NESsT Launches Impact Fund to Invest in 30,000 Jobs
Nonprofit Organization Pioneers New Lending Model in Latin America
NESsT’s first investment went to Inka Moss, the only Peruvian exporter of moss. Ana Sotelo for NESsT
March 20, 2019
Oakland, CA: NESsT announced today the launch of a $20 million impact investing fund for Latin America. NESsT will lend to small enterprises in poor communities to increase their ability to grow and create jobs. NESsT’s small business loans will reach the most marginalized communities while rigorously tracking employment outcomes.
“After 20 years of supporting entrepreneurs in more than 10 countries, launching our impact fund provides a new opportunity to increase our reach our impact,” said NESsT Co-CEO Loïc Comolli. “We provide a platform for social investors to invest in remote communities while generating high impact.”
The new fund complements NESsT’s existing incubator, which extends business services and seed financing in the form of grants to enterprises generating jobs in underserved areas. The incubator supports 30 enterprises annually that can graduate by qualifying for loans from NESsT’s new impact fund.
NESsT achieved first-close on its fund at $3 million with social investors consisting of a development finance institution, foundations, nonprofit organizations, and philanthropists. The fund, which will make loans averaging $200,000 in Brazil, Chile, Colombia, and Peru, targets investments in 80 enterprises generating employment for 30,000 vulnerable individuals.
About NESsT: NESsT is an international nonprofit organization based in Oakland, CA. Founded in 1997, NESsT has supported 200 social enterprises improving the lives of more than 500,000 individuals. NESsT operates social investment programs in South America and Central Europe. NESsT was the recipient of the VIVA Awards in 2017 for most innovative venture philanthropy organization. For more information, visit www.nesst.org.
To find out more about NESsT’s impact fund, contact Nathalie Figueroa at nfigueroa@nesst.org.