Triodos Sustainable Trade Fund provides trade finance to Serendipol in Sri Lanka
01-01-2010 | Serendipol (Pvt) Ltd. was founded in 2007 by Dr. Bronner's Magic Soaps, a best-selling brand of natural soaps in the United States, in conjunction with Sri Lankan partners. The company produces certified organic and fair trade virgin coconut oil for Dr. Bronner's soaps and supplies higher value food grade coconut oil for a growing market in North America and Europe.
Trudy Bronner, CFO of Dr. Bronner's Magic Soaps: "The activities in Sri Lanka are in line with our mission to source all of its major ingredients from fair trade and organic sources. The idea is that everyone along the supply chain receives fair compensation, and farming and processing are done in a way that minimises harm to the environment."
Serendipol is located in Kulyiapitya, a small town 100 km north of Colombo, the capital city of Sri Lanka and also the port of shipment for the coconut oil. It took over an existing coconut processing factory in Sri Lanka's Coconut Triangle region, improved buildings, installed new processing technology, and helped convert about 300 coconut farms (encompassing 4,000 acres in total) to organic practices. Serendipol's field officers are in close contact with the farmers and the company regularly organises seminars on organic production and sustainable farm management. As part of its training in organic practices, Serendipol informs its growers about pest control methods that comply with organic standards. portfolio. Triodos Sustainable Trade Fund plays a significant role at the front end of the trade chain. The trade finance the Fund provides means that Serendipol is able to pay the farmers upon delivery of their produce.