One of the things I find boring are routines, especially when most people do it. First you are excited to begin, then you get a hold of the routine, and just when you tick the milestone box in your mind, the zest disappears. You gradually start to skip times, days, weeks, months and eventually dump the routine for ever.  

Do you find yourself dumping routines forever, spontaneously? I do, and I bet a lot of people do too. Why should we talk about smart objectives for 2025 if they will end up in the mental bin? Maybe people do that to catch on trends, pose responsible, or achieve better milestones. 

By the end of this article, you will decide if there is need to set objectives for this year, ditch the ones you already have, or follow through regardless of the hurdles. 

Why set objectives? 

Some days we wake up sure of what we want and the pathway, other days we want the comfort of the sheets till our backs are sore and a knight in shining armour fights the battles our enterprise wages against us or even better a genie grants our wish. ‘Tis because we want to birth something, we want to be remembered as women who strived in our industry, most of all we want to leave a part of us here—as ‘Matriarchs’ after we are gone; and we subtly know that the path to these eternal legacies is in the footsteps we take today.  

Miracles happen, little efforts seem to produce tremendous returns, and hard work seem to yield nearly nothing that meets our expectations, sometimes. However, I am a firm believer of cause and effect, so I do not think that things just happen; plus, the factors we can/cannot fully control after our PESTLE and SWOT analysis.  

I think objectives are set for three reasons.  

The Past: 

Everyone has a story—of origin, identity, struggles, achievements, failures, and comfort zone. We are familiar with talking about yesterday in today, and the experiences leave different effects on people. Some want to tell it as it is, others want to change the story, while some will rather be dumb than speak of yesterday. Whatever category yours can be, these experiences are subtle alarms that urge us to plan and be better, giving them any positive attention spurs us into magnificent altitudes. Such planning begins with introspect, questions like—Why did I begin? How did I lose/gain this much? Where was this industry before my arrival? 

The Present: 

How we intend to tell our stories determine whether our target audience will come around. The paradox is that we have today to talk about yesterday, write about today, and plan for tomorrow. Which means that the present gives us another opportunity to build upon existing narratives and/or create new narratives. Either way, it calls on us to be the playwright and director of our story. Ask yourself what you should do today to make up for lost times, how you can stay afloat and not slip down the curve, ask yourself what your business needs to thrive today and how you can achieve it. Remember this: “Tomorrow belongs to those who prepare today.” 

The Future: 

We may blame people for our past, lose our present to immediate gratifications, but if we dilly dally on our future, it will someday become a past that will haunt us with blames. Think about your finances, projects, goals, and do not through your dreams under the bus for today’s gratification 

Conclusion 

New year resolutions and setting goals may sound cliché but what truly is, will be dumping them in mental bin and moving on like they never existed. Seeing how our past, present, and future are interconnected, a major asset is what we do with ‘time’ not necessarily the duration. Setting and executing objectives help us utilise this asset. The steps are simple—think why, what, how, and when.  

Here’s an elaborate guide: think of why you started your enterprise, what other elements can help you thrive in the industry, think about how to build meaningful partnerships, how to leverage available resources, and when you must do them (the key is in acting). That way, you do not just set objectives for your business, but you have reasons to execute them. Today, I want you to remember where you were (your past), where you are (your present), where you can be (your future), then think, plan, and execute punctually.  

2025 just got started and I cannot wait to read your story in our spotlight!

Written by: Odilichukwu Frances Jombo 

Take Your Female-Led Business to the Next Level!

Are you a Nigerian woman entrepreneur ready to take your business to the next level? Apply now for Growth4Her Cohort 4 and unlock the full potential of your SME

According to the African Development Bank (AfDB) 2021 report, there’s a $42 billion gender financing gap in Africa. As an AFAWA Women Entrepreneurship Enabler, Growth4Her addresses this challenge head-on. This investor-readiness accelerator program is co-created and implemented by Creative Space Startups, Sociocapital Impact Group, The Learning Gate, and ActivSpaces.

