Grameen America Receives a $1.5 Million Grant From Truist Foundation to Empower Black Women Entrepreneurs
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NEW YORK – News Direct – Truist
NEW YORK, Aug. 17, 2021 / 3BL Media / – Grameen America, a nonprofit community development financial institution that helps low-income women entrepreneurs build small businesses, announced today that it has received a US $ 1.5 million grant from the Truist Foundation -Dollars to strengthen its current program model Empower Black Women Entrepreneurs.
“The Truist Foundation seed funding will play a transformative role in innovating and adapting our model to foster economic independence for black women entrepreneurs,” said Andrea Jung, President and CEO of Grameen America. “Together, we want to remove systemic barriers to access to affordable capital for small businesses run by black women. If we invest in the financial equality of all women, we in turn strengthen micro-enterprises, create jobs and stimulate the local economy. “
This grant will help lay the groundwork for Grameen America’s 10-year plan, which aims to provide $ 1.3 billion in loans to more than 80,000 black women entrepreneurs by 2030.
“The Truist Foundation strives to work with nonprofit organizations that are removing barriers to economic mobility for historically excluded,” said Lynette Bell, president of the Truist Foundation. “We are excited to help Grameen America put into the hands of black women entrepreneurs the financial tools and resources to build better lives and better communities.”
Additionally, the funding will help the nonprofit test a variety of new programmatic improvements and community partnerships in select cities with the aim of scaling insights and programs across all Truist markets. This partnership will also help Grameen America improve program results in terms of recruiting, recruiting, pre-schooling, retention, and finance and business literacy.
“As a single mom and entrepreneur, being successful in business means my children have a better future,” said Ruth, owner of a Harlem fashion studio. “Access to capital is everything. Grameen America loans allow me to rethink my business goals and focus on expanding. “
The story goes on
Adapting the current Grameen America model will empower black women entrepreneurs in cities across the United States, tackle systemic racial inequality, and play a transformative role in the country’s economic recovery, especially after a year of disproportionately affected minority communities.
About Grameen America
Founded by Nobel Peace Prize Laureate Muhammad Yunus, Grameen America is a 501 (c) (3) nonprofit microfinance organization committed to helping women living in poverty build small businesses to create better lives for their families. The organization provides microloans, training, and assistance to transform communities and alleviate 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. Originally opened 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 extended, CA, Miami, FL, Newark, NJ, New York City, NY, Omaha, NE, Oakland, CA, San Jose, CA, Trenton, NJ and Union City, NJ.
About the Truist Foundation
The Truist Foundation is committed to the goal of Truist Financial Corporation (NYSE: TFC) to inspire and build better lives and communities. Established in 2020, the foundation makes strategic investments in nonprofits to 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 paths to economic mobility and empowering small businesses. Learn more at Truist.com/Purpose/Truist-Foundation.
Media contacts
Grameen Americamedia@grameenamerica.org
Audria Belton, Truistmedia@truist.com
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View source version on newsdirect.com: https://newsdirect.com/news/grameen-america-receives-a-1-5-million-grant-from-truist-foundation-to-empower-black-women-entrepreneurs- 658632419
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