MICROCAPITAL BRIEF: Bankers Without Borders (BwB) Receives $150,000 in Seed Capital for Alliance Program from JP Morgan’s Social Finance Unit

Bankers without Borders (BwB), a volunteer program started in 2008 by the Grameen Foundation that supports microfinance and technology initiatives related to finance in poor countries, has received an investment of USD 150,000 in seed capital from JP Morgan’s Social Finance Unit to expand its services in the Americas and Asia as the “Alliance Program.” Under the program, selected organizations will reportedly receive an initial investment of USD 10,000 to USD 30,000 to “work with beneficiary organizations to identify their critical needs and structure ways for skilled volunteers to address them through training, technical assistance, and advisory services” [1].

According to Christina Leijonhufvud, leader of JP Morgan’s Social Finance unit, “By helping microfinance organizations improve their operations, develop new products, and reach more clients, volunteers can ensure more of the world’s poor have the opportunity to progress out of poverty.”

As of February 2010, BwB had approximately 50 projects operating in nine countries.

Development organizations that wish to apply to receive an investment from BwB may visit http://www.bankerswithoutborders.com/mfis-networks by September 30, 2010.

By Julia Korn, Research Associate

About Bankers Without Borders (BwB):

Bankers Without Borders is a volunteer program started by the US-based nonprofit Grameen Foundation that supports microfinance and technology initiatives related to finance in poor countries. It was founded in 2008 and, as of February 5, 2010, had approximately 50 projects operating in nine countries. It has received funding from JP Morgan Chase and the Bill and Melinda Gates Foundation.

About JP Morgan’s Social Finance Unit:

JP Morgan’s Social Finance Unit provides investment and capital markets services to social enterprises, funds, foundations, non-governmental organizations, development financial institutions and other investors serving the base of the economic pyramid. The unit was launched in November 2007, as part of JP Morgan’s investment banking division. The group serves as the client contact for social impact investment opportunities.

Sources and Additional Resources:

[1] The Grameen Foundation. “Bankers Without Borders Announces Funding Available to Expand in Asia and the Americas” http://www.grameenfoundation.org/press-releases/bankers-without-borders%C2%AE-announces-funding-available-expand-asia-and-americas.

MicroCapital. “MEET THE BOSS: Discussions on Successful Due Diligence When Evaluating Microfinance Investment Vehicles’ (MIV’s) Financial Viability: Interview with Christina Leijonhufvud, Managing Director, Social Sector Finance Group (SSF)/Investment Bank (IB) at JP Morgan (Part I of a Three Part Series)” by Zoran Stanisljevic on October 16, 2009. https://www.microcapital.org/meet-the-boss-discussions-on-successful-due-diligence-when-evaluating-microfinance-investment-vehicles’-miv’s-financial-viability-interview-with-christina-leijonhufvud-managing-di/

MicroCapital Universe. Bankers Without Borders. https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Ban…

MicroCapital Universe. JP Morgan Social Finance. https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=JP+…

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