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Contact: Diane Jones/FINCA 202.352.6475
Christine Mohrmann/
GE Capital-Global Banking
+44 207 853.1904 |
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Second-year funding earmarked for Haiti, Jordan, Global Research and CRM
Washington, DC, August 10, 2009 – GE Capital Global Banking continues its $1.5 million, three-year commitment to FINCA’s Village Banking Campaign goal of reaching one million of the world’s lowest-income entrepreneurs with small loans, insurance and savings products. Announcement of second-year funding reinforces the financial company’s commitment to partner on a range of endeavors that couple GE Capital Global Banking’s corporate social responsibility strategy of promoting economic development, empowerment and financial literacy with FINCA’s goal of creating strategic partnerships that deliver value-added services to clients.
FINCA will use the second installment of $500,000 to:
- Provide additional loan capital for poor entrepreneurs – the vast majority of them women and mothers – in two of its neediest programs, Jordan and Haiti; and
- Continue expanding its global poverty indicator database of client information, and broaden its research scope to strengthen customer relationship management capabilities across its network of 21 affiliate programs.
GE Capital Global Banking’s partnership with FINCA is an integral part of the business’ Banking on WomenTM strategic philanthropy program, which focuses on providing financial education and entrepreneurship support to disadvantaged women. In addition to the funding support to FINCA, GE Capital Global Banking staff will share their wealth of expertise in human resource development, marketing and customer relationship management to help FINCA adapt to the rapidly evolving competitive and commercializing microfinance marketplace.
FINCA International President and CEO Rupert Scofield said GE Capital’s ongoing support of FINCA’s poverty alleviation programs will be instrumental in expanding program outreach and customer relationship management in 2009.
“GE Capital-Global Banking’s multi-year commitment directly supports our strategy of providing high-quality, effective financial services in the most challenging global environments,” Scofield said, “while their support for our data collection and analysis efforts will allow us to create a positive feedback loop that fuels the double bottom lines of social performance and financial sustainability.”
GE Capital Global Banking President and CEO Dmitri Stockton said, “Providing access to capital is a critical ingredient in the creation of jobs and sustainable economic health for millions of the world’s poorest individuals and families. In such a challenging global environment, FINCA’s work in this area is more important than ever, and we are proud to work with them as a partner to deliver critical funding to those who need it the most.”
GE Capital Global Banking was instrumental in supporting the launch of FINCA’s newest program in the Greater Middle East, FINCA Jordan, during 2008, helping the program expand quickly to serve more than 9,000 clients. The additional funding will help the program reach self-sustainability within the next 12 months.
In 2009, GE Capital’s funding will allow FINCA Haiti to increase its outreach to new clients in a country with one of the lowest human development rankings in the world. GE Capital Global Banking’s funding is in direct support of FINCA’s long-term commitment to helping the lowest-income entrepreneurs in Haiti work their way out of poverty.
With its rich database of client information, including poverty levels and other standard of living indicators, FINCA has the capacity to provide a comprehensive ‘snapshot’ of the needs of its clients. No other microfinance institution comes close to matching the breadth and depth of FINCA’s client knowledge. Funding from GE Capital will allow FINCA to build on its previous work, collecting data not only on poverty indicators but also on a broader range of client retention, loyalty and satisfaction levels.
FINCA International
FINCA is a leading international micro-finance organization that provides financial services to the world's lowest-income entrepreneurs, helping them to create jobs, build assets and improve their standard of living. For more than twenty years, FINCA has been committed to breaking the cycle of poverty by providing community-based credit and savings opportunities. Currently, FINCA operates with a distinctive, integrated business model that accepts donations and investment dollars, an approach that leverages available capital and promotes greater transparency, sustainability and higher standards of business practices. This has allowed FINCA to achieve balanced financial and social performance unmatched in its industry while opening the path to socio-economic development for the lowest-income citizens of the world. Based in Washington DC with local operations across 21 countries serving over 735,000 clients (as of 05.31.09), FINCA's outreach is among the broadest and most comprehensive of today's microfinance networks. For more information, please visit www.villagebanking.org
GE Capital Global Banking
GE Capital’s Global Banking business offers smart, flexible financial solutions to customers in 26 countries worldwide. From credit cards and personal loans, to auto financing, savings products, and many other innovative financial products, GE Capital Global Banking has a rich history of helping our clients and partners meet their business goals and achieve their dreams.
The Global Banking group is part of GE Capital, the global finance unit of General Electric, which provides a wide array of products and services to consumers, retailers and businesses around the world. To learn more about GE Capital and its parent Company, General Electric (NYSE: GE), please visit www.ge.com. GE is Imagination at Work.
GE
GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com
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