Caterpillar Foundation Extends Corporate Giving Challenge, New $1M Match in 2011 to Reach More with Microfinance

This week, Opportunity International and the Caterpillar Foundation, the charitable arm of global equipment manufacturer Caterpillar Inc., announced the successful culmination of its 2010 Corporate Giving Challenge raising $2 million in total donations.

The Foundation also announced a new pledge to match an additional $1 million in new business and corporate donations to Opportunity in 2011. These new contributions will help fund our Banking on Africa campaign, which will develop a network of banks to address the capital infrastructure needs of impoverished communities in Africa.

During Opportunity’s Fall 2010 Microfinance Conference last October, the Caterpillar Foundation announced a year-end corporate challenge whereby the Foundation would match each dollar contributed by new corporate donors, prior to the end of the year. The aggressive Corporate Giving Challenge garnered $1 million in new donations from small businesses and corporations. The new donations made by businesses and large corporations will be used to support the expansion of microsavings, microinsurance and business loans to Opportunity’s clients around the globe.

“We are grateful for the businesses that have joined us in supporting Opportunity International by making new donations to the organization,” says Caterpillar Foundation Vice President Will Ball. “Through their commitment to invest in sustainable philanthropic organizations like Opportunity International, it is evident that these businesses truly understand the need for access to financial services, such as small business loans and savings accounts.”

For more on the Caterpillar Foundation’s new pledge for 2011, read the press release.

Video: Ben Lambert of Caterpillar Foundation interviews clients & loan officers of Urwego Opportunity Bank of Rwanda (UOB). Caterpillar Foundation’s pledge of support helps Opportunity expand microfinance solutions.