Teaming up with Grameen America, Jennifer Lopez helps Latina entrepreneurs with accessing loans
On Thursday, it was announced that Jennifer Lopez helps Latina entrepreneurs by partnering with microfinance nonprofit organization Grameen America and leading global investment management firm Goldman Sachs. Together, they aim to provide a $14 Billion capital boost to 600,000 low-income Latina entrepreneurs by year 2030.
Research has shown that Latinas entrepreneurs have more challenges in obtaining loans than their white counterparts. As Jennifer Lopez helps Latina entrepreneurs, she explains how her mom wasn’t able to go to college because she didn’t have access. Through the partnership with Grameen America, Lopez aspires to provide a more inclusive opportunity for Latinas.
“Being Latino in this country has always been a matter of pride for me,” said Lopez. “I am humbled and beyond grateful to partner with Grameen America. We’re building pathways to employment and leadership opportunities. There’s so much strength in this community and we’re harnessing that. This partnership will create equality, inclusivity and opportunity for Latina women in business.”
According to the CEO and president of Grameen, Andrea Jung, Inc reports that the microfinance organization’s goal emphasizes how getting access to business capital is a human right. “Regardless of gender, race, or income, we want to make sure that everyone has that pathway out of poverty and towards financial inclusion in a system that essentially disadvantages communities of color and disadvantages women from the line share of capital access,” said Jung.
While Jennifer Lopez helps Latina entrepreneurs, those interested will need to join Grameen as a member to become eligible for the loans. After finishing a one-week financial training course before obtaining their loan, the member must attend weekly financial literacy sessions. Grameen members must also pay back their loans every week.
In an interview with ABC News, Lopez was asked why this was so important for her.
“When you get a little bit older you understand the meaning behind things and you’ve seen enough,” said Lopez. “You’ve had your own struggle, you’ve seen enough injustices. I just feel like this country needs more love and positivity and people who want to do good things and are not fighting against each other, and who are just giving each other a hand up.”