Grameen America, a nonprofit community development financial institution (CDFI) that helps low-income women entrepreneurs build small businesses, has announced a $5 million capital loan from Woodforest National Bank. 

The loan will be reinvested as microloans through Grameen America’s group-lending model, in which loan capital is repaid and redeployed to reach women entrepreneurs nationwide at scale. Grameen anticipates that it will award approximately 8,300 loans to emerging businesswomen in financially underserved U.S. communities.

“Grameen America is grateful for our new collaboration with Woodforest National Bank, which will enable low-income women in Texas, New York, Florida, and beyond to build businesses and lift themselves out of poverty,” said David Gough, senior vice president and chief financial officer of Grameen America. “We are excited to work with an organization that shares our commitment to empowering the microentrepreneurs who are the heart of the American economy.” 

(Photo Credit: Getty Images/JLco - Julia Amaral)