The Coca-Cola Foundation has partnered with Kiva, a microloan nonprofit, to improve financial access for under-represented entrepreneurs.
The five-year partnership, dubbed Change Make Her, will support entrepreneurs in Southeast Asia, South Pacific, Africa, Latin America, and Europe across a number of impact areas, including sustainable agriculture, climate resilience, water and retail.
Saadia Madsbjerg, President of The Coca-Cola Foundation, said repayments from borrowers will return to the fund, allowing funding to be loaned and re-loaned to borrowers around the world, with this structure allowing a $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. 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.”
Kiva assists people who do not have access to commercial bank services to lenders through crowdfunding microfinance, with over 80 per cent of Kiva loans going to women with a 96 per cent repayment rate.
Vishal Ghotge, CEO of Kiva, said that together with The Coca-Cola Foundation, they will be able to serve thousands more individuals than they would be able to do alone. “We are grateful to The Coca-Cola Foundation for its commitment and look forward to working alongside one another as we continue to advance gender equity, refugee financial inclusion, and climate-smart solutions in communities across the globe.”