PRESS RELEASE: Free Loan-Repayment Processing Helps Grameen America Increase Macro Impact on Women
Thursday, March 5, 2015
SUNNYVALE, CA and LOS ANGELES, CA–(Marketwired – March 04, 2015) – Grameen America, a nonprofit microfinance organization that helps women in poverty start and expand small businesses, and PayNearMe, the electronic cash transaction network, today announced implementation of PayNearMe as a free new loan repayment option for Grameen America’s borrowers.
After a successful launch in Charlotte, North Carolina, the organization will now roll out the electronic cash transaction network in branches across the country beginning with Oakland, California and Brooklyn, New York.
Many of Grameen’s 43,000 members use their loans to start sole-proprietor businesses such as jewelry resale and nail design, which allows them to support their families while also giving them a flexible schedule to take care of their children. The majority of these businesses operate in cash. Using PayNearMe, borrowers are able to repay their loans using cash at their local 7-Eleven store.
“This innovative partnership is a remarkable advancement for our program that benefits our borrowers and staff alike,” said Andrea Jung, Grameen America’s president and CEO. “PayNearMe has made the payment collection process easier and more efficient. PayNearMe’s cutting-edge technology allows us to expand opportunities and extend access to financial services to thousands of aspiring entrepreneurs from New York to California.”