In partnership with the European Commission, and Agence Française de Développement (AFD), HEVA has opened applications to the East Africa Creative Business Fund – an additional facility to the existing growth fund. This will see an additional investment of USD 380,000 go to creative businesses that are registered and operational in Kenya, Uganda, Rwanda, Tanzania and Ethiopia.
The East Africa Creative Business Fund is a patient loan facility that will be made available to successful applicants through debt investments of between USD 20,000 and USD 50,000, given for a maximum of 4 years. This fund is designed to provide financing for creative businesses to: restructure interrupted supply chains; increase production capacity; diversify offerings; increase market share; increase integration in local and regional value chains; support transition to low-touch and digital capabilities; and take advantage of new opportunities.
Enterprises under any of the following creative economy value chains will be eligible to apply: fashion; crafts and handmade items; furnishings and decorative home; cultural tourism; creative and cultural education; cultural food and cuisine; cultural infrastructure (spaces, equipment, platforms etc); events; digital media; film and television; photography, and music production and distribution.
Through this new East Africa Creative Business Fund, as well as the active growth fund facility, HEVA aims to: build on the increasing contribution to the regional GDP by the cultural and creative industries to the region’s economy; grow dynamic, youth-led creative enterprises; increase creative business ownership, management and leadership among women, especially young women; and contribute to the growth of the East African cultural footprint in regional and international markets.
“Together with our partners, we have designed this additional facility that will be available to creative businesses in the five countries in our region (Kenya, Tanzania, Ethiopia, Uganda and Rwanda), specifically to address some of the challenges businesses in the sector are currently experiencing. We are looking forward to providing this much needed flexible, patient and cost-effective financing, to support our sector in regaining its dynamism, through the strengthening of our supply chains, the introduction of new products and services through innovation and digitisation. We are confident that this new approach will help creative businesses to reopen, weather the shocks and find new growth possibilities and strategies.” said Wakiuru Njuguna, Partner and Investment Manager.
Apply for funding here.
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