ShoreCap Exchange, which was founded by ShoreBank Corporation in 2003 in Chicago, recently changed its name to CapitalPlus Exchange Corporation (Exchange) with plans to maintain its mission as a nonprofit organization that specializes in technical assistance and capacity building for financial institutions in Africa, Asia and Eastern Europe. Exchange will also continue to organize peer-learning opportunities in an effort to increase access to financial services amongst the poor. Exchange’s parent organization, ShoreBank, was established in 1973 as a community development financial organization in Chicago. ShoreBank has since created several nonprofit affiliates, including Exchange, to offer services such as business development and entrepreneurial training. ShoreBank reported total assets of USD 2.6 billion as of December 31, 2008.
In November 2010, Exchange launched a new initiative called the Small Business Banking Network (SBBN) in Ethiopia. SBBN works directly with microfinance institutions (MFIs) and small business banks to help the institutions become more profitable and effective in expanding to poorer and more remote markets. SBBN plans to support approximately sixty financial institutions in thirty countries through web-based services that allow members to access online resources and training material, peer-learning services that enable members to contact each other directly and benchmarking and data services that provide industry analytics and on-site support [1].
By Julie Moksim, Research Associate
About CapitalPlus Exchange Corporation (Exchange): Exchange (prior to October 2010 known as ShoreCap Exchange) was founded in Chicago in 2003 as a nonprofit organization that specializes in technical assistance and capacity building in support of ShoreBank Corporation’s operations in Africa, Asia and Eastern Europe. ShoreBank, a community development financial institution in Chicago, is the parent organization that created Exchange. Exchange partners with microfinance institutions (MFIs) and small business banks to increase access to financial services to low-income households and entrepreneurs. The “CapitalPlus” service delivery model combines institutional assessment, onsite consulting, regional mentoring and peer learning to penetrate remote markets.
About ShoreBank Corporation: ShoreBank was established in Chicago in 1973 as a community development financial institution with a mission to revitalize underserved communities. In 2000, ShoreBank expanded its focus to include environmental issues. ShoreBank operates in local communities in the Americas, Africa, Asia and Eastern Europe through its subsidiary consulting companies and nonprofit affiliates including CapitalPlus Exchange Corporation. As of December 31, 2008, ShoreBank reported total assets of USD 2.6 billion.
[1] CapitalPlus Exchange Press Release: “‘CapitalPlus’ Non-Profit Announces New Name, Same Mission”, http://www.shorecapexchange.org/news-events
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