Music Securities to Start Fund for Peruvian Farmers
This article is for subscribers only.
Music Securities Inc., a Japanese crowdfunding company, will start a fund that will provide loans to Peruvian farmers alongside funding from the Inter-American Development Bank.
Music Securities is seeking to raise 51 million yen ($500,700) from individuals via the Internet to provide capital to Abaco, a non-profit credit union in Peru, while IADB will lend $5 million in subordinated loans to Abaco, said Wataru Kamiya, a spokesman at the Tokyo-based company. The fund, which starts today, will last for three years and targets a 15 percent return, he said.