A Regenerative Supply Chain Rooted In The Rainforest

Barnana is a better-for-you snack company transforming how the consumer packaged goods industry sources food. Since 2012, they’ve partnered directly with Indigenous and smallholder farmers in the Amazon rainforest of Ecuador to source organic bananas, plantains, and cassava, turning imperfect or overripe crops into upcycled snacks. Today, Barnana’s products are stocked in major retailers including Whole Foods, Sprouts, and Costco, with growing traction across international, private-label, and e-commerce channels.

With a vertically integrated supply chain and in-region processing facility, Barnana combines deep impact in farming communities with strong operational control. As they scale, the business continues to prove that commercial growth and ecological responsibility are not only compatible but mutually reinforcing.

Use of Funds

The funding from Steward will refinance Barnana's outstanding balance on an existing line of credit, with the remaining loan proceeds of approximately $940k providing the business with the working capital required to execute on their sales and marketing strategy. 

With a differentiated brand, strong consumer demand, and growing traction across multiple sales channels, Barnana is well-positioned to expand and succeed within the premium snack category.

Note on Tariffs

Effective August 7th, 2025, the United States imposed a 15% tariff on all goods imported from Ecuador,  Barnana’s primary sourcing country. While this development introduces potential cost pressure, the overall risk is considered moderate for several key reasons: 

• Vertical integration: Barnana owns and operates a processing facility to fry plantains and dry bananas in Ecuador, significantly reducing product weight. This reduction in weight reduces the gross cost of transportation and the resulting taxable value of the product being imported.
  
  
• US-based value addition: The most significant value-added processes are completed in the US, further reducing exposure to tariffs on finished goods. Currently, imported processed goods from Ecuador represent only 30% to 40% of Barnana’s COGS. 
  
  
• Barnana’s financial projections have already incorporated a 10% tariff. To offset the additional 5% tariff, the company will be able to adjust down the intra-company price charged for product sales between their Ecuador- and US-based entities, essentially passing through the tariff charges to the Ecuadorian entity. 
  
  

Barnana’s financial projections were stress tested by Steward to model a total of 25% tariffs charged on raw materials imported from Ecuador. Even under this scenario, Barnana’s Debt Service Coverage Ratio (DSCR) remained a reasonable 1.66x, demonstrating the company’s ability to meet its debt obligations despite increased cost pressures.

Ecological, Social, and Economic Stewardship Practices

Ecological Stewardship: 

• All sourcing of agricultural products, including deforestation-free bananas, cassava, and plantains, start with organic and biodiverse family farms.
  
  
• Barnana utilizes imperfect produce (up to 20% of crop does not fit requirements for exporting), which would otherwise be wasted.
  
  
• Through innovation, Barnana has intentionally diversified product offerings, which enabled farmers to create new income streams while increasing biodiversity on farms through companion planting and permaculture efforts (plantains shade coffee and cocoa plants; cassava grows in the understory, protecting soil).
  
  
• By working with farms in the Amazon versus coastal regions, cropland benefits from natural rainfall and is not reliant on irrigation systems.
  
  
• Mandatory controls are in place to support good agricultural practices through Regulation (EU) 2023/1115 for sourcing deforestation-free products. Polygonal mapping is used to verify compliance with the regulation’s conditions.
  
  
• Barnana invests in research efforts in order to increase yields while prioritizing ecosystem health.
  
  

Social Stewardship:

• Barnana’s most significant social impact is in job creation within underserved regions. Over 90% of the income generated supports women in remote areas of Ecuador.
  
  
• Somos Semilla Project was initiated by Barnana to prevent violence and promote education and resources for workers and their families.
  
  
• Barnana invests in physical and mental health resources, medical check-ups, and team building efforts to promote the health and wellbeing of workers.
  
  
• Barnana provides continuous encouragement for gender pay equality.
  
  

Economic Stewardship: 

• Through upcycling efforts, Barnana has created new income streams with otherwise wasted product for farm families in the region.
  
  
• Barnana has created demand for new crops, promoting additional income for farmers and increasing on-farm biodiversity through the development of new products like cassava chips.
  
  
• Barnana sources directly from farmers and farmer co-ops, maintaining traceability in the supply chain. 
  
  
• Farmers are paid above market price. Stable prices are set throughout the year which provides economic benefit to both Barnana and farmers.
  
  
• Barnana's largest investor is Eco Enterprises, who invests in companies who have a strong social impact in South America.
  
  
• Barnana's second largest investor, Hawthorne Group, invests in companies who focus on upcycling and food waste mitigation.
  

Stewardship Statement

The team at Barnana is committed to building a sustainable and socially responsible business centered on the production of certified organic banana, plantain, and cassava products. These ingredients are ethically sourced from thousands of indigenous farms in the Amazonian region of Ecuador, forming the foundation of Barnana’s mission to protect ecosystems and uplift local communities.

Throughout the term of this loan, Barnana pledges to:

• Preserve and uphold their organic certification by sourcing directly from farms that prioritize environmentally regenerative practices, with a focus on soil health, biodiversity, and long-term ecosystem vitality;
  
  
• Strengthen circular economy efforts by continuing to reduce waste through innovative upcycling of imperfect produce and optimizing logistics with an environmentally conscious approach; and
  
  
• Foster economic empowerment by generating meaningful employment opportunities and investing in education and resilience-building initiatives within farming communities.