Xoomba Fund
The purpose of The Xoomba Fund is to raise the seed money we need for our sustainable Xoomba enterprise to take wing. Our main goal is to raise enough money to purchase a microspinning mill so that all the steps in the process of transforming organic cotton into finished products can be mastered in one locality, starting in Bobo Dioulasso of Burkina Faso. This is how we propose to avoid using wasteful transport and to create new and sustainable jobs in one of the poorest nations in the world. However, the money needed to make such a thing happen is a tricky thing to come by. The amount we need isn't small enough to fall into the microloan category, and it isn't large enough to qualify for major-donor funding. So we 're making our appeal directly to you: just as though we were a bank, you can invest your money in our mission to better the lives of others. We believe there are many, many people who would like to put their moderate savings to work in the service of economic fairness and environmental justice, while receiving interest from their investment on a yearly basis at a similar interest rate to a money-market savings account at a conventional bank. Please join us in transforming the world.
With $25,000 we can:
- buy the materials to set up a dye shop for dying threads and install a filtration system so as not to pollute the ground water
- finance the production of approximately 1000 yards of fabric
- invest in marketing strategies for these fabrics
- develop clothing prototypes using these fabrics for high end clothing to be sold in occident
- forge relationships with designers to use the resources Xoomba can offer
- generate approximately 3000 hours of work for people in a city where officialy 18% are unemployed (closer to 60% for people under 25 years old) and 85% are underemployed in the informal sector
- keep momentum and hope going for this positive development
With $100,000 we can:
- do all of the above and
- find potential investors to match the investment and so be able to have a total of $200,000
With $200,000 we can:
- purchase a micro-spinning machine to streamline costs, create 120 new jobs and prove the viability of the Xoomba production model
- install the machine and pay for labor and raw materials for the first year's operation of spinning, weaving and clothing fabrication
- invest in marketing of Xoomba products: organic thread, fabric and clothing
- offer a truely competitive product for designers in the garment industry as well as local artisans creating garments for the local market
What interest rate does the Xoomba Fund pay investors?
Investors commit at least $1,000 for a minimum of five years at an interest rate of between 0 and 5%--you choose. Interested investors may email us at info_xoomba.org in order to receive the terms and conditions for investment as well as a detailed project description and profit/loss estimate for the first five years of our project. Once you choose to invest, you can stipulate your interest rate, return one copy of the signed document to us along with a check for the agreed-upon amount, and keep a signed copy of the agreement for yourself. The day we receive your check, your investment will begin accruing interest. Xoomba will send you an annual report, and the final interest and the maturity will be paid in full by check on the day your investment reaches maturity.
