Submitted by:Green Mountain Coffee Roasters, Inc.
Categories:Environment
Posted: Dec 19, 2002 – 11:00 PM EST
William F. Foote, President of EcoLogic Enterprise Ventures, Inc. said, "A chronic lack of access to capital has stunted the growth and limited profitability of small-scale producer groups in rural Latin America, where poor communities have a real stake in protecting local habitats. Our objective is to use credit as a tool to harness the entrepreneurial energy that is already there in the field, fostering lasting grassroots development. We are simply delighted to be working with Green Mountain Coffee to demonstrate the creditworthiness of their Fair Trade coffee suppliers to local financial institutions. Together, we'll prompt conventional lenders to recognize these community-based enterprises for what they can be: good business."
Jon Wettstein, Vice President of Operations at Green Mountain Coffee said, "The paths of GMCR and EcoLogic converge in many coffee growing communities. We have a common interest in supporting Fair Trade growers as they confront the worst coffee price crisis in generations. We have confidence in the intentions and abilities of EcoLogic as a financial institution that provides financing to coffee producers at favorable interest rates. We know that EcoLogic cannot currently fulfill all financing requests that it receives. I am happy that Green Mountain is able to support the work of EEV and I hope others in the industry will join us in this effort."
Founded in late 1999, EcoLogic Enterprise Ventures, Inc. (EEV) is a nonprofit that operates as a "green" loan fund offering affordable financing to community-based enterprises located in environmentally sensitive areas of Latin America. Targeting the rural credit market, EEV provides small business loans to support productive activities that foster biodiversity conservation and grassroots economic development. Based in Cambridge, Mass., EEV is building a portfolio of $10,000 to $200,000 loans to enterprises owned and operated by small-scale producer organizations that are systematically denied access to capital by local financial institutions. Preference is given to businesses that are (i) located in and around protected terrestrial, coastal, and marine habitats; and (ii) unable to secure financing from conventional commercial sources due to their small size, lack of collateral and/or operating history, and the financial risks associated with the locale. Target sectors include sustainable agriculture (especially coffee), certified wood, sustainable fisheries, and ecotourism. EEV restricts its lending to groups with established market linkages to international trading companies that are undertaking commercial pursuits for conservation purposes.
Green Mountain Coffee, Inc. is a leader in the specialty coffee industry and has been recognized by Forbes Magazine for the past three years as one of the "200 Best Small Companies in America." The Company roasts high-quality arabica coffees and offers over 90 coffee selections including single-origin, estate, certified organic, Fair Trade, signature blends, and flavored coffees that it sells under the Green Mountain Coffee Roasters(R) and Newman's Own(R) Organics brands.
The majority of Green Mountain Coffee's revenue is derived from its wholesale operation that serves supermarkets, convenience stores, offices, and other locations where fine coffees are sold. Green Mountain Coffee also operates a direct mail business and an e-commerce website (http://www.GreenMountainCoffee.com) from its Waterbury, Vermont headquarters. Green Mountain Coffee seeks to make the world a better place for present and future generations by operating in an environmentally and socially conscientious manner. The Company contributes at least five percent of its pre-tax profit annually to support socially responsible initiatives, many of which it has supported for over 10 years.
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