Areas Served: Bronx, New York, Queens
Grameen America provides affordable microloans to financially empower low-income entrepreneurs and promote equitable economic growth.
Microloans have a maximum initial size of $1,500, with a 15% annual interest rate (on a decline basis including all fees) and a maximum term of one year.
Principal repayments and interest payments are made on a weekly basis.
There are no collateral or credit history requirements.
However, Grameen America staff will conduct home visits to assess the level of prospective borrowers’ assets to determine that they are living below the poverty line.
The low principal is designed to be appropriate to small enterprises and the low interest and frequent repayments encourage financial discipline among people with limited means and financial experience.
Contact InformationGrameen America
Address: 1460 Broadway
City: New York
State: New York
Website:
http://www.grameenamerica.com/
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