Launched in 2022, the initiative has received over 1,500 applications from Nigeria and Cameroon across its first three cohorts. To date, more than 300 women entrepreneurs have benefited from the program, seeing tangible results such as increased revenue, expanded market reach, improved mental health through psychosocial support sessions, and enhanced business management practices. Our vibrant, close-knit community of over 500 women fosters strong connections among our alumni, serving as a rich resource for opportunities, collaborations, partnerships, and first-hand funding and visibility opportunities. We are on a mission to support 1,500 women entrepreneurs across West Africa over the next five years.

Cohort 4 applications are open for Nigerian women entrepreneurs! 

This transformative program will empower selected women entrepreneurs in Nigeria to transform their SMEs into fundable, high-growth ventures through investment readiness skills, connect them directly to funders’ funding opportunities, and cultivate an ecosystem that supports their businesses.

Eligibility Criteria:

• Women-led businesses based in Nigeria
• Minimum 51% or 20% woman-owned with a female CEO/COO
• At least 30% female board representation (if a board exists)
• 5-300 employees
• Annual sales between US$35,000 – US$15 million
• Assets ranging from US$100,000 – US$15 million
• Commitment to a one-week virtual/physical boot camp
• Dedicate 3 hours weekly for mentorship over eight weeks
• Participation of C-level executives is mandatory

What You’ll Gain:

• Expert mentoring from seasoned entrepreneurs and industry leaders who have walked the path.
• Receive tailored training to address your business’s needs and challenges.
• Networking Opportunities: Connect with like-minded women entrepreneurs and potential partners.
• Explore alternative funding options and learn how to pitch your business effectively.
• Receive psychosocial support and guidance to navigate the ups and downs of entrepreneurship.

Don’t miss this opportunity to become INVESTMENT-READY and take your SME to a new level!

Apply today to join women entrepreneurs who have achieved remarkable growth and success, equipped with mentorship, training, funding, and networking opportunities.

Apply Now: https://growth4her.org/apply/

For more information, visit our website: https://growth4her.org/ or email us at [email protected]

#Growth4Her #NigerianWomenEntrepreneurs #SMEGrowth #Empowerment #AcceleratorProgram

Meet Olubunmi Wisdom Eleweyori, CEO of Glovan Farms. Her company specializes in processing and packaging hygienic, sandless dry fish products, offering ready-to-cook, ready-to-eat options, and even dry fish powder. In this interview, she shares how the Growth4Her Accelerator program has shaped her journey and her vision for Glovan Farms.

Interviewer: Can you please introduce yourself and tell us a bit about your business?    

My name is Olubunmi Wisdom Eleweyori, I am the CEO of Glovan Farms. Glovan farm is a forward-thinking Agro processing company that specializes in processing and packaging hygienic, sandless, nutritious dry fish and dry fish products. Part of our products are the ready-to-cook dry fish, ready-to-eat dry fish snack, dry fish powder, stock fish powder, we also intend to go into baby food to enhance the protein level in baby food and we are resident in Abuja.  

Interviewer: What motivated you to join the Growth4Her Accelerator program?  

It was the normal desire for growth, to experience the new because for every entrepreneur, you remain stagnant except you keep driving for new things, innovations, that will help your business. When I saw Growth4Her Accelerator program, I saw it as an opportunity to learn and to enhance all it is that we’re doing, so those were my motivation.  

Interviewer: Were there specific challenges your business was faced with prior to joining the program? How did the Growth4Her Accelerator program help you overcome these challenges you faced in growing your business?  

Basically, before joining Growth4Her program, we assessed ourselves as a company and we asked ourselves, where are we now? We realized we are at a point where we need to increase, expand and get partnerships, so when we set out this year that was what we sought for. I would say before Growth4Her, I was not able to pitch my business or talk about Glovan farm and all we do, I didn’t know the vital areas to concentrate while pitching my business to investors, so Growth4Her brought that out of me. For me, my take home from Growth4her program was learning how to pitch my business in 5 minutes, understanding what investors are interested in knowing about my business. So, I would say after the program I was confident to face investors, I could prepare my pitch and present and even after the program I’ve been able to pitch to an organization, and to a couple of individuals, etc.   

Interviewer: Can you share a memorable moment or experience from the Growth4Her Accelerator program that stood out to you?  

