Success Stories › Leading Mircocredit Bank

Leading global microcredit bank starting a microfinance business in the U.S.

The Assignment:

We were approached by a long-time supporter of both Grameen Bank and its founder Professor Muhammed Yunus to create a microfinance company to provide loans, savings programs, and other services to the poor in the United States.

Our Approach:

As interim management, Phil Philliou signed on to Grameen America as Chief Executive Officer. The critical initial steps in launching Grameen America are to raise funds ($15-$18 million), determine the correct legal structure (federally chartered bank, credit union, state chartered bank) and implement the right technologies to achieve efficiencies.

The Results:

Through our efforts and those of our partners, Grameen America has begun the process of securing initial funding. We have a long way to go, but are excited about our prospects for success.