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Over 165 Borrowers and Growing |
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Thursday, 17 April 2008 |
It’s been eight months since I touched down to the U.S. and I cannot believe how far Grameen America has come in so short a time. I have set up our first branch office in Jackson Heights, Queens and I have recruited two trainee Grameen bankers. These two trainees have done an amazing job and had no prior experience in micro-credit programs before joining Grameen America. The diversity, energy and entrepreneurial spirit of the Jackson Heights residents have made this the perfect place to begin our work in America.
One of our trainee bankers, Alethia Mendez, started talking to her local hairdresser about Grameen America’s mission and found herself pushing on an open door. As soon as she explained how Grameen loans work, how you could cut out the need for pawn shops and predatory lenders, her hair stylist Elizabeth immediately got the message. Once Alethia told her more details, Elizabeth yelled to her friends across the salon and everybody in the room came over to talk.
Elizabeth and her fellow workers pay by the day for chairs at a salon in Corona, Queens and also pay for own beauty products. Hair and beauty products do not come cheap in New York. Elizabeth and her colleagues often needed credit to stock up on essential products and had to rely on the only credit available. For Elizabeth, this meant using someone local in Queens who was been charging her over 300% (Annual Percentage Rate). You can imagine how thrilled she was to hear that Grameen America gives loans at a fraction of the cost (15%) – and not only that, would help her set up a savings account and establish a credit history. One of our first borrower groups was formed right then and there!
We now have over 165 borrowers, all of whom are women, organized into 33 different lending groups in 16 Centers. So far we have distributed over $380,000 in loans to help these women start and grow their small businesses. Our borrowers are engaged in activities ranging from cosmetology, pet grooming, day care, clothing and the sale of products ranging from clothing, jewelry, pursues to home-cooked food and baked goods. Our borrowers are entrepreneurial and I can see their sense of pride growing at each week’s center meeting. Through our program, I know they will improve their lives and the lives of their children.
This is just the beginning. I hope you will stay tuned to hear how we grow – there will be many more inspiring stories to come.
Could Grameen America publicize successful micro-lending operations in the Native American community?
[it was VERY difficult for me to find this info!]
One excellent organization can be found at
LakotaFund.org. It serves the Oglala Lakota Nation, on Pine Ridge Indian Reservation in South Dakota.
19 Years ago its co-founders went to Bangladesh, to learn everything possible about doing micro-lending. They have done a tremendous job, replicating this vision on the res.
Please check out their website - and invest in this wonderful opportunity!*
most sincerely, mary bernier
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Shock and awe! Grameen is the posterchild for what a company, specially financial institution, should be. For the people, by the people. It is the missing ingredient in what our founding fathers called the "pursuit of happiness".
I will visit this branch and lend my support and financial expertise, I might even consider becoming a Grameen banker!
Full steam ahead!
William
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Thanks to Grameen America for bringing the opportunity for people with low incomes to break out of poverty, build credit and fund a savings account.
In America, the constant marketing of brands and products emphesizes consumption. We are taught to spend spend and then borrow so that we can spend some more. American Credit card debt is unsustainable and the people you are trying to help will benefit enormously from putting an emergency fund in savings, and also saving (and eventually investing) for retirement.
Keep up the good work- Greg
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