25/10/2022
Dear Entrepreneur,
A business grant is money awarded to business owners and entrepreneurs in need in order to help them start or grow their business. Grants are usually provided by governments, foundations, trusts etc and unlike loans, do not need repayment because the funds are not borrowed. Furthermore, there is no interest tied to business grants nor is the business required to give up any equity in exchange for the funds.
This week we bring to you some business grants and funding opportunities targeted at African Entrepreneurs to enable them scale up or develop their business
SeedStars
Pierre-Alain, Michael, and Adrien, three Swiss entrepreneurs, formed Seedstars in 2012 because they shared a love for entrepreneurship and starting businesses from the ground up. To establish strong and healthy entrepreneurial ecosystems, the organisation collaborates with governments, developmental financial institutions, foundations, firms, and investors. Seedstar has a Fund dedicated to African Entrepreneurs and regularly organizes business competitions with prizes ranging from $250k to $2mn
Website: https://www.seedstarsworld.com/regional-summits/seedstars-africa/
Grofin
GroFin is a specialised SME lender with a strong focus on social impact. The organization assists entrepreneurs in growing their firms by providing them with business loans and business support (professional advice and ongoing guidance). They support locally owned and managed businesses across a range of sectors and business stages including start-ups, expansions, buying of businesses, management buy-outs and franchises. You are eligible even if you have a limited track record but have the skills, or have little collateral but a strong viable business or business plan.
Website: https://www.grofin.com/
Acumen Fund
Acumen was formed in 2001 by Jacqueline Novogratz with the goal of using the power of entrepreneurship to create a society where everyone could live in dignity. The goal was to create a venture capital fund for the poor, supported by a global community of philanthropists and businesses willing to take a risk on a new approach to ending poverty. The Company funds early-stage businesses whose products and services help the underprivileged improve their lives. It also provides support in form of tools, networks, technical assistance and strategic guidance needed to succeed.
Website: https://acumen.org/
The Lundig Foundation
The Lundin Foundation is a registered Canadian non-profit organisation dedicated to empowering ‘ entrepreneur through capacity building, targeted technical assistance, performance-based funding, and impact investment. Since its inception, they have disbursed more than $72.6M USD into initiatives that enable local employment, nurture small business growth and support financially viable social and environmental solutions.
Website: https://www.lundinfoundation.org/
The Lundig Foundation
The Lundin Foundation is a registered Canadian non-profit organisation dedicated to empowering ‘ entrepreneur through capacity building, targeted technical assistance, performance-based funding, and impact investment. Since its inception, they have disbursed more than $72.6M USD into initiatives that enable local employment, nurture small business growth and support financially viable social and environmental solutions.
Website: https://www.lundinfoundation.org/
The AECF
The Africa Enterprise Challenge Fund, is an African economic development initiative that supports innovative ventures with the goal of eliminating rural poverty, strengthening communities, and creating jobs through private sector growth. The Fund provides “patient” capital to businesses operating in the agribusiness and renewable energy sectors across Sub-Saharan Africa through various financing instruments, which include grants, zero-interest loans, guarantees, and working capital facilities. The AECF has invested over $392m in businesses that typically struggle to get funding from traditional banks .
Website- https://www.aecfafrica.org/
The Tony Elumelu Foundation
Tony O. Elumelu, CON, an African investor and philanthropist, has pledged $100 million to identify, train, and fund 10,000 African entrepreneurs over the next ten years, with the goal of producing millions of jobs and revenue on the continent. The Program has increased its commitment beyond its original pledge of sponsoring 10,000 African entrepreneurs with the help of partners. The TEF Entrepreneurship Program provides; Mentorship in Business Training, $5,000 non-refundable start-up money, Networking Opportunities Around the World
Website: https://tefconnect.net/
Parting Words
Business grants are an excellent way for entrepreneurs and business owners to obtain funding to help their firms grow. Grants are typically competitive so you must be prepared to compete for available grants. Many applications for Grants are rejected because of inadequate documentation, lack of business structure, weak business plans.
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