BNP Paribas demonstrates its continued commitment to its longstanding relationship with Grameen America
BNP Paribas is pleased to share it recently renewed and increased its loans to Grameen America, further solidifying the bank's strong commitment to promoting social and financial inclusion. BNP Paribas's relationship with Grameen America extends beyond financial support and is driven by the Group's intent to reinforce positive societal impact.
Grameen America was founded in 2008, in Queens, NY, and has quickly become one of the largest microfinance institutions in the United States. As a non-for-profit organization, its mission is dedicated to helping underserved entrepreneurial women build their businesses, secure financing, and provide support that may not have been accessible otherwise.
As of December 2023, Grameen America has supported over 186,000 borrowers with more than $3.8B in loan capital through 27 cities across the country. Microfinance loans to organizations such as Grameen America, not only supports the development of small economic projects but also helps to open doors to emerging entrepreneurs seeking to elevate social initiatives and economic security.
Findings from a study conducted on Grameen America by independent research firm MDRC found that the Grameen America microlending model resulted in a reduction of measures of material hardship and an increase of credit scores and business ownership. The microlending program also improved participants' feelings of overall financial well-being.
In 2017, BNP Paribas successfully issued its first credit line to Grameen America and has since demonstrated a fruitful partnership, for example the bank provided pro-bono mentoring to Grameen America's employees at its head offices in New York.
The recent closing of a new microfinance loan in 2023 demonstrates BNP Paribas's continued commitment to its longstanding relationship with Grameen America and the noteworthy funding it provides to low-income entrepreneurs. To learn more about Grameen America and its meaningful work please visit: Grameen America.
BNP Paribas has been financing microfinance institutions, building meaningful connections and providing access to credit in emerging countries since 1989. Consequently, reaching 2.9 million indirect beneficiaries through 1.2 billion euro in total loans. Last May, BNP Paribas also renewed for three more years its partnership with Grameen's Creative Lab, a separate entity from the Grameen America that promotes a concept of having a "World of Three Zeroes": zero poverty, zero unemployment and zero net carbon emissions.
About Grameen America
Grameen America is a 501(c)(3) nonprofit microfinance organization dedicated to helping low-income women build small businesses to create better lives for their families. The organization offers access to loan capital, financial education, asset- and credit-building, and peer support to transform communities and advance financial mobility in the United States. Since January 2008, Grameen America has invested over $3.8 billion in more than 188,000 women entrepreneurs. Opening originally in Jackson Heights, Queens, Grameen America has expanded to 27 cities in Atlanta, GA, Austin, TX, Boston, MA, Camden, NJ, Charlotte, NC, Chicago, IL, Connecticut, Dallas, TX, Fresno, CA, Houston, TX, Indianapolis, IN, Los Angeles, CA, Memphis, TN, Miami, FL, Newark, NJ, New York, NY, Omaha, NE, Oakland, CA, Phoenix, AZ, Riverside, CA, San Antonio, TX, San Bernardino, CA, San Jose, CA, Trenton, NJ and Union City, NJ.
About BNP Paribas CIB in the Americas
Corporate & Institutional Banking (CIB) Americas serves over 3,200 Corporate, Institutional, Private Banking & Distribution clients through its: Global Banking, which provides sophisticated and diversified expertise in financing, cash management and financial advisory services for clients; Global Markets, which offers consistent client service and innovative solutions for investment, hedging, and financing opportunities across asset classes and geographies, as well as research and market intelligence; Securities Services, a leading global custodian and securities services provider offering multi-asset post-trade and asset servicing solutions for buy- and sell-side market participants, corporates and issuers; and Asset Management offering high value-added solutions to individual savers, companies, and institutional investors through a broad range of skills in four investment areas: Equities; Fixed Income; Private Debt & Real Assets; and Multi-Asset, Quantitative, & Solutions (MAQS).
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