KENYA – United Bank for Africa (UBA) and Tony Elumelu Foundation have partnered to fund innovative business ideas from rural areas in Kenya as part of its Covid-19 recovery plan for the year 2021.
The two bodies are seeking applications from Kenyans who have “brilliant, scalable ideas”.
The applications, which opened in January 2021 and closes end of March 2021, comes at a time that most small and medium enterprises (SMEs) are reeling from the economic fallout of Covid-19.
In 2019, TEF said that about 70 percent of applications come from urban areas while the remaining come from rural areas.
“In 2021, the Foundation, will identify, train, mentor and fund over 3,500 entrepreneurs across Africa. The Programme remains open to all entrepreneurs across Kenya, both new start-ups and existing businesses operating in any sector,” acting UBA Kenya chief executive Kehinde Omirinde said in an interview.
The CEO said that UBA, has done aggressive registration drive to reach more ideas in rural areas which are less developed.
“Selected entrepreneurs get a 12-week online training on managing enterprises, mentorship on transforming business at its early stages, a seed capital of US$5,000 and networking opportunities”
Run by Nigerian businessman and philanthropist Tony Elumelu, the Foundation said that it wants to execute the largest Covid-19 economic recovery plan for African SMEs and break the cycle of poverty in Africa.
With just a few days to the close of applications, UBA Kenya is calling on young Kenyans to take advantage of the business financing and mentoring to grow their ideas.
“We encourage all young Kenyans with brilliant business ideas or start-ups to apply on tefconnect.com. This year we aim to reach ideas from rural areas through our ongoing aggressive registration drive campaign,” Mr Omirinde said.
The foundation will give 3,000 awards instead of the usual 1,000 to aid the continent in its Covid-19 recovery.
Selected entrepreneurs get a 12-week online training on managing enterprises, mentorship on transforming business at its early stages, a seed capital of US$5,000 and networking opportunities.
This is the seventh edition of the TEF’s 10-year US$100 million commitment to identify, train, mentor, and fund 10,000 African entrepreneurs by 2024.
It has to date empowered over 9,000 beneficiaries from all 54 African countries, with training, mentorship, and seed funding.
Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals and insights from Africa’s business, economy and more. SUBSCRIBE HERE
