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Coca-Cola to support under-represented entrepreneurs with new initiative

Coca-Cola to support entrepreneurs with new crowdfunding loan initiative

The Coca-Cola Foundation has partnered with microloan nonprofit Kiva to bolster financial access for under-represented entrepreneurs worldwide.

The five-year partnership, dubbed Change Make Her, will act as a revolving loan fund to support entrepreneurs in Southeast Asia, South Pacific, Latin America, Africa, and Europe across several impact areas, including climate resilience, sustainable agriculture, water, and retail. 

Kiva is a global nonprofit founded in 2005, known for its global lending platform. It aims to help provide capital through crowdfunded loans to people who would not otherwise have access to commercial bank services.  

Saadia Madsbjerg, president of The Coca-Cola Foundation, said repayments from borrowers would be returned to the fund, allowing them to be loaned and re-loaned to borrowers worldwide. 

The revolving structure will allow a US$1.1 million grant in 2023 to have up to a $4.5 million impact on loan volume by 2028.  

“Micro-enterprises are important contributors to job creation and global economic development,” said Madsbjerg.

“We hope that in addition to directly supporting entrepreneurs, Change Make Her will create a ripple effect for generations to come as these entrepreneurs go on to create new jobs and drive prosperity in their communities.”   

Over the past 17 years, Kiva has deployed over $2 billion to 4.7 million borrowers globally. An estimated 80 per cent of loans go to women, with a 96 per cent repayment rate.  

“Kiva is honoured to partner with The Coca-Cola Foundation in expanding our work of financial access through life-changing loans,” said Vishal Ghotge, CEO, Kiva.  

“Together, we will be able to serve thousands more individuals than we can alone, demonstrating the collective power of value-aligned organisational partnerships.”

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