$4 M to be distributed by Salaam Somali Bank for Somalia’s best young entrepreneurs
As part of its efforts to jumpstart economic growth, Salaam Somali Bank has set aside US $4 million for Somali businesses to be distributed over two years beginning next year.
Salaam Somali Bank, founded in 2009, is Somalia’s first privately-owned bank, with over 20 locations around the nation.
In the aftermath of COVID-19, the Salaam Entrepreneurs Fund (SEF) intends to foster young Somali business persons and assist current MSMEs with specialised, zero-interest micro-loans, with over US $1 million already disbursed.
“Somalis are some of the most inventive, entrepreneurial individuals in the world. With proper access to capital, and the financial ecosystem to support them, there’s really no limit to the country’s potential,” said Moalim of Salaam Somali Bank told the Mogadishu Tech Summit.
“Young people make up 70 percent of Somalia’s population. They are the lifeblood of our economy and have been steadily rebuilding it from the ground up. Somalia’s future is brightened by these tech-savvy problem solvers.”
The bank focuses on industries such as technology, renewable energy, and farming, and offers three types of investment products: free microfinancing (up to US $3,000), startup financing (up to US $50,000), and SME investment (above US $50,000).
