Originally published in Hershey's 2023 ESG Report

VSLAs Help Local Businesses Grow

Madame Coulibaly has lived with her farming husband and 12-year-old son in Lôh-Djiboua, Côte d’Ivoire, since 2012. She opened a shop selling shoes, textiles, fabrics, bed sheets, mattresses, bags and more.

Looking for ways to grow her business, she joined a Cocoa For Good-supported VSLA in 2020. As a VSLA member, she accessed a series of loans of up to $1,000 each, which she used to strengthen her business and find new revenue opportunities.

In December 2022, she added a poultry business with a capacity of 1,250 chicks. This nets more than $2,500 per year in profit. In 2023, she expanded the poultry business to a second site, doubling her profit.

Being able to grow her business, using VSLA finance, has not only stabilized her shop and diversified her offerings, but has also enabled her to bring on an employee to help run it. She is currently working toward becoming a wholesale distributor of goods to supply other merchants in her region.

Village Savings & Loan Associations

VSLAs are championed by international humanitarian organizations as a way to raise incomes in rural areas where formal banking services are typically not available.

These community-based groups build social cohesion and increase economic stability through member-based savings and loans. Through VSLAs, CARE is supporting women and their families to increase:

• Household savings and access to finance
• Entrepreneurial, leadership and financial literacy skills

In 2023, CARE assessed 298 VSLAs in Hershey’s supply chain, engaging 690 community leaders. They identified 200 VSLAs as functioning effectively and suited to further capability building. These VSLAs are managing savings and loans effectively, but can benefit from support linking them to the formal financial sector.

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The Hershey Company

The Hershey Company

The Hershey Company is an industry leading snacks company known for making more moments of goodness through its iconic brands, remarkable people and enduring commitment to doing the right thing for its people, planet, and communities. Hershey has more than 20,000 employees in the U.S. and worldwide who work daily to deliver delicious, high-quality products. The company has more than 90 brand names in approximately 80 countries that drive more than $11.2 billion in annual revenues, including Hershey's, Reese's, Kisses, Kit Kat®, Jolly Rancher, Twizzlers and Ice Breakers, and salty snacks including SkinnyPop, Pirate's Booty and Dot's Homestyle Pretzels.

For over 130 years, Hershey has been committed to operating fairly, ethically and sustainably. The candy and snack maker's founder, Milton Hershey, created Milton Hershey School in 1909, and since then, the company has focused on helping children succeed through equitable access to education.

To learn more visit www.thehersheycompany.com.

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