Fund lines up Sh1.2bn funding to women firms


Victoria Sabula, the CEO of Africa Enterprise Challenge Fund (AECF). 

Photo credit: File photo | pool

The Global Affairs Canada (GAC) through the Africa Enterprise Challenge Fund (AECF) is offering about Sh1.2 billion in grants to support women-led businesses in Kenya.

The fund that is looking to support women and young women medium-sized enterprises operating within the blue economy targets counties such as Kwale, Mombasa, Kilifi, Tana River and Lamu.

Other countries targeted by the fund that must see applicants submit their request for proposal by January 20th are Taita Taveta, Busia, Siaya, Kisumu, Homabay and Migori.

Applicants must have an annual turnover of $500,000 (Sh62 million) to $2.5 million (Sh309 million).

“The business applying for the fund should have a duty of care to ensure they are not dealing with suppliers on debarment, suspension, exclusion and anti-terrorism on its suppliers, consultants and staff,” said Africa Enterprise Challenge Fund on its website.

AECF says that women-led businesses applying for the fund must trade in areas such as fisheries, agriculture or forestry, renewable energy and waste management.

Women-led businesses in sectors such as marine and lake biodiversity protected areas, tourism, and aquatic blue food storage as well as those in social enterprises that reduce the burden of care for women and young women will be considered.

The women-led business that qualifies for the grant will get a minimum of $50,000 (Sh6 million) and a maximum of $400,000 (Sh49 million).

Applicants will be expected to submit a funding application justifying their requirements for the business and or idea to be funded, the funding amount and the project duration.

The companies applying for the fund must demonstrate that the women and young women are active participants in the decision-making and operations of the business.

“Funding must be used for a specific project in one or more of the target counties,” said the non-profit development organisation.

AECF supports innovative enterprises in the agribusiness and renewable energy sectors with the aim of reducing rural poverty, promoting resilient communities and creating jobs.

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