Financing Fair Trade
Prospero is an Irish charity which provides finance at low or no interest to Fairtrade certified cooperatives and businesses in developing countries.
Images courtesy of Sean Hawkey
Fairtrade producers have a major problem with access to capital, and many cooperatives are unable to pay their members for their produce until the cooperatives sell the product. This can take months. The farmers then become vulnerable to middlemen who pay them bad prices but who can offer them cash when they need it.
And even if Fairtrade cooperatives can get loans, huge interest rates of 20% are common.
That’s why access to relatively small loans (€10,000 to €20,000) at ‘low-or-no’ interest rates can make a world of difference to many organisations in poor communities. Prospero is an Irish charity which has been set up with the support of Fairtrade Ireland to provide loans to organisations in this situation.
How We Help
It Starts With the Will to Make a Difference
You make a donation or investment
Donations and investments are used to make 'low or no' interest loans to fair trade organisations in developing countries. We collect your donations and investments and pool them in one fund. Prospero provides loans from this fund to successful applicants.
A loan is made
To date (December 2020), Prospero has made 30 loans worth €1,295,484 and 8 grants worth €103,193.
All loan repayments due have been made in full.
Loans have been made to Fairtrade organisations in El Salvador, Guatemala, Honduras and Nicaragua.
Your funding is continuously recycled
When a loan is repaid, we re-loan the money to fund new projects. This allows your money to help not just one project but many people's dreams and aspirations come to life where they wouldn't otherwise be able to.
"... a helping hand to local people to set up local businesses is charity working at its best."
Bobby Kerr, Business 'Dragon'
“... I have seen the difference that a Prospero 'low-or-no’ interest loan can make to a co-op in a desperately poor community. It is life transforming, it really is."
Peter Gaynor, Fairtrade Ireland
"... this is a wonderful way of helping some of the poorest people in the world to realise their potential."
Síofra Campbell, Bewley's Ltd
"...the lovely thing is that the money will be recycled again and again, bringing life and hope and all-important jobs to so many people in so many communities."
Irish Congress of Trade Unions
“... this is an Irish charity giving practical assistance to those who need it most. It makes a real difference and deserves support."
Judge of the Supreme Court
(*in a personal capacity)
"...none of us had ever heard of Ireland before that wonderful day when the word arrived that someone in Ireland was lending us enough money to set up a co operative. We didn't let them down. Three years later we were able to repay the money in full. We will never forget you."
You can donate to Prospero through PayPal using the button opposite. Thank you for your support.
Prospero is the trading name of Magis Aid CLG.
Registered in Ireland. Company No. 536680.
Registered Charity Number 20081843.
Revenue Charity Number CHY 20592.
North Brunswick Street
+353 (0)85 713 8146