Dash Crop Limited Gets Boost through Early Stage Financing
Kenya Climate Innovation Center (KCIC) has signed an agreement for Early Stage Financing with Dash Crop Limited, an agribusiness company working with smallholder farmers as a commercial aggregator targeting horticulture and grain crops value chains. The signing ceremony was held at KCIC offices in Nairobi on Monday.
Dash Crop Limited underwent a successful due diligence process after which it qualified for asset financing and working capital amounting to $50,000. The financing will assist the client procure machinery for the milling of gluten free flour from locally available drought resistant crops like cassava, sorghum, finger millet and amaranth among others.
Dashcrop Limited founder and director Carolyne Alango signed the agreement on its behalf while KCIC was represented by the CEO Edward Mungai. KCIC Investments Officer Eric Magu and Business Analyst Anne Kitonga witnessed the ceremony.
Speaking during the event, CEO Edward Mungai hailed the partnership as another milestone in growing businesses that adapt to changing climate patterns. Dash Crop Limited contracts farmers engaged in climate-smart farming of drought resistant crops such as cassava and finger millet. "KCIC is committed to escalating enterprises that have an impact to more people and also to climate change," he said.
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The enterprise also supports the value chain of such produce by providing financial support to cater for certain activities such as ploughing and harvesting, all the while ensuring fair trade practices for farmers to optimally benefit from their produce.
Dashcrop Director Carolyne Alango on her part thanked KCIC for the financing which she said would enable them acquire new machines, improve production capacity and expand their market. “Currently we have the market but the production is low,” she said, adding, “once we acquire a new machine, our production will shoot and this will ensure we serve existing customers satisfactorily while enabling us penetrate more markets.”
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They produce assorted brands of fortified flour from cassava, finger millet, amaranth and soybean. These can be used in cooking porridge and ugali as well as in the baking of cakes and cookies. These products target low income earners, nutritionally conscious individuals and institutions including schools and hospitals. These products have high fiber content and are good for general health. The company is based in Rongo town and partners with farmers from across Migori, Homabay, Kisumu, Siaya and Busia counties.
By Vincent Ogaya