Impact Overview
Percentage of TriLinc Borrowers that:
Comply with local environmental, labor, health, safety and business laws, standards and regulations 100%
Demonstrate their positive impact on the community through community service and/or community donations 83%
Commit to working towards implementing international environmental and health and safety best practices 100%
Implement environmentally sustainable practices, including energy savings, waste reduction and/or water conservation 93%
Top 5 Borrower Impact Objectives:
1 Job Creation
2 Wage Increase
3 Agricultural Productivity
4 Capacity-Building
5 Access to New Markets
Top 5 Environmental and Social Practices:
1 Maternity / Paternity Leave
2 Fair Hiring and Recruiting
3 Charitable Donations
4 Energy Savings
5 Fair Career Advancement
Scrap Metal Recycler - Morocco1
Investment Type: Senior Secured Trade Finance
Structure: Revolving Facility
Loan Commitment Amount2: $8,500,000
Interest Rate3: One Month Libor + 10.50%
Sector: Secondary Nonferrous Metals
Cash Flow Coverage Ratio4: ≥ 1.25X
Impact Objective(s): Access to New Markets; Productivity & Competitiveness; Access to New Products; Job Creation

With a 2015 GDP of $100.4 billion and population of 34.4 million, Morocco is the sixth largest economy in Africa and also ranks sixth out of 53 evaluated African countries in the World Bank’s Ease of Doing Business index5. In order to improve the business climate, the Government of Morocco has begun to promote numerous investments in infrastructure development.6 The resulting demand for finished metal products and scrap metal inputs across the country has supported the growth of a relatively young but globally competitive metallurgical industry.

Recognizing these growth dynamics, TriLinc has extended up to an $8,500,000 senior secured trade finance facility in July 2016 to one of the country’s largest integrated metal scrap recycling and processing companies. Founded in 1988, the company is strategically located between Morocco’s capital city, Rabat, to its northeast and Casablanca to its southwest. The company currently sources metal scrap from 30 local micro, small, and medium size scrap collectors for processing into semi-finished and finished products, including billets, anodes, tubes, and wires. TriLinc’s financing will be used by the company to purchase raw material, primarily copper scrap, from its suppliers for manufacturing semifinished and finished products for sale to clients operating in Morocco as well as throughout the region and Europe.

TriLinc’s borrower is the largest employer in the town, and the company considers its 420 employees a core component of its value proposition. Its employee-centric policies include capacity-building programs offering technical and management skills development, which combined with competitive wages and benefits contribute to its nation-wide reputation for low employee turnover. In addition, the company provides an on-site school for children from the local community. The school currently enrolls approximately 70 students and provides them with the opportunity to attain a basic education, learn metallurgical technical skills, and become a permanent company employee upon graduation. Today, an estimated 15% of the company’s workforce has come through its on-site school program.

Past performance is no guarantee of future results. The impact data above in the Impact Overview section reflects data collected as of September 30, 2016 and is subject to change/rounding. The borrower information presented in the Impact Investment Case Study represents an actual transaction in TriLinc Global Impact Fund as of September 30, 2016. All information provided by TriLinc Advisors, LLC.
1) There is no assurance that our investment in the borrower or this market will be successful or will have the desired impact.
2) The current loan commitment amount represents the current amount that is available to the borrower under the agreement. This amount may change over time.
3) Note, this is not a measure of TriLinc’s investment performance nor is it necessarily indicative of distributions that TriLinc may provide to investors.
4) The cash flow coverage ratio is the ratio of projected total cash available at the end of the current year to the annual in interest and principal payments due on outstanding debt.
5) The World Bank, Doing Business 2016- Going Beyond Efficiency, 2016.
6) African Economic Outlook, Morocco 2016, 2016.
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