Benin: Tolaro Global: A loan of $50,000 helps to add value and jobs to the local economy by starting a new factory to roast and pack cashew nuts.
April 05, 2017
Tolaro Global is a cashew nut processing business based in the outskirts of Parakou, a small town in Northern Benin. Founded in 2010 by Jace (from the US) and Serge (from Benin), Tolaro sources raw cashew nuts directly from local farmers and transforms them into processed cashew kernels for export. It is the first factory in Africa to receive the African Cashew Alliance quality seal (an industry-accepted mark that confirms compliance with internationally-recognized standards of quality, food safety and social and labor standards.) Tolaro employs more than 600 Beninese men and women (pictured) with formal salary jobs and sources its cashew from more than 7,000 smallholder farmers in the region.
After more than five years of operations, Tolaro has an opportunity to significantly improve its business by starting a new factory. There it will roast and pack processed cashew kernels, a highly lucrative activity that is usually done in the consumer countries. This loan from MCE will help Tolaro expand its operations in the local transformation of Raw Cashew Nuts.
This loan is special because: It creates employment through social enterprises that often struggle to find funding. Carlos Kiva staff
More about this loan Founded in 2006, MCE Social Capital (MCE) is a nonprofit impact investing firm that activates private sector capital for MFIs, SMEs and social enterprises through its two funds.
This loan will be supporting MCE's initiatives within its Frontier Fund that invests capital in SMEs and Social Enterprises. Many SMEs and Social Enterprises lack access to finance. By financing social enterprises' work with BoP populations, not only do they provide people with livelihood improvements through their services, but also they can create employment in areas where jobs are rare.