Total loan: $50,000
Parakou, Bree Department, Benin / Agriculture
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A loan helped to promote the growth of the business by transforming larger quantities of raw cashew nuts sourced from local farmers.
Tolaro Global's story
In February 2017, MCE made a 12-month loan of $400,000 to Tolaro, supported by $50,000 raised through Kiva. This loan was successfully repaid in full to MCE and Kiva lenders. MCE's first loan to Tolaro was highly catalytic as it enabled Tolaro to grow its business, expand its operations, and become a more bankable borrower. In 2018, as Tolaro's financing need increases, MCE is looking at providing two new loans for a total of US$600K. One of these loans will have a 12-month duration, while the other will be longer-term (3 years) in order to equip Tolaro with more structural and permanent funding. This Kiva loan will support the first of these two loans, a short-term working capital loan that will allow Tolaro to invest in new equipment, expand its production capacity, provide more salaried employment opportunities, and source more cashew nuts from local farmers in the region. Tolaro's impact is evident across several dimensions: 1) by providing expanded market access to local farmers, 2) by creating local, salaried employment in a rural area with few other formal job opportunities, 3) by contributing to several additional outcomes such as improved food security and childhood education, and 4) by generating added value for the Beninese economy.