Researching Financial Services Needs in Immigrant Communities in New York City

Grameen opened its first branch in the United States in November 2007.  This pilot program was established in Jackson Heights, Queens because it is New York’s most ethnically diverse neighborhood. Grameen felt that low-income immigrants could be well served by offering them the same group lending and savings model offered to other clients around the world. The objective of the workshop was to assist Grameen America in conducting preliminary research to support the expansion of the organization into additional boroughs of New York City. The team conducted market research on the foreign born-populations of three New York City neighborhoods—the South Bronx in the Bronx, East Harlem in Manhattan and Sunset Park in Brooklyn. Additionally, the research entailed analyses on the demand for Grameen America’s microfinance product based on the financial services landscape while keeping in mind the financial needs of Grameen America’s target group; low-income women.