'Capital Plus' Company Announces New Name, Same Mission
By Capitalplus Exchange, PRNETuesday, October 26, 2010
CHICAGO, October 27, 2010 - ShoreCap Exchange, a Chicago-based non-profit committed to poverty
reduction through increasing access to finance in developing economies,
announced its name change to CapitalPlus Exchange Corporation (Exchange).
Exchange partners with a private equity fund manager to execute a unique
"Capital Plus" strategy that provides a combination of patient investment
capital, governance support, capacity building and peer learning
opportunities to reduce poverty and increase access to financial services in
developing economies around the world. Since inception, the financial
institutions Exchange works with have cumulatively produced over 2.4 million
loans valued at more than US$2 billion to micro and small business
entrepreneurs in Africa, Asia and non-EU Eastern Europe. (See Editor's Note
below the release copy.)
ShoreCap Exchange was founded by ShoreBank Corporation in 2003. Changes
at ShoreBank Corporation became a catalyst for Exchange to rebrand. "We
wanted to adopt a more contemporary identity that better reflected our
strategic approach and independence," said Exchange President Lynn Pikholz.
Although the name has changed, the company's vision, practices and
commitments remain the same.
Exchange works directly with microfinance institutions and small business
banks onsite as well as through knowledge exchange and peer learning
programs. A new initiative to expand these programs to the broader market
called the Small Business Banking Network (SBBN) will launch in November. The
SBBN is designed to bolster the capacity and effectiveness of financial
institutions to profitably serve small businesses in developing countries,
helping to close the gap between microfinance and commercial banking. The
SBBN will launch on November 1, 2010 in Addis Ababa, Ethiopia, as part of a
leadership forum expected to draw 60 CEOs from financial institutions in
Africa and Asia and industry stakeholders. The SBBN aims to reach over 100
member banks in more than 50 developing and emerging economies within the
next five years.
CapitalPlus Exchange (formerly ShoreCap Exchange) was founded in Chicago
in late 2003 as a 501(c) (3) organization to strengthen financial
institutions in developing countries, in response to the lack of access to
sustainable financial services among the poor. The organization's mission is
premised on the belief that enabling banks to increase financial access to
underserved entrepreneurs and households can have a catalytic effect on
stimulating growth in incomes and jobs among underserved and poorer
populations.
Editor's Note: "Capital Plus" refers to capital investment plus
additional support such as capacity building tools, knowledge sharing, peer
learning, consulting and technology implementation. Exchange has two
complementary and synergistic lines of business. It manages direct, on-site
capacity building for financial institutions selected because of their
poverty reduction and wealth creation potential. Secondly, Exchange engages
in peer learning and banking industry building, as a cost-effective delivery
mechanism to strengthen the broader development finance industry, and aiming
to catalyze dramatic increases in small business finance.
Lynn Pikholz, President, CapitalPlus Exchange, +1-312-881-5814, lpikholz at capplusexchange.org
Tags: Capitalplus Exchange, Chicago, England, Illinois, October 27