Bloomberg Philanthropies has announced that it is partnering with CARE to expand existing Village Savings and Loans Associations (VSLAs) for agricultural funds in Tanzania, Rwanda, and the Democratic Republic of the Congo. 

Building on Bloomberg Philanthropies’ Women’s Economic Development Initiative, which has invested $65 million since 2007, the partnership aims to enable women who own small agriculture-based businesses to build capital and access credit to invest in and grow their businesses, ensuring long-term economic sustainability for themselves and their families. VSLAs are member-driven community funds that encourage financial inclusion and independence by pooling resources and providing low-interest-rate loans.

CARE will collaborate with existing Bloomberg Philanthropies partner Sustainable Growers, which works with women coffee producers in Congo, Rwanda, and Tanzania, and Women for Women International, an organization operating in nine post-conflict regions, assisting women who are survivors of war. 

“Access to capital and credit allows women to apply their skills, grow their businesses, invest in their families, and achieve economic independence—with benefits that spread throughout communities,” said Michael R. Bloomberg, founder of Bloomberg Philanthropies and Bloomberg L.P. and former mayor of New York City. “Too often, that access is lacking. But our partnership with CARE is helping to fix that, and we’re looking forward to expanding our work together through this new collaboration.” 

(Photo Credit: Getty Image/boezie)