KENYA – HEVA Fund, an East African fund that invests in the transformative social and economic potential of the creative economy sector in the East African region, in collaboration with Agence Française de Développement (AFD), has opened round 2 of its Growth Fund facility for creative businesses in Kenya.
Starting from 19th April 2021, businesses will now be able to apply for the facility through the Growth Fund page, a fund which is open to mature creative businesses in Kenya who need financing of between US$46,000 to US$92,000.
The fund will provide financing to businesses for the purposes of expansion of production capacity, increasing production efficiency via purchase of equipment, software or more, entry into new markets, either in Kenya or across the Eastern African/African region, offering of new products in their market of choice and meeting of existing gaps in working capital requirements.
Since its previous Growth Fund call for applications in February 2019, HEVA has expanded the eligible creative economy value chains significantly to include many more creative and cultural industry sub-sectors.
Businesses in diverse areas of the creative and cultural enterprise are eligible to apply, including, fashion, apparel and accessories, film, photography, digital creation, gaming, live music and cultural festivals, design and home furnishings, education application, cultural tourism, craft, cultural food, and cuisine offerings and cultural infrastructure.
Since September 2013, HEVA Fund has invested in over 20 creative businesses which include Katungulu Mwendwa, Itikadi, Mambo Pambo, Ogake, Peperuka, Aprelle Duany and Wazawazi, Victor Peace and Thomson Photography.
HEVA plans to raise US$4.6 million to invest in creative businesses as part of its 2018/2022 strategic plan.
The fund says it wants to be in the forefront of helping producers of cultural goods and services to build high-value, profitable businesses where new ideas will come to life, and where the highest potential for great profits, great jobs and happy people will be found.