenders. The interest-paying impact fund gives Grameen’s donors an additional way—and incentive—to fund its ambitious growth plans.
Does Grameen America work with a specific target demographic?
Who We Serve. Our target population is women who live below the federal poverty line, for whom the mainstream financial system is currently out of reach. Our members are women who previously had few options for accessing capital and most lacked bank accounts and credit scores.
How does the Grameen Bank work?
By providing credit to individuals who were previously unable to receive it, Grameen Bank aims to fight poverty and serves as a catalyst in the development of socio-economic conditions of the poor.
Does Grameen Bank charge interest?
The Grameen Bank’s core loans, according to Yunus, are made at a relatively modest interest rate of 20 percent. With for-profit microfinance institutions, the rates can be much higher.
How long has Grameen America been in business?
2012
In 2012, Grameen America opened our first branch in California in Oakland. Over this time, we have served over 22,000 women and disbursed more than $192.3 million in loans in the state.
How many borrowers has Grameen America lent to?
New York, NY—Grameen America, the fastest-growing microfinance organization in the United States, has distributed a historic $1 billion in microloans to more than 100,000 low-income women entrepreneurs in the country since its inception 10 years ago.
What is the maximum amount you can borrow at Grameen America?
Details
| Min. Amount | $2,000 |
|---|---|
| Max. Amount | $15,000 |
| APR | 15% to 18% |
| Requirements | Entrepreneur or business owner, live below the poverty line, live near a branch |
What is the average loan amount that Grameen Bank gives now?
The average amount borrowed was 100 dollars. The repayment percentage was very high. Over 95 per cent of the loans went to women or groups of women. Experience showed that that ensured the best security for the bank and the greatest beneficial effect for the borrowers’ families.