I think my relationship with the mentors, especially during my closed sessions, my mentor Prof Isidore, has always been patient, giving us vital assistance and help, people with issues bring it up to the table and he’s able to advise. So, learning from my mentor’s wealth of experience made me to always look forward to the closed session with the mentor.   

Interviewer: Since completing the Growth4Her Accelerator program, how has your business grown or changed?   

It has grown in the sense that I’ve become more outspoken to pitch my business, I knew from the beginning of this year, what I needed is funding and it has empowered me to meet people, tell them about my business, pitch my business, although I haven’t gotten any funding yet but I’m hopeful something positive will come out.   

Interviewer: What advice would you give to other women entrepreneurs who are considering joining the Growth4Her Accelerator program?  

I will say they should jump at it. I know most entrepreneurs are looking for funding but for an organization like Growth4Her that is not offering funding but offering you practical knowledge to build and manage your business, It’s like a mini-MBA. I know not many are opportuned to have an MBA to help them manage their businesses properly. I had an MBA about two years ago but the knowledge from Growth4Her is a plus for me. So, Growth4Her simply gives you an insight into what you could have learned from an MBA, such as Bookkeeping, Financing, managing your business, your staff, etc. So, I will say it’s a good initiative for entrepreneurs.  

When you think about an upcoming Trade fair, what thoughts come to mind? Do you view it simply as an opportunity to register and pay for booths to drive sales and profits? What other purposes do trade fairs and exhibition shows serve beyond sales? And how do organizers measure success for these events?

Trade fairs or exhibitions are events where businesses from a specific industry showcase their products, services, or innovations to potential buyers, partners, and other stakeholders. They have been essential to business development, offering a unique blend of promotion, networking, and market research. Whether you’re a startup or a well-established company, the benefits of participating in these events can be far-reaching.

Exhibiting at trade fairs requires significant investment—both in terms of time and money—the benefits typically outweigh the costs. Recently, the Naija Brand Chick Fair has expanded its reach beyond Nigeria. The trade fair has been quite successful in the Nigerian market, but it has dared to explore new opportunities for vendors and business owners in the international market. However, this moves evoked mixed reactions, inspiring this post on the different perspectives on Trade Fairs, especially for business owners. Some opined that it’s unwise to make such a significant financial investment in exhibiting goods outside the country, considering the country’s current economic situation, as some of those products are already widely available in the London market, which may result in low sales at the fair. On the other hand, some believe it’s an excellent opportunity to increase brand visibility and positioning.

When carefully aligned with business goals, trade fairs offer more than just a return on investment; they help build relationships, boost brand awareness, and provide market insights that fuel long-term growth.

Sales are undoubtedly a significant outcome of trade fairs; the benefits often extend far beyond. Trade Fairs and Exhibitions events serve as powerful platforms for:

Brand Visibility and Awareness: Exhibiting at a trade fair can significantly boost your brand’s visibility among target audiences. By showcasing your products or services in a focused environment, you can reach potential customers who have yet to learn about your business.

Networking and Relationship Building: Trade fairs provide excellent opportunities to connect with industry peers, potential partners, and customers. Networking can lead to new collaborations, partnerships, and valuable insights into market trends.

Market Research and Analysis: Observing competitor activities and gathering feedback from attendees can provide valuable market intelligence. This information can help you refine your business strategies and identify emerging trends.

Employee Motivation and Development: Participating in trade fairs can be a motivating experience for your team. It allows them to showcase their work, learn from industry experts, and gain valuable experience.

The recent expansion of the Naija Brand Chick Fair to international shores is a testament to trade fairs’ potential to drive business growth. Despite concerns about market saturation, the event proved successful, demonstrating value beyond immediate sales.

While participating in trade fairs can be a significant investment, the long-term benefits often outweigh the costs. By carefully considering your goals, target audience, and the fair’s value proposition, you can make informed decisions and maximize your return on investment.

Participating in trade fairs and exhibitions is about more than just immediate sales. It’s a strategic move that can enhance your brand visibility and foster new relationships, collaborations, and partnerships. These long-term benefits can be invaluable for your business growth, reassuring you that your investment in trade fairs is a sound decision.

Are you considering participating in a trade fair or exhibition soon? Your next event could be the game-changer that transforms your business from local to global success.

