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Grameen America, once eyeing North Carolina for the launch of a federal credit union, will receive a $450,000 grant to help spur small business growth in low-income communities there.

The two-year grant comes from the Z. Smith Reynolds Foundation, established in 1936 as a memorial to the youngest son of the founder of R.J. Reynolds Tobacco Co. The funds will be used for fundraising efforts to form a Grameen America branch in North Carolina, said John Lassiter, fundraising co-chairperson for Grameen America North Carolina.

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