Grant to help Opportunity International expand in Tanzania

Oak Brook-based Opportunity International has received a $250,000 grant from Monsanto Co, to expand access to affordable financial services in Tanzania that will enable emerging entrepreneurs to generate more income and contribute to the economic development of their communities.

“Opportunity International is grateful to Monsanto Company for supporting its efforts to alleviate global poverty by providing impoverished people with access to life-changing financial services,” said Dennis Ripley, senior vice president, International Business Development, Opportunity International. “Over the past year, Opportunity has witnessed a tremendous growth in demand for small business microloans among struggling entrepreneurs in Tanzania. We started 2011 with just over 3,000 clients in Tanzania, and at the end of the 1st quarter in 2012, we were serving more than 7,767 clients, representing a 159 percent increase.”

Since 2008, Opportunity has aggressively expanded its operations to enable a greater number of entrepreneurs — the majority of whom are women — to secure personal savings accounts, borrow capital for their businesses, receive training to develop professional and life skills, and obtain insurance to protect their assets.

“At the core of Monsanto’s business is a commitment to improve the lives of people around the world, which aligns closely with Opportunity International’s efforts to alleviate poverty and to empower the world’s working poor through access to affordable, convenient financial services,” said Natalie DiNicola, vice-president of sustainable partnerships, Monsanto. “It is our hope that the partnership with Opportunity will foster entrepreneurship among Tanzanian citizens and we look forward to witnessing the impact that our contribution will have.”