One Acre Fund has received a $5 million loan from investment company Calvert Impact Capital. The announcement was made by the latter, affirming that the loan will be to "purchase products which will be provided to farmers on credit."
The loan is to aid the organization in reaching out to more farmers, more locations, and widen programming.
"Over the next 3 years, One Acre Fund expects to reach more than 1 million farmers, pilot programs in new countries, and scout out several other country locations in Asia and Africa," reads the statement from Calvert.
One Acre Fund provides small-scale farmers with supplies and training to boost their productivity across six countries in Sub-Saharan Africa.
Since starting in Kenya in 2006, One Acre Fund has grown into a regional force. Expanding to Rwanda in 2007, Burundi in 2011, Tanzania in 2013, and Uganda and Malawi in 2016.
Jenya Shandina, the senior manager at the organization says that these farmers "need improved access to high-quality inputs, financing, and agricultural training to achieve food security and prosperity in their homes.”
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“Our partnership with Calvert Impact Capital will enable us to deliver services to more farmers, helping create futures of big harvests, healthy families, and rich soils,” she adds.
One Acre Fund has previously raised $15 Million grant from the Global Innovation Fund to "grant to drive smallholder farmer income improvements."
The organization distributes farm inputs to the farmers' residences, train them on techniques to use, and educate them on ways to minimize losses and maximize market prices.
One Acre Fund has a couple of notable alumni. SafeBoda co-founder Maxime Dieudonné was a Program Associate and later Manager at the firm. He left in September of 2015 to fully venture into the ride-hailing business.
While Nick Handler, the husband of Lyndsay Handler - CEO of Fenix International - currently serves as the Director of Global Operations.