On July 23rd, 2024, The Central Bank of Nigeria (CBN) again announced a hike in the Monetary Policy Rate (MPR) from 26.25% to 26.75% to curb the country’s increasing inflation rate.

The move, though not a bad one, poses significant challenges for businesses already grappling with many economic hurdles. However, it’s important to note that SMEs have shown remarkable resilience in the face of such challenges, inspiring hope for the future.

Understanding the Monetary Policy and Impacts on SMES

A Monetary Policy Rate (MPR) of 26.75% means that a country’s central bank has set the interest rate at which commercial banks borrow it at 26.75% per annum.

In simple terms, this means the central bank lends money to commercial banks at an interest rate of 26.75%. Commercial banks then lend this money to their customers (individuals and businesses) at a higher interest rate, making borrowing money more expensive. This move attempts to control inflation by reducing consumption and demand for goods and services, furthering the decline in consumer buying ability and dwindling sales for business owners, including SMEs. 

This new development has faced much backlash from the entrepreneurial community, like NACCIMA and NECA, pointing out the ripple effect of policies like this on business owners. At the same time, the CBN, in its defence, highlighted the potential benefits of its interest rate hikes, such as the 234% year-on-year increase in capital importation to $5.92 billion in the first half of the year, H1’24, and the 62% year-on-year increase in Diaspora Remittances to $2.43 billion in H1’24. These figures, along with the rise in external reserves to $37. 05 billion, provide a sense of reassurance and optimism.

An increased interest rate directly translates to higher borrowing costs for businesses. SMEs, which rely heavily on loans for expansion, working capital, and investment, are particularly vulnerable. With rising capital costs, these businesses need help accessing funds, hindering their growth potential.

Moreover, the higher interest rate environment can lead to reduced consumer spending as individuals grapple with increased borrowing costs on personal loans and credit cards. This decline in consumer spending can adversely affect SMEs’ revenue, creating a domino effect on their operations.

What, then, is the way forward for SMEs faced with these myriad challenges?

While the challenges posed by the interest rate hike are substantial, SMEs can implement strategies to mitigate its impact. Here are some key recommendations:

Strategic Financial Management: SMEs should prioritize careful financial planning and budgeting, closely monitoring cash flow, reducing operational costs, and optimizing resource utilization.

Debt Management: SME owners must urgently review their debt obligations and explore refinancing options to secure lower interest rates potentially. They should prioritize debt repayment and avoid unnecessary borrowing.

Focus on High-Profit Areas and Diversify Revenue Streams:  Analyse product or service lines and prioritize those with higher profit margins; expanding product or service offerings will help reduce reliance on a single income source and enhance resilience during economic downturns.

Cost-Cutting Measures: Cost-saving initiatives, like streamlining operations, negotiating better supplier deals, and exploring alternative sourcing options, can help improve profitability.

Digital Transformation: Embracing technology can improve efficiency and reduce operational costs. Digital platforms can also facilitate access to new markets and customers, thereby reducing the impact of the interest rate hike on SMEs.

Government Support: SMEs should leverage government programs and initiatives to support businesses. These programs often provide financial assistance, capacity building, and market access, like the SMEDAN Sterling bank loan, which offers up to 2.5 million naira at one single interest rate. This support is crucial and should be seen as a source of encouragement for SMEs.

Strategic Partnerships and Collaborations: Collaborating with other businesses can create synergies and reduce costs. Forming strong relationships with suppliers and customers to negotiate better terms can also help. Overall, partnerships can also provide access to new markets and resources.

The CBN’s interest rate hike presents a formidable challenge for Nigerian SMEs. By adopting proactive measures and sound financial strategies, businesses can navigate these turbulent waters and emerge stronger. Government support and a conducive business environment are crucial in helping SMEs weather the storm and contribute to the nation’s economic growth.

Sources: https://punchng.com/higher-interest-rates-could-cripple-businesses-says-naccima/#google_vignette

https://www.vanguardngr.com/2024/07

Credit: UN Women/Daniel Donald

We often hear that businesses are one lousy government policy away from closing shops, and this is a common scenario in many African countries. Governments sometimes create and enforce policies that are highly detrimental to the survival of small and medium enterprises (SMEs). One of the main reasons for this is the lack of appropriate consultation with forums, cooperatives, and associations that represent these SMEs. As a result, the government often lacks thorough insights into the challenges faced by SMEs and how to address them.

