innovation for sisal cultivation
Donation protected
Sisal, a plant that has excellent resistance to the harsh weather of Kenya, has proved to be a lucrative plant for the kenyan economic and agricultural community. In drought wrought Kenya, traditional farming of rice and maizes have been made unattainable by the lack of rainfall. In a nation where 75% of the population depends on agriculture as their livelihood, the downfall of traditional crops and farming methods will detriment the welfare of the majority. Fortunately, Sisal, a crop not cultivated since the mid-century, has the potential to provide sustenance and prosperity to the farming community. Though this plant has the perfect combination of high value and resistant to the ever changing environment, the cultivation of Sisal is labour intensive and often costly for individual farmers. Under such conditions, Alex Odundo, a local innovator in Kisumu, has provided various solutions to the formidable challenges that potential farmers who are willing to change their lifestyle face. Since 2013, Alex has built multiple machines such as the Sisal decorticator, twiner, brusher, and roper to significantly simplify the cultivation and production process. Alex’s machines and business, Olex Techno Enterprise, have affected the lives of almost 3000 farmers around his hometown, Kisumu. By continuing his efforts, Alex’s inventions have the potential of changing the agricultural landscape of Kenya.
As an microfinance organization, Social Finance Collective’s mission is to assist global entrepreneurs and innovators in theirs quests to create, expand, and benefit the community around them. Our organization seeks to loan an amount of $16,0000 USD or $1,600,000 shillings (Kenyan national currency) for
-4 sisal twining machines
-1 rope making machine
-2 sisal decorticators
-10 tons of sisal fiber
As by the terms of our agreement, Alex’s loan will in the sum of $16,000 USD. There will be a 1% interest to cover the currency exchange rate. A total of $16,160 USD will be paid back by the end of two fiscal years (“fiscal” by count of the date of the loan). The loan will be paid back in two installments, half $8000 USD (including $80 in interest fee) will be paid back by the end of each single fiscal year until the sum above is paid in full. To ensure the safety of the loan, two assets of collaterals,two machines worth $8000 USD, will be included within the contract.
As an microfinance organization, Social Finance Collective’s mission is to assist global entrepreneurs and innovators in theirs quests to create, expand, and benefit the community around them. Our organization seeks to loan an amount of $16,0000 USD or $1,600,000 shillings (Kenyan national currency) for
-4 sisal twining machines
-1 rope making machine
-2 sisal decorticators
-10 tons of sisal fiber
As by the terms of our agreement, Alex’s loan will in the sum of $16,000 USD. There will be a 1% interest to cover the currency exchange rate. A total of $16,160 USD will be paid back by the end of two fiscal years (“fiscal” by count of the date of the loan). The loan will be paid back in two installments, half $8000 USD (including $80 in interest fee) will be paid back by the end of each single fiscal year until the sum above is paid in full. To ensure the safety of the loan, two assets of collaterals,two machines worth $8000 USD, will be included within the contract.
Organizer
Thomas Jiang
Organizer
Walnut, CA
