SunFunder, has successfully funded their single largest crowdfunded loan to date raising $25,000 for SunnyMoney’s solar schools campaign in Tanzania. The project was dubbed Solar for 4500 students raised the money from 173 contributors. The loan term was structured for repayment in 12 months via a quarterly schedule with an interest rate of 3.5%.
SunnyMoney is a social enterprise that sells solar lights in Malawi, Zambia Kenya and Tanzania. Their work helps to reduce dependency on low quality fuels such as Kerosene, batteries etc. Last year SunnyMoney sold over 200,000 products to Tanzanian households impacting almost 400,000 households.
SunFunder is a solar energy crowdfunding solution which provides loans to projects in Africa. In recognition of the abundant opportunity for solar energy to provide significant power in this part of the world, they have created a dynamic and innovative platform to help breach the funding gap to finance this off grid solar movement. SunFunder strives to create demonstrative economic and social impact to Africa, Latin America and parts of the Caribbean.
The crowdfunding platform has also announced their 10th project, “Solar Home Systems in off-Grid Uganda” which will raise $10,000 ofr a 50W solar home system in Masaka. In less
than 24 hours the loan was 25% funded and now stands at 75% having received commitments from 52 individuals. Loan terms are similar to the project in Tanzania.
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