Fairtrade Access Fund’s first loans making impact

The Fairtrade Access Fund (we reported earlier), established to address the long-term financing needs for smallholder farmers in developing countries, is growing fast. So far, a total of US$ 3.7m (€2.8m) has been distributed to seven cooperatives in Latin America, and the fund is continuing to gather steam, Fairtrade International reports. By the end of 2013, the fund is expected to grow to US$ 25 million, and will eventually expand to Africa and Asia.

Farmers are feeling the benefits of the Fairtrade Access Fund’s first long-term and local-currency loans, along with working capital and trade finance loans. Most of the loans so far have gone toward trade finance loans - that includes the fund’s very first loan to Coprocael in Honduras (see picture by Sean Hawkey / Fairtrade Foundation). Details on the cooperatives that have received loans are available here: http://www.fairtrade.net/