Nevertheless, SMEs in Africa continue to exist and strive despite the harsh impact of business policies and other unique challenges. From navigating bureaucratic hurdles to limited access to resources, African SMEs face numerous obstacles on their path to growth. Public policies play a crucial role in shaping the entrepreneurial dynamics of a country or region. In different time periods, African states have introduced policies that have had both positive and negative consequences. These policies can either encourage entrepreneurship and establish an institutional framework that supports it, or have the opposite effect.

We see one such pivotal government policy in Nigeria with the recent removal of fuel subsidies. While this policy shift aimed to reduce government expenditure and redirect resources to critical sectors, it has had unintended consequences on women-owned SMEs. There are concerns that it will lead to a sharp increase in transportation costs, affecting the entire supply chain. This burden disproportionately affects women entrepreneurs who operate SMEs, who often rely on transportation to distribute their goods and services. Due to the higher transportation costs, these SMEs will experience squeezed profit margins, reduced competitiveness, and limited resources to invest in growth initiatives. In light of this policy, Olutosin Olaseinde brought up an important question: 

And we have already witnessed businesses temporarily suspending all operations with many others having had to scale down or close up.

On the other part of the continent in East Africa, Kenya made efforts to formalise the informal sector, encouraging businesses to pay taxes and improving access to finance and additional support. To drive this, they created an enabling environment that removed common bottlenecks faced by SMEs when registering their businesses. In 2023, Kenya’s Business Registration Services (BRS) reduced the time and cost of registering a business from 12 days and $100 to 24 hours and $1. This policy significantly contributes to the growth of SMEs.

Navigating unfriendly public policies can be challenging for SMEs and may even seem impossible, to the point where closing down becomes a consideration. However, with strategic approaches, women-led SMEs can minimise the negative impact and find opportunities for growth. Here are some tips to help you navigate unfriendly public policies:

• Stay informed: Keep up-to-date with policy changes that may affect your business. Stay updated through government announcements, industry publications, and engagement with business associations to understand the implications and adapt your strategies accordingly. Through our newsletters, Growth4Her will be keeping you updated; stay tuned!
• Adapt and diversify: Be flexible and try different things by adjusting your business to fit the rules and regulations that are in place. If possible, try to find new markets or customers unaffected by the policies. You can also offer different products or services so that you’re not relying too much on just one area. This way, if one part of your business is affected by the policies, you have other areas that can still make money. Have multiple streams of income.
• Seek exemptions and incentives: Research and identify any exemptions or incentives available within the existing policy framework. Some policies may have provisions or special programs that can provide relief or benefits for SMEs. Take advantage of these opportunities to minimise the negative impact of unfriendly policies.
• Embrace innovation and technology: Leverage innovation and technological advancements to streamline operations, increase efficiency, and reduce costs. Embracing digital tools, automation, and process improvements can help SMEs navigate policy challenges more effectively and identify new growth opportunities. As an SME, do you need a physical shop when you can operate a website and active social media pages?
• Advocate for change: Engage in advocacy efforts by joining industry associations and participating in policy discussions. Collaborate with other SMEs to amplify your collective voice and advocate for policy changes that support SME interests. Engaging with policymakers and providing feedback can help shape more favourable policies. For this, Growth4Her has Policy Conversation coming up that you should look out for and be part of.

Remember, while navigating unfriendly public policies can be challenging, it’s crucial to remain proactive, adaptive, and persistent. By employing these strategies and seeking opportunities within the constraints, SMEs can mitigate risks and continue to thrive in the face of challenging policy environments.

To our African policymakers and the general public, let’s also remember that SMEs are vital contributors to our economy, employing a significant portion of the population. The importance of SMEs in African states cannot be overemphasised. It’s time we start implementing policies that allow women entrepreneurs to grow, addressing funding, infrastructure, and gender-specific challenges. The key to unleashing the full potential of its SMEs and driving sustainable economic development for the benefit of all is for governments and stakeholders to work together to create an enabling environment that fosters innovation, entrepreneurship, and equitable growth.

