BALTIMORE, Aug. 14, 2024 /PRNewswire/ — Global Refuge today announced it received a two-year, $1 million grant from Truist Foundation supporting New American Lending — an economic empowerment initiative focused on empowering immigrant communities. Funds will help provide financial coaching, affordable loan rates, approvals for those with challenged credit or no credit, and interest-bearing and Riba-free (fee-based, interest-free) loans. By offering small business loans up to $15,000, the program seeks to address barriers faced by immigrants and refugees in securing capital and credit.
“We are truly grateful for Truist Foundation’s support in helping immigrants and refugees achieve economic stability and mobility,” said Krish O’Mara Vignarajah, President and CEO of Global Refuge. “Obstacles such as a lack of credit history and unfamiliarity with the U.S. banking system often force newcomers to rely on predatory lenders, making it difficult for them to gain firm financial footing while resettling in a new country. This generous donation will make a meaningful difference in our effort to eliminate barriers to prosperity and empower immigrant communities to fully integrate into American life as small business owners.”
Over the next two years, Truist Foundation’s grant will enable New American Lending to bolster its offerings in the Greater Washington-Baltimore region and expand its services to Florida, Georgia, North Carolina, South Carolina, and Texas – common destinations for New Americans where Global Refuge boasts a strong network of local affiliates.
“At Truist Foundation, we believe everyone deserves an equal opportunity to thrive,” said Lynette Bell, president of Truist Foundation. “With our investment in Global Refuge’s lending program, we are proud to help immigrants not only access capital, but receive financial and business coaching, offering them an equitable chance to achieve economic mobility and the American dream.”
Launched in 2023, New American Lending recently surpassed the $1.25 million mark in loans issued to clients. More than 110 clients, including 63 business loan borrowers, have received loans through the lending initiative. New American Lending’s loan approval rate is nearly 95 percent — surpassing average approval rates for personal and small business loans which are 70 and 64 percent, respectively.
Contacts:
Jason Lucas | [email protected] | 240-717-4421
Kristen Fraser, Truist | [email protected]
SOURCE Global Refuge
