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Working Capital Associates provides direct financing to value chains of agriculture products from Sub-Saharan Africa (SSA) and Latin America (Latam). So far, the company has raised 850.000€ through GoParity to fund three different organizations: a coffee cooperative in Peru (Peruvian Resilient Farming I and II); a cocoa company in Peru (Resilient Cocoa Farming I, II, and III); and a family-owned cocoa company in Ecuador (Ecuadorian Cocoa Farming I and II). Three out of these seven campaigns (total amount of 250.000€ lent) have successfully reached their payment plan maturity. All investors have received their full capital invested and interest.
This is the fourth campaign aimed at providing working capital to this fair trade, certified, female-owned, and female-led Peruvian organization dedicated to the aggregation, processing, and selling of cocoa and its derivatives (after Resilient Cocoa Farming I, II, and III). Operating with more than 3.000 local producers in the regions of Cajamarca, San Martín, Amazonas, and Huánuco, which collectively produce 55% of the total cocoa produced in Peru, for a total aggregate of 23.400 metric tons per year.
The Company is located in Tarapoto (San Martin) and concentrates 10% of the local market share, ranking as the third-largest cocoa bean marketer in Peru. Its vision is to improve the quality of life of its farming partners, offering training and technical assistance, and to be recognized by the local and international community as a high-quality supplier, developing customized products, with commitment, ethics, and trust. This vision and strategy are reinforced by several certifications, from which Fair Trade (Comércio Justo) and USDA Organic should be highlighted.
The Fair Trade Certification is particularly relevant, as it places the Company in the 13% out of the 33 million global cocoa producers that have achieved such certification which, among others, ensures that the cocoa processing and procurement are free of child slavery labor – the Fair Trade certification is particularly strict in this regard, and with yearly inspections in the sourcing farms, has no tolerance for any abusive labor practices.
Peru is the sixth-largest producer of cocoa worldwide, the second-largest organic cocoa producer (after the Dominican Republic), and the number one fair-trade organic cocoa producer worldwide. The worldwide demand for cocoa is growing and especially the demand for certified cocoa is expected to continue to grow in Europe over the next years, with two clear increasing trends: search for sustainable (certified) chocolate products, i.e. cocoa bean production that complies with social, environmental and economic aspects and where the whole process is successfully certified by a third party; and towards authentic ingredients and single origin cocoa products.
Less than ten years ago, thousands of farmers used their plots in the Northern Highlands of the Selva region to grow coca - while coca provided a steady income in remote regions, the illicit crop also brought with it the violence of drug traffickers and their allies. The government was eager to eradicate it and with the collaboration of the military, police, local, regional, and national governments, and initiatives from international donors and the private sector, Peruvian coca farmers were converted to cocoa (and coffee) farming and Peru has, in the last years, quickly built a global reputation for producing traditionally cultivated, shade-grown, high-quality cocoa beans.
This is the third campaign aimed at providing working capital for the same female-owned company of small cocoa producers in Peru. This is the direct impact of these campaigns:
Direct:
Indirect:
WCA was founded in 2018 by Federica Sambiase – a senior banking & finance professional - who is also the company’s CEO, and who experienced first-hand how traditional commercial banks were not able to adapt to the needs of SME borrowers and to their tailor-made products requirements, especially in regions such as SSA and Latam, where the need for credit is rapidly increasing.
The vision behind WCA was to combine Federica’s 20+ years of finance expertise with her gender-focused and development passion, matured and nurtured as a Board Member with the international NGO Care International.
WCA is the only female-owned and led company providing direct financing to value chains of agriculture products from Sub Saharan Africa (SSA) and Latin America (Latam).
WCA follows a themed responsible investment approach which “allows investors to address ESG issues by investing in specific solutions to them, such as renewable energy, waste, and water management, sustainable forestry and agriculture, health products and inclusive finance” (PRI).
The company follows two key themes:
The company also applies gender-lens to its investments, seeking to finance a significant level of female-led businesses that follow sustainable and responsibly managed standards.
WCA’s goal is to grow value chains by providing access to finance to SMEs, in the framework of three keys SDGs:
The company also applies a “No Harm” Impact Goal, when reviewing its investment opportunities and applying a negative screening to harmful/controversial products and industries.
The team is composed of ten professionals, with senior executive team members having 10+ years of experience in Emerging Markets and/or Trade Finance, and a collective experience in financing over USD1 billion in short-term debt and Emerging Markets transactions.
WCA has also been recognized as a relevant industry player, as evidenced by:
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7500000
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7500000
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