Grameen America has announced a $1.5 million grant from the Truist Foundation in support of efforts to strengthen its program model to empower Black women entrepreneurs.

The grant will help lay the groundwork for Grameen America's ten-year plan aimed at providing $1.3 billion in loans to more than eighty thousand Black women entrepreneurs by 2030. Announced in May, the dedicated program will offer loan capital, financial training, and asset- and credit-building tools to Black women entrepreneurs. Grameen America will use the grant to lean-test a variety of new programmatic enhancements and community partnerships in select cities, and then scale learnings and programs across the financial service company's markets. The partnership also will help the nonprofit advance program outcomes related to member outreach, recruitment, upfront training, retention, and financial and business education.

"Seed funding from Truist Foundation will play a transformative role in innovating and adapting our model to advance economic independence for Black women entrepreneurs," said Grameen America president and CEO Andrea Jung. "Together, we aim to remove systemic barriers in accessing affordable capital for small businesses led by Black women. When we invest in financial equality for all women, we're in turn strengthening microbusinesses, creating jobs, and revitalizing local economies."

"Truist Foundation is committed to partnering with nonprofit organizations that address barriers to economic mobility for those historically excluded," said Truist Foundation president Lynette Bell. "We're excited to support Grameen America in getting the financial tools and resources into the hands of Black women entrepreneurs to help build better lives and communities."