Grameen America Inc. has received $1 million in funding from Wells Fargo & Co. to help the microfinance company open additional locations.
The investment, announced Monday, will enable Grameen America to launch operations in the San Francisco area this summer, the company said.
Grameen America, the U.S. arm of Grameen Bank, was founded by the Nobel Peace Prize winner Muhammad Yunus in 1976 in Bangladesh.
It has three branches in New York and one in Omaha, and hopes to open additional locations in Charlotte, Boston and Washington.
Grameen America provides small loans to low-income business owners.
Since 2008CK, it has provided more than 2,600 loans to entrepreneurs, totaling $5 million.
