William Foote

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Root Capital’s William Foote Is Named an Ashoka Fellow

by William Foote

October 19, 2007 — Root Capital, a Cambridge-based, nonprofit social investment fund, today announced that William F. Foote, its president and founder, has been named an Ashoka Fellow, joining an elite group of 70 social entrepreneurs in the United States who belong to the prestigious international group of innovators.

“I am truly honored by this recognition of the work Root Capital has done around the world,” said Foote. “We help harness the existing entrepreneurial energy in isolated rural communities, enabling conservation and encouraging socially responsible business practices. We’re hopeful that this award will help draw attention to the needs of these communities, and allow us to expand our efforts to assist them.”

Foote launched Root Capital to fight rural poverty and conserve natural resources by supporting businesses that foster environmental stewardship and increase income and market access for the rural poor.

A global organization, Ashoka supports those who share qualities traditionally associated with leading business entrepreneurs – vision, innovation, determination and long-term commitment – but are committed to systemic social change in their fields. Ashoka Fellows are recognized for their innovative solutions to some of society’s most pressing social problems. Ashoka Fellows work in more than 60 countries.

Since its launch in 2000, Root Capital has made $70 million in credit available to over 160 grassroots enterprises representing roughly 128,000 rural producer families in 26 countries in Latin America, Africa, and Asia—with a 99.5% repayment rate.

Root Capital works to conserve natural resources and help local populations by “filling in the gap” between traditional microfinance and large-scale lending done by commercial financial institutions. For this innovative approach and its demonstrated success, Foote has been elected an Ashoka Fellow. Once elected to Ashoka, Fellows benefit from being part of the Ashoka Global Fellowship for life.

Root Capital said its work is unique because their borrowers come largely from rural, indigenous communities that lack equitable access to capital, social services, and external markets. These borrowers are often too remote to be touched by traditional microfinance (e.g., the $500 loan to a street vendor), which is most effective in urban centers and densely populated rural areas.

Headquartered in Arlington, Virginia, Ashoka elects emerging social entrepreneurs to an international Fellowship of their peers, and provides an array of pro-bono strategic and professional services, primarily through three strategic partnerships: McKinsey & Company; Hill & Knowlton, Inc.; and the International Senior Lawyers Project. Additional support is available from Ashoka for Fellow-initiated collaborations and exchange visits.