Terra Verde
Capital.
Millions of Ugandans work the land. A fraction of what they grow is ever processed.
The capital to change that has simply not been there. Until now. Africa's agricultural economy is the largest untapped growth opportunity in global private credit. Uganda sits at its epicentre, with a young population, fertile land, and a processing sector that remains almost entirely undeveloped.
- of Ugandans employed in agriculture
- 70%
- of Ugandans employed in agriculture
- GDP contribution from the sector
- 24%
- GDP contribution from the sector
- of farm workforce are women
- 76%
- of farm workforce are women
The Missing Middle
Growth-stage agro-processors are chronically underserved, too large for microfinance, too early-stage for traditional private equity. Banks require collateral they cannot provide; development finance is too slow and too conditional. This is the gap TVC is designed to fill.
Value Addition Gap
Uganda exports 90% of its coffee as raw beans and imports over USD 200M of vegetable oil annually, oil that could be refined locally from sunflower and soybean grown in-country. Processing at origin captures 2–3× additional value per unit and creates jobs, reduces imports, and builds industrial capacity.
Private Credit Premium
Collateralised lending to agro-processors in Uganda generates gross yields of 16–21% per annum, reflecting genuine market rates in a high-growth, capital-constrained environment, not subsidised or concessional returns.
Sources: Uganda Bureau of Statistics, MAAIF, FAO 2024
Three barriers holding back Uganda's agro-processing sector.
Uganda's agro-processing sector is held back by three structural barriers that compound each other. TVC's integrated approach is designed to address all three simultaneously.
Capital Constrained Processors
Agro-processors cannot access appropriate growth capital at scale. Bank lending requires collateral they cannot provide; development finance is too slow and too conditional. The result is chronic underinvestment in processing capacity at the most critical stage of the value chain, when raw materials could be transformed into higher-value products for domestic and export markets.
Climate-Vulnerable Supply Chains
Low-productivity smallholder farming upstream creates inconsistent raw material quality and volume, and climate variability amplifies these shocks. Without upstream productivity support, investment in processing infrastructure is undermined by unreliable input supply. TVC's TA Facility addresses this directly by improving farming practices and climate resilience alongside capital deployment.
Premature Export of Raw Commodities
Uganda exports 90% of its coffee as unprocessed raw beans and loses more than USD 200M annually by importing vegetable oil that could be refined locally. Exporting raw commodities means Uganda captures the smallest share of the global value chain despite producing world-class agricultural products. Processing at origin is the structural fix.
Ecosystem-based private credit.
TVC deploys senior secured debt to agro-processors who anchor smallholder farmers, creating a reinforcing loop from farm to export market that generates financial returns and measurable development impact.
Deploy Capital
Senior secured structured debt instruments of USD 200K–500K per borrower, at a 36-month tenor and 16–21% gross yield. Collateral-backed with disciplined credit underwriting at every stage of the investment process.
Anchor Farmers
Portfolio companies create stable off-taker relationships with smallholder farmers. TVC's Technical Assistance Facility, co-funded by development partners, improves upstream productivity, raw material quality, and climate resilience.
Enable Exports
Scaled processing capacity unlocks access to premium export markets. Coffee moves from raw bean to specialty grade. Oilseeds substitute imports. Agro-processors reach regional buyers through value addition, packaging, and cold chain investment.
Generate Returns
Interest income and fees at gross yields of 16–21% fund senior debt coupons (7%), equity preferred return (8% hurdle), and deliver a target net IRR of 11–13% to investors.
The TA Facility, co-funded by development partners, reduces portfolio risk, improves borrower quality, and generates a pre-screened deal pipeline that feeds directly into TVC's deployment strategy.
Three high-potential value chains.
TVC deploys across three value chains selected for demonstrated financing gaps, measurable export upside, and alignment with Uganda's national development priorities.
