In 2021, AfDB reported that there exists a $42b gender financing gap in Africa. Globally, the IFC estimates a $300b gender financing gap, where more than 70% of women-owned small and medium enterprises have inadequate or no access to financial services. Beyond business financing, women entrepreneurs (WSMEs) generally account for the highest financially excluded demographic in Africa, as only 37% of women have and own traditional bank accounts. For nations and communities to experience sustained and inclusive economic growth, we have to ensure continuous financial and economic inclusion. This implies all demographics and groups of people have readily available, accessible and affordable access to financial services. For WSMEs this would inherently harness their untapped business potential, ensuring business sustainability and consistent individual economic prosperity. Bridging the gender financing gap, especially for WSMEs is not solely about availability or affordability but more about WSMEs’ willingness and capability to access financing opportunities. Evidence from an IMF study of 47 African countries, indicated that women are more likely to self-select out of the credit market due to low perceived creditworthiness. With this understanding, G4Her is an accelerator program targeted at building the capacity of women-led small and medium enterprises (WSMEs) to enable them to transition to high potential fundable growth stage businesses.
WORTH
- Access to Market. We provide market linkage across Africa.
- Access to Funding. G4Her prepares you for investors and offers linkages to Financial Institutions.
- Psychosocial and Policy Support. We advocate for policy reforms and work with communities to enable a culture of support for WSMEs.
- Mentorship. Access to skilled and experienced mentors.
- Media Exposure. Adequate media representation.
ELIGIBILITY
- Organisation should be 51% owned by a woman or, 20% owned by a woman and have at least a woman as CEO/COO (President/Vice President); and have a minimum 30% of the board of directors comprised of women, where a board exists.
- Loan size between US$5,000 and US$1 million (Loans must not be from traditional financial institutions, loans from other sources such as associations, cooperatives e.g. “tontine/njangi” “esusu”, family loans may be considered)
- Organisation with between 5 and 300 employees
- Sales between US$35,000 and US$15 million
- Assets between US$100,000 and US$15 million
- Can dedicate 1 week to an intense virtual/ physical Bootcamp
- Can dedicate 3 hours for mentorship engagement for a period of 8 weeks
- Must be a C-Level executive in the organization
DEADLINE: October 7, 2022
To apply and for more information, visit here