Are you a woman in Cameroon or Nigeria? Do you want to push your Small and Medium-sized Enterprises (SMEs) to the next level? This cohort is for YOU!

Growth4Her is accepting applications for its second cohort. In the first cohort, women entrepreneurs from Nigeria and Cameroon went through an intensive capacity-building and psychosocial support system with lots of testimonials of how the program has benefitted them.

As a Growth4Her participant, you’ll receive top-notch investor readiness training, psychosocial support, mentorship, and access to financing opportunities and markets. The program will help you transform your SMEs into growth-powered businesses. What are you waiting for? Apply today and unleash your full entrepreneurial potential.

About Growth4Her

Growth4Her is an AFAWA-AFDB-funded project created by Creative Space Startups in partnership with Sociocapital Impact Group, The Learning Gate and WETECH. Growth4Her is a women’s support program which provides women entrepreneurs with the capacity and tools which enables them to transition from small to high potential fundable growth stage businesses.

In 2021, African Development Bank (AfDB) reported that there is a $42b gender financing gap in Africa. Growth4Her is actively eliminating the Gender Financing Gap in Africa through the provision of adequate skills, knowledge, access to markets, access to finance, advocating for better policies and an adequate representation for women-owned Small and Medium Size Enterprises.

Over the next five (5) years, this program aims to empower 1500 women entrepreneurs across 10 African cities with a particular interest in Women-led Small and Medium Enterprises (WSMEs). The program offers beneficiaries investment readiness skills, links them directly to funders, and fosters an ecosystem that supports WSMEs.

What will the program provide?

The Growth4Her program will provide beneficiaries with:

• Access to Market—we provide you with market linkages across African cities.
• Access to funding – we prepare you for investors and connect you with financial institutions.
• Psychosocial and Policy Support—we advocate for policy reforms and work with communities to enable a culture of support for WSMEs.
• Media Exposure—we provide adequate media representation.
• Mentorship—we facilitate access to skilled and experienced mentors.

Eligibility Criteria

1. The organization should be at least 51% owned by a woman or, at minimum 20% owned by a woman and have at least a woman as CEO/COO (President/Vice President); and have at minimum 30% of its board of directors composed of women, provided there is a board.
2. Loan size between US$5,000 and US$1 million (Loans must not be from traditional financial institutions, however, loans from other sources such as associations, cooperatives e.g. “tontine/njangi”  “esusu”, family loans may be considered).
3. The organization should have between 5 and 300 employees.
4. Sales between US$35,000 and US$15 million.
5. Assets between US$100,000 and US$15 million annually.
6. Can dedicate 1 week to an intense virtual/ physical Bootcamp.
7. Can dedicate 3 hours for mentorship engagement for a period of 8 weeks.
8. Must be a C-Level executive in the organization.

TO APPLY, CLICK HERE  

For more information, send us a mail at [email protected]

In Africa, women entrepreneurs are breaking barriers and defying odds to create innovative businesses that are transforming their communities. And now, thanks to a ground-breaking initiative called Growth4Her, these women are getting the tools and support they need to take their businesses to the next level.

The program, which is run as a consortium, funded by AFAWA-AfDB, co-created and implemented by Creative Space Startups, Sociocapital Impact Group, The Learning Gate (TLG), and WETECH, provides women entrepreneurs in Africa with the capacity, tools, and psychosocial support they need to transition from small to high-potential fundable growth-stage businesses. The first cohort of the program, which kicked off in September 2022, featured 55 businesses in Nigeria and Cameroon, 14 of which have now completed the program.

Over the past five months, the cohort has benefited from intensive mentorship and psychosocial engagement, featuring weekly sessions with respected experts and business leaders. The program included detailed learning modules, one-week capacity-building training, eight weeks of intensive mentorship engagement, focus group discussions, inception scoping workshops, and mind modelling clinics. Participants also received a variety of group and one-on-one virtual sessions and training on investor readiness, enterprise sales, customer engagement tactics, and technical readiness.