Coffee
Uganda produces some of the world's finest Arabica and Robusta coffee, yet exports over 90% as unprocessed raw beans, capturing the smallest share of a value chain worth USD 800M+ annually. TVC finances washing stations, wet mills, and roasting operations that move Ugandan coffee up the value chain toward specialty export markets, generating significantly higher margins for processors and better farmgate prices for the 1.7 million smallholder farmers in the sector.
Oilseeds
Uganda imports over USD 200M of vegetable oil annually despite producing sunflower and soybean at scale. Local pressing and refining creates direct import substitution, reduces the trade deficit, improves farmer incomes, and generates stable domestic demand. Policy tailwinds strongly support local processing investment.
Others
Uganda's agriculture sector produces substantial volumes of fruits, grains, roots, and livestock products, yet a significant share is sold with minimal processing, resulting in post-harvest losses and limited value capture. Investments in food processing, packaging, storage, and value addition create higher-margin products, improve shelf life, strengthen market access, and increase farmer incomes. TVC finances growth-stage agro-processors with demonstrated supply chains, scalable operations, and clear pathways to regional and export market expansion.
What we look for.
TVC backs growth-stage agro-processors that meet a clear baseline of operating maturity, scale, leadership, and impact alignment.
- of operations
- 3+ yearsof operations
- A demonstrated trading history of at least three years.
- annual turnover
- USD 150k+annual turnover
- Annual revenue of at least USD 150,000.
- management experience
- Credible teammanagement experience
- A management team with credible, relevant sector experience.
- impact alignment
- Gender-lensimpact alignment
- Alignment with gender-lens investing principles.
Capital that counts. Measurable impact across six SDGs.
TVC investments are tracked against UN Sustainable Development Goal indicators. Impact and financial returns are not in tension, they are structurally reinforcing.
No Poverty
Stable off-taker relationships and higher farmgate prices directly increase smallholder household incomes, providing predictable revenue for farming families that have historically faced volatile markets.
Zero Hunger
Local food processing and oilseed refining reduce post-harvest loss and improve food security and nutrition across the value chain, while reducing dependence on imported foodstuffs.
Gender Equality
76% of Uganda's agricultural workforce are women. TVC's ecosystem model, anchoring processors to smallholder supply chains, creates direct economic empowerment for women farmers and processors.
Decent Work
Each portfolio company is projected to create 20–50 direct formal jobs in processing, logistics, and quality assurance, roles that typically pay above-average wages relative to informal agricultural work.
Industry & Innovation
Financing processing infrastructure and energy-efficient production technology builds Uganda's industrial base, advancing the structural transformation from a raw-commodity exporter to a value-added producer.
Climate Action
The TA Facility drives climate-smart agriculture adoption across the smallholder supply base and supports investment in energy-efficient processing technology, reducing emissions intensity across the portfolio.
An institutional foundation built over seven years.
TVC is anchored by Belli Advisory's seven-year track record in enterprise development, investment readiness, and development programme delivery across Uganda.
Belli Advisory
Belli Advisory is a leading business consultancy delivering capacity-building and investment readiness programmes across Uganda. Its deep relationships with agro-enterprises, development partners, and financial institutions form TVC's primary deal origination channel, providing a pre-screened, relationship-based pipeline that reduces deployment risk.
- Years Operating
- 7
- Years Operating
- SMEs Supported
- 36+
- SMEs Supported
- Dev. Partner Programmes
- 4+
- Dev. Partner Programmes
Development Partner Network
German bilateral development agency implementing private sector growth, sustainable agriculture, and energy access programmes across East Africa.
International development organisation focused on inclusive economic development, climate resilience, and sustainable energy across Uganda and the East African Community.
Enterprise support and market systems development across cocoa, apiculture, and energy value chains in Uganda and East Africa.
Apex body for private sector advocacy in Uganda, a key institutional partner for investment readiness, enterprise financing, and policy engagement programmes.
Terra Verde
Capital.
If your business meets the investment criteria above, tell us a little about it and we will be in touch.
- Plot 28, Martyrs' Crescent, Ntinda, Kampala, Uganda
- info@belliadvisory.com
- terraverdeug.com
- +256 781 865 502 · +256 788 702 078