U.S. Small Business Administration and Grameen America Partner to Provide Microloans for Entrepreneurs
WASHINGTON — The U.S. Small Business Administration (SBA) and Grameen America, Inc., a leading nonprofit microfinance organization, today announced a renewed partnership to extend a capital pipeline to underserved American entrepreneurs. Effective immediately, Grameen America will join SBA’s Microloan Program as an intermediary lender recipient of $2.5 million.
In making the announcement, SBA Administrator Maria Contreras-Sweet said: “Our microloan program delivers essential financing to entrepreneurs and small business owners, especially women, low-income individuals, minorities, immigrants, and veterans. While the dollar amount of these loans may be considered micro, the impact they have on real people is enormous. I am delighted to partner with Grameen America – one of the nation’s largest and most impactful microlenders – to expand access to capital under SBA’s Microloan Program.”
With support from SBA, Grameen America will launch the Business Expansion Loan. Starting at $7,500, this loan product will assist those Grameen America borrowers who have grown their enterprises to a point where they need greater lines of credit to continue to expand, build and formalize successful businesses. This also advances Grameen America’s mission to reduce barriers to entrepreneurship for low-income women and to support small business growth among underserved communities.