Washington, DC, September 24, 2010 – The fulfillment of GE Capital Global Banking’s $1.5 million, three-year pledge will strengthen FINCA’s microfinance programs in Haiti and Jordan, enabling them to extend financial services to impoverished entrepreneurs seeking to start or expand their small businesses. The support spotlights GE Capital Global Banking’s partnership with FINCA, linking GE’s corporate social responsibility strategy of promoting economic development, empowerment and financial literacy with FINCA’s goal of building strategic partnerships that deliver value-added financial services to clients.
FINCA President and CEO Rupert Scofield said, “We are grateful for GE Capital’s multi-year commitment to helping FINCA deliver innovative financial services in some of the world’s most challenging environments. By allowing FINCA to direct the funding to our programs in greatest need — Haiti, where our clients need all the help they can get to stabilize and rebuild their lives following the earthquake earlier this year, and Jordan, where the demand for FINCA’s services continues to outstrip our ability to provide them, Global Banking has proved once again to be an exemplary partner.”
GE Capital Global Banking President and CEO Dmitri Stockton said, “Recognizing the overwhelming number of people who live in poverty, providing much needed capital to start businesses will create jobs and increase the standards of living in the most challenged of communities. Working with FINCA, we have the right partner to help women rebuild their lives and create economic stability for not only their families, but the wider society around them.”
GE Capital Global Banking’s $250,000 contribution to FINCA Haiti will help the program and FINCA’s clients recover from the destructive earthquake that shook the country on January 12, 2010. The earthquake, which killed as many as 230,000 people and displaced more than half a million people, left the vast majority of FINCA clients and their families struggling to make ends meet. FINCA is using the grant from GE Capital Global Banking to restructure the loans of roughly 2,000 clients in locations directly impacted by the earthquake — such as Leogane, Jacmel, Petit Goave and Les Cayes, giving these clients the financial support and the time they need to rebuild their lives and livelihoods. Moreover, by placing FINCA’s operations on sounder financial footing, GE Capital Global Banking is helping ensure that FINCA has the capacity to extend outreach to new communities throughout Haiti in the weeks and months to come.
GE Capital Global Banking was instrumental in the launch of FINCA Jordan, which currently serves nearly 10,000 clients, of whom 98 percent are women. The program is approaching financial self-sufficiency — a primary goal of all microfinance providers. The $250,000 in new funding from GE Capital Global Banking will support FINCA Jordan’s deployment of a new line of Shariah-compliant products, including Murabaha loans, based on Islamic principles of cost-plus financing.
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 its financial support for FINCA, GE Capital Global Banking lends its expertise to FINCA staff worldwide, providing technical assistance in marketing and customer relationship management.
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 25 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 700,000 clients (as of 04.30.10), FINCA’s outreach is among the broadest and most comprehensive of today’s microfinance networks. For more information, please visit www.FINCA.org.
GE Capital Global Banking
GE Capital’s Global Banking business offers smart, flexible financial solutions to customers in 24 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. GE Capital offers consumers and businesses around the globe an array of financial products and services. GE (NYSE: GE) is a diversified infrastructure, finance and media company taking on the world’s toughest challenges. For more information, visit gecapital.com or follow company news via Twitter (@GECapital).