Hershey’s Supports Village Savings and Loan Associations to Propel Local Business Growth
Rhea-AI Summary
Hershey's Cocoa For Good program supports Village Savings and Loan Associations (VSLAs) in Côte d'Ivoire, helping local businesses grow. The PR highlights the success story of Madame Coulibaly, who joined a VSLA in 2020 and used loans up to $1,000 to expand her shop and start a profitable poultry business. VSLAs, championed by international organizations, aim to raise incomes in rural areas where formal banking is scarce.
In 2023, CARE assessed 298 VSLAs in Hershey's supply chain, identifying 200 as functioning effectively and suitable for further capability building. These initiatives support household savings, access to finance, and entrepreneurial skills, particularly benefiting women and their families.
Positive
- Hershey's Cocoa For Good program supports local business growth through VSLAs
- VSLAs provide access to loans up to $1,000 for business expansion
- 200 VSLAs identified as functioning effectively in Hershey's supply chain
- Initiative supports household savings and entrepreneurial skills development
Negative
- None.
News Market Reaction
On the day this news was published, HSY declined 0.22%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
NORTHAMPTON, MA / ACCESSWIRE / August 21, 2024 / The Hershey Company
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
In December 2022, she added a poultry business with a capacity of 1,250 chicks. This nets more than
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.
View additional multimedia and more ESG storytelling from The Hershey Company on 3blmedia.com.
Contact Info:
Spokesperson: The Hershey Company
Website: https://www.3blmedia.com/profiles/hershey-company
Email: info@3blmedia.com
SOURCE: The Hershey Company
View the original press release on accesswire.com
FAQ
What is Hershey's (HSY) Cocoa For Good program supporting in Côte d'Ivoire?
How much profit did Madame Coulibaly's poultry business generate through VSLA support?
How many VSLAs did CARE assess in Hershey's (HSY) supply chain in 2023?
What are the main benefits of VSLAs supported by Hershey (HSY) in rural areas?
