RSF Partners With Design Pioneer Odegard, Inc.
February 2, 2009
Stephanie Odegard visiting a Rugmark school
“The International Labor Organization (a United Nations agency) estimates that 1.2 million children are illegally sold into servitude every year,” stated Shobna Dhewant, Lending Manager at RSF Social Finance. Pioneering carpet designer, Odegard, Inc., selected RSF as its lending partner. The partnership will provide Odegard, Inc. with a significant working capital loan enabling domestic and international expansion and allowing Odegard to further its mission to eliminate child labor in the carpet industry of Nepal.
“RSF Social Finance understands and supports the work that Odegard has been doing for the past twenty years. I founded my company with a commitment and belief in the same ideals on which RSF was founded—a belief that fair business practices can improve economic, social, and environmental conditions,” says Stephanie Odegard, Founder & President, Odegard, Inc.
A long-time leader in social enterprise, Odegard Inc. was founded in 1987 by children’s rights activist and renowned carpet designer, Stephanie Odegard, to marry the interests of the upscale designer carpet market with the age-old tradition of hand-knotted carpet weaving. Stephanie has revolutionized the American handmade rug industry, and has proven that socially responsible business practices can improve the living conditions of thousands of workers and their children.
Today, Odegard Inc. markets its luxury hand-knotted carpets worldwide through seven showrooms and more than seventy dealers — its manufacturing has helped restore local communities both economically and socially by providing employment to more than 10,000 craftspeople in Nepal. Each Odegard carpet bears the RugMark label which is the only recognized certification program to insure that carpets are made free of child labor; funds are used for education and welfare of rescued children.
Investors, donors, and borrowers at RSF Social Finance form a relationship with RSF because they know they are working with a financial services organization whose mission is aligned with their values. The New York-based company now employs more than 10,000 carpet workers in Nepal at four manufacturing sites. In addition to gaining access to the American market and having a livelihood that preserves a traditional artistic culture, employees have access to basic social services such as health care, day care, and education. In all her products, Stephanie requires strict adherence to social responsibility in countries where production takes place. All Odegard® carpets bear the RugMark® label. This label is the only recognized certification program to make sure carpets are made without child labor.
- Published by Jillian McCoy
- Categories: Education & Arts, Fair trade, Giving, Investing, Lending, Social Investment Fund
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