The Coca-Cola Foundation has announced its support for Change Make Her, a new five-year partnership with microloan nonprofit Kiva to improve financial access for under-represented entrepreneurs around the world.
The announcement was made at the Coca-Cola “Level the Playing Field” DEI Summit in Sydney as the company builds on its long legacy of support for the FIFA Women’s World CupTM.
Speaking at the event, 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. This structure will allow a $1.1 million grant in 2023 to have up to a $4.5 million impact on loan volume by 2028.
“We are thrilled to announce our new partnership with Kiva, which goes beyond traditional forms of giving,” Madsbjerg said.
“By joining forces with like-minded lenders and partners from around the world, the Change Make Her fund will enable us to lend, and relend, alongside thousands of others. It is a partnership based on a shared belief in the power of access to finance to uplift communities.
“Micro-enterprises are important contributors to job creation and global economic development,” He explained.
“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.” He added
“Kiva is honoured to partner with The Coca‑Cola Foundation in expanding our work of financial access through life-changing loans,” said Vishal Ghotge, CEO of Kiva.
“Together, we will be able to serve thousands more individuals than we would be able to do alone, demonstrating the collective power of value-aligned organizational partnerships. 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.” Ghotge said.
Also speaking on the partnership, Amaka Onyemelukwe, Director, Public Affairs, Communications & Sustainability of The Coca-Cola Company said “I am particularly thrilled that the program especially supporting entrepreneurs in Southeast Asia, South Pacific, Latin America, Europe, and Africa. The program will cover 19 countries in Africa: Nigeria, Egypt, Kenya, Ghana, Tanzania, Uganda, Mozambique, Madagascar, Mali, Zambia, Burkina Faso, Senegal, Rwanda, Benin, Togo, Sierra Leone, Liberia, Namibia, and Lesotho”
Over the last four decades, The Coca-Cola Foundation has supported many economic empowerment programs across the world, including the decade-long 5by20 program, which together with The Coca-Cola Company and its bottling partners enabled the economic empowerment of over 6 million women.
Through the Change Make Her program, Coca‑Cola employees will be able to help direct Kiva loans to entrepreneurs and directly engage in supporting The Coca‑Cola Foundation’s mission.
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