The Foundation supports the growth of high potential businesses operating in sectors unrelated to mining or oil and gas to ensure local communities have diverse and resilient economies both during, and beyond the life of the operating asset. Training, targeted technical assistance and access to capital to support economic diversification initiatives are provided by the Foundation and help strengthen local economies.
Supporting Entrepreneurship in Botswana
The Karowe Emerging Entrepreneurs Fund was launched to promote employment opportunities and economic diversification surrounding the Karowe Mine in Botswana. The fund supports early stage micro-businesses by providing dedicated business development services and access to financing to local entrepreneurs.
Building a Profitable Business, Brick by Brick
Onneile Alogeng took over an ailing brick business and turned it into a successful enterprise, employing eight people in the region. In 2017, Onneile received technical assistance to improve the managerial, financial and commercial aspects of her business, as well as financing to expand her product line, integrate delivery options and strengthen management capacity.
Community Owned Initiatives
The Foundation launched Karowe Village Initiatives to promote broad based benefits for communities surrounding the Karowe Mine in Botswana. Local communities have identified opportunities in livestock, hardware retail and horticulture. The Foundation supports communities to launch sustainable businesses in order to generate on-going employment and income benefits.
Generating Tourism Revenues in Caldera
The Foundation partnered with Caldera fishermen and a local tour operator to develop and operate a cultural heritage sea tour for tourists. The initiative generated new income sources for the region's fisherfolk by creating 15 new jobs and generating US$12,000 in revenue for the partnership. Over 3,000 tourists took the tour in the first two weeks. Costumed actors tell tales of the sea as part of an interactive and engaging tour experience.
Increasing the Income of Local Dairy Farmers
In the province of Zamora Chinchipe, Ecuador, agriculture and dairy farming are mainstays of the local economy. However, low levels of production and poor handling practices prevented farmers from improving their incomes.
Improving dairy production
The Foundation supported ECOLAC, a regional dairy processor providing market access to over a hundred local dairy farmers in the community surrounding the Fruta del Norte project. With capital, technical assistance, finance and managerial support from the Foundation, ECOLAC increased productive capacity of local dairy farmers by 75% generating US$675,000 in revenue for local farmers. Each dairy farmer increased their monthly income by US$227 since the program started in 2015, resulting in an increased annual income of over US$2,700.
Access to Finance in Northern Kenya
The Northern Kenyan Growth Capital Fund is a social impact investment fund offering financing to small businesses within northern Kenya. The financing program builds upon the Turkana Catalyst Initiative, intended to increase capacity of local businesses.
The first investment was made in Classic Foods, the only commercial camel milk processor in Kenya, supporting over 125 small farmers. An investment of $250,000 was made to expand processing capacity for dairy milk products.
Fostering Small Business Growth in Michigan
The Eagle Emerging Entrepreneurs Fund was launched to support the growth of small businesses in the communities around Eagle Mine. The Foundation has provided a partial loan guarantee to high potential businesses, which have also received business training.
Since its inception over 200 jobs have
been retained or created in Michigan. Over $1 million has been funded which generated an estimated $9.5 million in revenue to the local economy.
BBQ Company Finds Its Secret Sauce
Red’z Bulgogi BBQ Sauce found its Korean flare in 1984, not in Korea, but in North Carolina. After 15 years of honing the recipe, owner Theresa Mauldin wanted to take her sauce to the next level. With no branding strategy or business experience, she reached out to Accelerate UP, a community initiative supported by Eagle Mine and the Lundin Foundation that helps create successful entrepreneurs. The program helped Theresa realize that she needed to lower her inventory costs to increase her income.
She approached Northern Initiatives, and the early success and potential for growth of Red’z made her business a perfect candidate for a loan through the Eagle Emerging Entrepreneurs Fund. The fund is a joint collaboration between the Lundin Foundation and Northern Initiatives (CDFI). The loan enabled Theresa to buy bulk supplies at a reduced wholesale cost, dramatically increasing her profit margin. Red’z can now be found in 152 stores across the Midwest, including grocery giants Meyer and Super One. A new website is expected to grow sales even more through 2018.