- Loan Successfully Funded On 17 May 2022 ​
Improving Waste Management in Tanzania
Tanwaste
- Kahama, Lakes Region, Tanzania
Menu
- 50,000 USD
Loan successfully funded
Waste management is a public health challenge and a common utility that is often overlooked in developing areas. We look to provide quality waste services to the people of the Lake Zone Tanzania while operating under a sustainable model that provides jobs and a healthy environment to the community.
- 10 Lenders
Committed
- 24 months
Loan Period
- 10%
Interest Rate
- BACKGROUND
Loan summary
In the words of Evan Lorendo, Tanwaste founder:
“I have experience across the Middle East and Africa within the waste management sector, but thought I would try to get away from it. However, over the past several years I have been slowly pulled back into environmental consulting around Africa. I was then introduced to the Regional Waste Director in the city I live in Tanzania, he explained the need for quality waste businesses in the region. He also introduced me to the Kahama City Council who invited us to a private tender.
I realise that my background in the sector is my way of giving back to the continent I have enjoyed calling home for half a decade.
To get started, we need to buy a couple of small trucks. This loan will allow us to purchase the trucks and have the start-up capital to get things going when the contract kicks off July 1, 2022.”
Borrower's mission
Tanwaste is at the start up phase. Most of what we have currently done is listen to the market and form relationships with governments and businesses that are crying out for waste management services.
We are very conservative in our commercial assumptions, and don’t want to take out more money than we think we can comfortably pay back. That said, we have built a model that will allow us to grow to a regional waste management business within a couple of years. This in turn creates jobs, builds standards, and improves the public health of cities and towns across Tanzania.
The activities funded by this loan are helping to achieve the above Sustainable Development Goals as defined by the UN.
Intermediary's experience with impact enterprises
For more than 8 years, Red Hat Impact has helped impact enterprises by raising capital and providing other kinds of business and strategy support. We have raised more than $3M from our network of impact investors, and loaned this capital to support 30 enterprises. We use a crowd-lending model to raise loan capital. As of May 2024, we maintain a 98% success rate on loan repayment. We establish close working relationships with all of the impact enterprises we raise debt capital for, and co-manage risks with them during the loan term.
- IMPACT
Impacts and how they are measured
Tanwaste will literally be cleaning cities. Both from street sweeping to removing waste from people’s homes. Currently, people have to burn waste. We will remove that need from thousands of people’s homes. We are also focused on formalising the sector, which to this point has consisted of using informal workers who are scavengers. By providing PPE and pay, we aim to improve the lives of everyone who works for us.
Ready to lend?
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