USADF & Stanbic SME Grant: Boost your Business
Check out the details of the USADF & Stanbic SME Grant: The United States African Development Foundation (USADF), in partnership with the Stanbic Kenya Foundation (SKF), invites applications from small and medium enterprises, cooperatives, and producer groups for grant financing and local support to help them address gaps in their internal systems and capabilities to 100% meet investment requirements by commercial investors. The maximum award of the grant is KES 5,000,000 (USD 50,000). Applications deadline is on the 25th February 2022. Only registered private entities operating in Kenya should apply.
Terms of the Funding
The Applicant must demonstrate the following for consideration:
- The business has had basic functional management and financial controls for a minimum of 2 years.
- It has been using financial institutions for all its business transactions for the last 12 months. Money transfer statements is an alternative to to back up the bank statements.
- The business has in the past applied for commercial investment and met some (if not most) of the financing requirements, but the application was denied due to internal systems and capabilities gaps.
- It has paid all taxes to the relevant authorities in a timely manner (Tax compliant).
- The business is legally registered and has fixed premises for business operations.
- It has the capacity to make at least a 50% contribution towards the cost of implementing activities under the grant funding.
- For group-owned enterprises/cooperatives, the applicant must demonstrate that it has successfully worked together for a minimum of two years, has the capability to effectively use grants funds, and the membership is in agreement on the challenges to be addressed with the grant funding and has a commitment to benefit its community.
- The business must be 100% African-ownership and -management.
- USADF/SKF will give Special consideration to applications that incorporate innovative strategies and make use of new approaches and technologies.
- USADF/SKF shall also give Special consideration to women-owned enterprises and applications that promote youth.
Successful applicants must:
- Complete the standard USADF/SKF application form
- Have a clearly identified and well-defined problem that can be addressed with the grant funding to make the enterprise investment-ready.
- Be able to identify a path for growth after the USADF/SKF grant ends with a clear investment plan.
- Be able to contribute at least 50% of the total cost of addressing the identified problem.
- Have a clearly defined market opportunity to grow revenues that can increase incomes.
For more details about the USADF and SKF as well as the application form form, go to:
www.usadf.gov/ apply or www.stanbicbank.co.ke
Application Procedure for The USADF & Stanbic SME Grant
Submit your application form and financial statements together with bank statements for the last 2 years and 12 months, respectively, and a copy of the registration document to email@example.com by February 25, 2022.
USADF and Stanbic shall not consider applications received after the application deadline.
If you will not have heard from either USADF or Stanbic by April 15, 2022, consider your application unsuccessful.