ImpactAlpha, July 10 – It’s difficult for rural farmers and agribusiness owners in Zambia to access, much less afford, equipment to do their jobs better and more efficiently. Rent To Own helps small businesses acquire tools like irrigation pumps or hammer mills on a lease and then pay off the tools on a financing plan via mobile payments.
The company has supported 7,000 business owners in financing $4 million in equipment since 2010. Rent To Own also solves the logistical challenges of accessing tools by providing delivery, installation and training.
The firm secured €1 million ($1.1 million) in working capital from the Dutch Good Growth Fund, a Dutch government fund managed by impact investment firm Triple Jump and PwC. The investment follows Rent To Own’s $1 million equity round in December.