Citi ventures into social enterprise with loan facility for Kickstart
Citi Commercial Bank and City Microfinance said that it has allocated US $2 million in financing to support non-profit Kickstart International. The amount will be used to further develop and expand its unique irrigation system to benefit small African farmers.
The allocation represented the first time Citi has ventured into the social enterprise segment, along with ample support from Skoll Foundation.
Kickstart will utilize the loan to boost its footprint in sub-Saharan Africa by providing impoverished villages with its innovative human-powered water pumps. The simple technology has helped hundreds of poor farmers boost their harvest from the year-long access to irrigation.
Bob Annibale, Global Director of City Microfinance and Community Development, said the loan facility is a testament to Citi's commitment to spot opportunities that will address problems in the community with "inclusive business solutions."
"KickStart is a social enterprise that weds a purpose-driven mission with a scalable business model, and we are pleased to join the Skoll Foundation to support its growth plans," he said.