Long Beach branch is funded by East West Banks while Fresno branch is funded by the Bank of the West, said a press release on Monday.
Dominic Ng, founder, Chairman, and CEO of East West Bank and Andrea Jung, CEO and President, Grameen America, and the senior executives of both banks attended the ribbon-cutting ceremony.
With the addition of these two new branches, Grameen America's branch total comes to 23, according to Yunus Centre.
In its 11 years of operation starting from Jackson Heights, Queens, NY, it has invested a total of $1.26 billion to reach out to 120 ,000 borrowers, all low-income women of the USA, in 15 cities.
Grameen America plans to reach 250,000 low-income women in the US and invest $ 4 billion in the next five years.
The Grameen America with addition of two new branches now has six branches in California. California has the highest poverty rate in the United States as per the Census Bureau.
Grameen America has over 22,000 borrowers and disbursed over $192.3 million in loans in California.
Dominic Ng, Chairman, President and CEO of East West Bank applauded Prof Yunus’s relentless vision towards poverty alleviation.
At the Fresno branch opening, Bank of the West CEO Nandita Bakhshi congratulated the management regarding the success and collaboration with Grameen America.