OFN
  • Our Work
    • What is a CDFI?
    • Key Priorities
      • Affordable Housing
      • Financial First Response
      • Climate Change & Resilience
      • Healthy Communities
      • Native Finance
      • Persistent Poverty
      • Racial Equity
      • Rural Development
      • Small Business
    • Impact Stories
    • Impact Data
  • Investing & Giving
    • Why Partner with CDFIs
    • Invest in CDFIs
    • Invest Through OFN
    • Investor Resources
  • Members
    • Join OFN
    • CDFI Connect Community
    • Take Action
  • Public Policy
    • Partnering with the Public Sector
    • U.S. Treasury CDFI Fund
    • Public Policy Communications
    • Take Action
  • Initiatives
    • Current Initiatives
      • CDFI Community Investment Fund
      • Economic Justice Partnership Fund
      • Finance Justice Fund
      • Good to Grow CDFI Investment Fund
      • Grow with Google Small Business Fund
      • Native CDFI Awards
      • Ned Gramlich Award
    • Past Initiatives
  • About
    • About OFN
    • Mission & Vision
    • Our Team
    • OFN Board
    • OFN Training & Events
    • OFN Careers
    • OFN Financials
    • Contact Us
  • Resources
    • Blog
    • Press Room
    • CDFI Locator
    • CDFI Industry Job Bank
    • CDFI Resource Library
    • Public Appearances
    • CDFI History
    • About CDFIs for Clients

Quick Links

  • CDFI Locator
  • Blog
  • OFN Training & Events
  • Join
  • CDFI Connect Community
Rwanda Bean_CEI client
10th
February
2022
Portland, ME

Maine Coffee Company Supports Rwandan Farmers with Help of CDFI Financing

February 10, 2022

Client: Mike Mwenedata, owner of Rwanda Bean Company (RBC)

Client Location: Portland, ME

CDFI: Coastal Enterprises, Inc. (CEI)

CDFI Service Area: ME

CDFI Services Provided: 

Financing and technical assistance, with support from the Grow with Google Small Business Fund

Financial and Social Impact

  • 7 jobs retained and five full-time year-round employees expected to be added in next 12 months
  • Immigrant-owned business able to create economic opportunity, local jobs, and give back to communities globally

Rwanda Bean Company (RBC) was founded in Portland, Maine, in 2013 by Mike Mwenedata to support coffee farmers in his home country Rwanda, Africa. A coffee retail and wholesale operation, RBC focuses on small batch, expertly roasted premium coffee directly sourced from Rwandan Coffee Farmers Cooperative. Rwandan farmers cultivate some of the finest, specialty Bourbon Arabica in the world but typically receive less than 1% of what consumers pay for a cappuccino. RBC helps address this gap by providing 50 percent of profits to farmers for healthcare, education, and infrastructure services.

Given that the coffee shipping containers are imported from overseas, and the business has limited collateral, traditional banks were hesitant to provide working capital. Mike and his business partner, Ben Graffius, instead approached Coastal Enterprises, Inc. (CEI) for business advice and financing to help solve their conundrum of not having enough capital to secure inventory in bulk from Rwanda – an issue that has only been exacerbated by COVID-19. In December 2021, RBC secured a loan from CEI, providing necessary working capital and funds for marketing to help RBC grow its subscription business and diversify its revenue stream.

With CEI’s support, seven Whole Foods stores and five Hannaford Stores in New England now offer RBC coffee. Other major accounts include contracts with WEX and Canopy Hotel in Portland. RBC is also exploring distribution opportunities in Singapore and Southeast Asia with Securefood and the business opened a café and distillery in Kigali, Rwanda.

“CEI has been a great partner to understand what our needs and challenges are as a small business and help us come up with a solution to help directly solve it. This funding allowed us to secure our large inventory needed to supply our growing business as well as allow us to continue our mission to buy directly from the farmers cooperatives,” said Mike.

Tags: COVID-19, Entrepreneur of Color, Grow with Google Small Business Fund, Immigrant-Owned Business, Small Business, Technical Assistance, Working Capital

Share post to Facebook
Share post to Twitter
Share post to LinkedIn

Opportunity Finance logo - white

  • About OFN
  • Contact Us
  • Blog
  • OFN Training & Events
  • Newsletter Subscription
  • CDFI Locator
  • Invest in CDFIs
  • CDFI Connect Community
  • CDFI Industry Job Bank
  • Press Room

Copyright © 2023 Opportunity Finance Network. All rights reserved.

  • Terms of Use
  • Sitemap