Moko's loan finished fundraising,
but these similar borrowers just need a little more help to reach their goals!
A loan helped create jobs through environmentally-friendly microentrepreneurship.
In a country with a 40% unemployment rate, Kenya’s furniture industry provides 160,000 jobs, majorly in the informal sector. This vital industry is however losing market share to imports. The micro-entrepreneurs are at the center of this industry and are struggling to compete due to of lack of financing options and lack of good quality materials at an affordable price.The Solution
Moko unlocks the potential of Kenya's micro enterprises in the furniture industry. They provide a combination of credit financing, business advice and innovative products that support local furniture entrepreneurs. Moko furniture manufactures recycled foam cushions and cushion filling. Their offering is of higher quality and more affordable than most locally produced foam which is made with industrial chemicals.The company caters to local material retailers across Kenya. These retailers serve every cluster of mafundis. Moko is currently supporting 5,000 jobs in the sector, of which 2,100 are held by women. The materials Moko provides contribute to the manufacture of 25,000 furniture sets per year serving 125,000 low income consumers.
The loan will be used to expand their production capacity and purchase raw material (foam scrap) for a new type of 100% recycled foam cushions that Moko manufactures. Purchase of the machinery will help them cater to the increased demand for the product.