The program’s impact has been tremendous, as evidenced by the incredible women who have led the charge in Africa’s agriculture and entrepreneurship industries. These women are revolutionizing the way sweet potato is processed and packaged, empowering women through hair care businesses, producing mouth-watering dried meat snacks, tackling hunger and poverty through organic mushroom cultivation and Black-Soldier Fly larvae farming, leading the way in waste management and renewable energy, providing safe and effective alternatives to chemical-based products, producing organic hair products that are gentle on both hair and the environment, opening up tech opportunities for girls and women, creating employment opportunities in agropastoral entrepreneurship, and leading the way in the fish farming sector.

The Growth4Her program is making a significant contribution to eliminating the $42 billion gender financing gap in Africa by providing women-owned small and medium-sized enterprises with the skills, knowledge, access to markets, access to finance, and advocacy for better policies and adequate representation. The feedback from participants has been overwhelmingly positive, and Growth4Her is proud to be part of the success stories of these women, who are changing the face of entrepreneurship in Africa and inspiring the next generation of women to follow in their footsteps. “We came with expectations, you went even further. Thank you for such devotion. We’ll never forget this cohort!”, said Nancy Ongolo, one of the participants.

Over the next five years, the program aims to empower 1500 women entrepreneurs across 10 African cities, with a particular interest in Women-led Small and Medium Enterprises (WSMEs). The program offers beneficiaries investment readiness skills, links them directly to funders, and fosters an ecosystem that supports WSMEs.
As the first cohort of the Growth4Her program concludes, the businesses will continue to work closely with Growth4Her and partners, who will support the graduating cohort via media exposure, access to a network of investors, and continued business advisory. The next cohort is expected to launch in the second week of April and kick-start in May 2023. It’s an exciting time for women entrepreneurs in Africa, and Growth4Her is leading the way.

Growth4Her is accepting applications for its first cohort. The cohort is open to women-owned and led Small and medium size enterprises in Cameroon and Nigeria. The Growth4Her program is open to women SMEs looking to transition their businesses to growth-powered businesses as the program offers investor readiness training, psychosocial support, mentorship, access to financing opportunities and access to markets. 

About Growth4Her

Growth4Her is an AFAWA–AFDB funded project created by Creative Space Startups in partnership with Sociocapital Impact Group, The Learning Gate and WETECH. Growth4Her is a women’s support program which provides women entrepreneurs with the capacity and tools which enables them to transition from small to high potential fundable growth stage businesses.

In 2021, African Development Bank (AfDB) reported that there is a $42b gender financing gap in Africa. Growth4Her is actively eliminating the Gender Financing Gap in Africa through the provision of adequate skills, knowledge, access to markets, access to finance, advocating for better policies and an adequate representation for women-owned Small and Medium Size Enterprises.

Over the next five (5) years, this program aims to empower 1500 women entrepreneurs across 10 African cities with a particular interest in Women-led Small and Medium Enterprises (WSMEs). The program offers beneficiaries investment readiness skills, links them directly to funders, and fosters an ecosystem that supports WSMEs.

What will the program provide?

The Growth4Her program will provide beneficiaries with:

• Access to Market—we provide you with market linkages across African cities.
• Access to funding – we prepare you for investors and connect you with financial institutions.
• Psychosocial and Policy Support—we advocate for policy reforms and work with communities to enable a culture of support for WSMEs.
• Media Exposure—we provide adequate media representation.
• Mentorship—we facilitate access to skilled and experienced mentors.

Eligibility

1. Organization should be at least 51% owned by a woman or, at minimum 20% owned by a woman and have at least a woman as CEO/COO (President/Vice President); and have at minimum 30% of its board of directors composed of women, provided there is a board.
2. Loan size between US$5,000 and US$1 million (Loans must not be from traditional financial institutions, however, loans from other sources such as associations, cooperatives e.g. “tontine/njangi”  “esusu”, family loans may be considered).
3. Organization should have between 5 and 300 employees.
4. Sales between US$35,000 and US$15 million annually.
5. Assets between US$100,000 and US$15 million.
6. Can dedicate 1 week to an intense virtual/ physical Bootcamp.
7. Can dedicate 3 hours for mentorship engagement for a period of 8 weeks.
8. Must be a C-Level executive in the organization.

TO APPLY, CLICK HERE.  

For more information, send us a mail at [email protected]