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Yunus Centre Press Release (January 23, 2019)
Grameen America, a nonprofit that issues small loans to low-income women entrepreneurs, has opened a branch in Houston, Texas.
Located at 6260 Westpark Drive, the organization will provide these entrepreneurs with microloans, training and support to help them rebuild after Hurricane Harvey.
More than 20 percent of Houston residents live below the federal poverty line. Of those, 56 percent are single mothers with children, and the majority are people of color.
"Women are keen to start their own businesses and take control over their lives and livelihoods," Andrea Jung, president and CEO of Grameen America, said in the news release. "With a little capital, they can succeed."
Grameen America was founded by Nobel Peace Prize winner Muhammad Yunus, who established the Grameen Bank in Bangladesh in 1976 believing credit a fundamental human right.
Replicas of the Grameen Bank model now operate in all most all the countries of the world. The Houston branch marks Grameen America's 21st branch in the U.S. and its 14th city.
Grameen America expects to serve 500 women and invest over $1 million during its first year in Houston. In five years, the branch aims to assist 5,000 low-income women and invest more than $38 million.
So far, Grameen America has empowered 108,000+ women through their services and created 114,000 jobs. In addition, 409,000 loans have been disbursed amounting to more than a billion US dollars where the repayment rate has been over 99%.
Caption for the Photo1: Grameen America President and CEO Andrea Jung, center, poses with staff members and some of the first Houston-area women entrepreneurs to receive microloans from the organization. Photo: Caitlin Feltman Photography
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