Kindred Credit Union expands support to MEDA for economic solutions to poverty.
$600,000 will help inspire peaceful, just, and prosperous communities globally.
Kitchener, ON – Kindred Credit Union (Kindred) is pleased to announce that it has renewed and expanded its investment in MEDA’s Sarona Risk Capital Fund (SRCF). Kindred’s recent, expanded commitment of $600,000, more than doubles the credit union’s support since inception in 1999.
Brent Zorgdrager, Kindred’s chief executive officer noted that, “We’re excited to build on our longstanding relationship and support MEDA’s ongoing efforts to develop economic solutions to poverty by extending our investment in SRCF.”
The fund, advised by Sarona Asset Management, has several investments in microfinance institutions and businesses in emerging and developing countries and strategically supports the economic, environmental, and governance development of communities in those countries.
“We are grateful for Kindred’s longstanding and increased investment in SRCF. Kindred’s commitment to our work allows us to continue investing in businesses that make a real difference for people living in poverty in the developing world,” said Allan Sauder, MEDA’s president.
Thanks to the support of large governmental and institutional funders, MEDA is able to leverage private donations an average of seven times. Kindred’s commitment of $600,000 has the potential to have a $4.2 million impact through MEDA’s work in developing countries.
Zorgdrager added that, “The multiplier effect through matching agreements and the ripple effect through recurring loans for micro-enterprises around the globe allows Kindred members to change lives and impact the world in amazing ways through this key partnership.”
About Kindred Credit Union
Kindred Credit Union (Kindred) is a member-owned financial cooperative based in Kitchener, Ontario. Kindred’s values-centred approach is woven into everything we do and makes us the one-of-a-kind choice for people across Ontario who want to connect their values and faith with their finances. Through Kindred’s eight full-service branches and our award winning online banking platform, we offer our members a complete range of banking, borrowing, and investing products and services. For more information please visit www.kindredcu.com.
About Mennonite Economic Development Associates (MEDA)
MEDA is an international economic development organization whose mission is to create business solutions to poverty. Founded in 1953 by a group of Mennonite business professionals, we partner with the poor to start or grow small and medium-sized businesses in developing regions around the world. Our expertise includes a full range of economic development tools: financial services, improved technology, business training, better access to markets and equity investment. Our work most often focuses on women, youth and the rural poor. We believe that all people deserve the opportunity to earn a livelihood and that unleashing entrepreneurship is a powerful way to alleviate poverty.
About Sarona Asset Management
Sarona is a private equity firm, investing growth capital in companies and private equity funds in frontier and emerging markets. Through its strategy of partnering with local private equity firms, Sarona is able to help build companies that deliver excellent risk-adjusted returns while creating a positive social and environmental impact. Sarona and its predecessors have developed a wealth of experience and knowledge through 60 years of private investments in frontier and emerging markets. The company is based in Kitchener, Canada, and Amsterdam, the Netherlands.
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