The African Small Business Catalyst (ASBC), a business accelerator for early-stage small and medium-sized firms (SMEs) in Sub-Saharan Africa, has been created by the US International Development Finance Corporation (DFC) and the US African Development Foundation (USADF).
The ASBC aims to help SMEs in four African nations – Ivory Coast, Nigeria, Senegal, and Uganda – with an emphasis on agricultural and food security, education, healthcare, and water, sanitation, and hygiene (WASH).
The project will offer loans ranging from $100,000 to $1 million, as well as technical help and grants worth up to $100,000. Clients will benefit from funding, mentorship, training, and technical assistance to help them grow their business models, improve their management abilities, increase their market reach, and deepen their impact among underrepresented groups.
“The African Small Business Catalyst is a landmark US government collaboration designed to bring together DFC’s and USADF’s unique and complementary investment tools to boost private sector-led development in sub-Saharan Africa,” said DFC CEO Scott Nathan. “By partnering with USADF, DFC will be able to reach smaller companies in an earlier stage, accelerating development in industries key to Africa’s overall economic growth.”
Travis Adkins, President and CEO of the USADF, said his organization’s list of partners was growing, including the DFC, which was increasing its resources and results in strengthening African SMEs and improving the availability and affordability of the financing they needed to scale and make a greater impact in their communities.
“We’re excited to serve as the DFC’s preferred partner on the African Small Business Catalyst and to employ USADF’s tried and tested a model of localised, African-led development that grows incomes, employment opportunities, and African SMEs into future trading partners for the United States and engines of economic growth for their nations,” he said.
By April 15, interested and qualifying enterprises should apply through the ASBC application portal.
