Thread International's loan finished fundraising,
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A loan helped to provide income opportunities to poor plastic recyclers in Haiti and Honduras.
Thread International's story
In Haiti and Honduras, people are plagued by the same things: poverty and trash. Poverty is perpetuated by a lack of dignified jobs. Trash collects in the streets, canals, and landfills without recycling and waste infrastructure. Entrepreneurs collecting plastic waste to earn a living in these areas experience many challenges. One of the most common hurdles is a lack of access to capital. Without financial support, it’s difficult or impossible to scale their businesses, solve cash flow issues, or replace broken equipment.The Solution
Thread International believes that poverty is an epidemic that can be cured in our lifetime through responsible, solvent business. Thread transforms plastic waste into income opportunities for people and high performance, purpose-filled materials for global apparel and footwear brands. Thread’s network supports 60+ independently owned and operated plastic collection centers in Haiti. To help overcome the challenges facing recyclers, Thread launched a microloan program in 2016 with $1,000 of interest-free capital for Haitians. This program granted loans between $50 and $150 to 1-2 applicants each month, who demonstrated a 100% payment participation rate.Impact
Thread International has helped provide dignified income opportunities to 3,845+ individuals in Haiti and Honduras. To date, Thread has moved over 29 MM pounds of plastic waste out of these nations.Loan use
This loan will enable Thread to 10x the current microloan program by offering more loans to their collection network and new loans in higher amounts. The number of entrepreneurs with access to financial assistance each month will rise from 3% to 14% of collection center owners. As a triple bottom line company with transparency its core, Thread will trace and document the loan distribution and outcomes. Thus, the lenders, can see exactly how their investment impacts these entrepreneurs in the First Mile. Learn more about Thread International in this video.