CHICAGO - The Center for Financial Services Innovation announced today the recipients of its first round of funding, awarding a total of approximately $500,000 to four applicants offering a range of programs to better serve the underbanked across the country.

CFSI, which opened its doors in March 2004, supports the financial services industry's efforts to provide asset-building opportunities to the underbanked that deliver value for both companies and customers. Its inaugural investment recipients address a broad spectrum of solutions, including:

-- CD Tech and Community Empower's enhanced stored-value card and web-based credit counseling services offered to low-wage workers in Los Angeles;

-- CircleLending's unique matching loan product, being rolled out across the country, enabling consumers and entrepreneurs to leverage informal loans into traditional forms of credit;

-- Community Action Project of Tulsa County's web-based benefits eligibility screening tool, for use by low-income Oklahomans via employers, to link government benefits to savings opportunities at area banks and credit unions; and

-- Immigrant and Refugee Services of America's plan to serve refugees across the United States via bank accounts with electronic deposit and travel loan repayment systems; refugee-specific financial literacy information and training; and employment incentive payments.

"These initial investments represent the diversity and promise of innovations occurring throughout the industry," says Jennifer Tescher, CFSI's Director. "They demonstrate CFSI's commitment to working with institutions and organizations of every size and shape to ensure that these new strategies lead to long-term customer relationships and asset-building opportunities."

About CFSI:

The Center for Financial Services Innovation, an initiative of ShoreBank Advisory Services with support from The Ford Foundation, was founded in 2004 to encourage the financial services industry's efforts to offer underbanked consumers across the economic, geographic and cultural spectrum asset-building opportunities that create value for both customers and companies. It provides funding, enables partnerships, provides resources, and develops and distributes authoritative information on how to respond to the needs of the underbanked profitably and responsibly. CFSI works with banks, credit unions, technology vendors, alternative service providers, consumer advocates, and policy makers to forge new relationships and pioneering products and strategies. For more on CFSI, go to www.cfsinnovation.com.

Center for Financial Services Innovation

Center for Financial Services Innovation

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