Launch: World’s first Plastic-based Micro Loans!
Vestre & Empower launch Micro Loans in the jungle.
Some days are just full of exciting stuff, and this is one of those. Empower had services for financial inclusion in our long-term plans, but suddenly we got this chance to provide a really disruptive solution immediately together with Vestre. A company more famously known for their award-winning design and sustainable outdoor furniture but dedicated to do good while doing business.
Vestre and Empower will now run a pilot for micro loans secured by plastic waste collection. The pilot project will take place in Laos in cooperation with Aay’s Village, an NGO that is already running an Empower collection point in the jungle village with pretty amazing results. Cleaning up more than 50 000 bottles in two months!
During the new pilot, plastic will be collected and delivered to the collection point and the plastic collectors who register their deposit in the Empower App will build up a revenue track record and credit score. This score together with the digital tokens that they earn in return for the collected plastic will enable local entrepreneurs to get access to micro loans, that are repayable in plastic waste.
Empower will provide the digital solution while Vestre is funding the initial credit facility. The joint goal is to empower local entrepreneurs with the resources to create new jobs and new businesses while keep incentivizing efficient and transparent clean-up of plastic waste.
“Vestre is excited to help increasing the pace of the plastic clean-up in one of the most vulnerable parts of the world. The concept of extending a line of credit is also the first step towards spurring entrepreneurial spirit among the locals, whilst maintaining the dignity of the recipients by extending credit with an interest as opposed to aid. Collaborating with Empower is interesting because it shows the versatility of the blockchain and gives the villagers direct exposure to this revolutionary technology.”
So, Vestre is excited and so are Empower and Aay’s Village!
Vestre from Norway is one of Europe’s most successful producers of urban furniture. With award winning Nordic de sign and sustainable production Vestre has furnished places such as Times Square in New York, King’s Cross in London, Forum des Halles in Paris and Bergmansstrasse in Berlin. Vestre has taken concrete steps as a responsible company, every year ten per cent of after-tax profit is committed towards resolving the Sustainable Development Goals. www.vestre.com
Empower is deploying a global plastic waste deposit system that gives financial incentives for plastic waste collection everywhere, building on the principles of the Norwegian plastic bottle deposit system. By matching those who want to funding clean-ups and collection of plastic waste with those willing to do it in a transparent and traceable way Empower can kick-start or strengthen local waste management systems anywhere. www.empower.eco
Aay’s Village, is a Norwegian non-profit organization based in the jungle of Laos. Our vision is to provide children in Laos with the tools they need to create the future they deserve. We further aim to offer safe employment to communities in Laos by listening to their local needs, creating possibilities and being sustainably aware. Our educational mission is to give underprivileged communities in Laos the possibility to create better opportunities for its children by offering a quality education based on local needs, and that this leads to a satisfactory future in terms of possibilities and resources. Our sustainability mission is to communicate the importance of preserving the Lao nature, and initiate sustainable projects which can reduce harmful ecological processes and clean up the jungle. www.aaysvillage.com .
Join the #plasticwastemovement at www.empower.eco
