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Pathways to Financial Resilience: 36-Month Impacts of the Grameen America Program

March 2, 2022

This report summarizes 36-month findings from the evaluation of the Grameen America program, a microfinance institution that provides loans to women with low incomes in the United States who are seeking to start or expand a small business. Its objective is to reduce poverty through the provision of small loans, financial training, and peer support.The Grameen America evaluation used a randomized controlled trial design to explore the mechanisms of program operations and whether the model leads to improved outcomes for borrowers. The evaluation includes an implementation analysis, which examines how the program operates and the experiences of borrowers and program staff, and an impact analysis, which assesses the program's effects on participants' outcomes, including the study's two primary outcomes: overall net income and types of material hardship. Other outcomes include wage-based work and self-employment, wage-based and self-employment earnings and other income, credit scores, savings, assets and remittances, social support, and financial well-being. The implementation analysis includes outcomes from program-tracking data, as well as findings from interviews with borrowers and Grameen America staff, focus groups, and researchers' observations of the program. The impact findings in this report are based on study participants' responses to a 36-month survey and credit report data from a major credit reporting agency. The Grameen America evaluation was funded by the Robin Hood Foundation.