Grameen America grants $4 billion loans for women entrepreneurs in 27 US cities

Grameen America has lent $4 billion to women entrepreneurs in financially underserved communities in the United States since it began its journey in 2008.

It has disbursed the funds to empower more than 190,000 women across 27 US cities and by 2030 it will be on course to invest $5 billion.

"This achievement demonstrates the commitment to empowering women and fostering community development," Grameen America said in a press release.

Founded on the idea of Nobel Laureate Professor Muhammad Yunus, Grameen America follows the Grameen Bank model. Prof Yunus serves as the chairman of Grameen America Inc.

The organisation provided $1 billion in capital to women business owners within a single year, making it the fastest-growing microfinance organisation in the United States.

Andrea Jung, president and CEO of Grameen America, said $4 billion in loan capital is a monumental achievement while recognising an ongoing and substantial need for affordable financial services on a national level.

Women's economic mobility, the lives of their children and the development of communities nationwide are at the forefront of Grameen America's commitment to providing access to affordable capital without barriers such as collateral or credit history.