USADF -Stanbic 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.
Applications will only be accepted from registered private entities operating in Kenya.
Maximum Award US $50,000
To be considered for grant funding, the Applicant must demonstrate that:
- It 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 can be used to back up the bank statements.
- It 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.
- It 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.
- It is 100% African-owned and -managed.
- Special consideration will be given to applications that incorporate innovative strategies and make use of new approaches and technologies.
- Special consideration will also be given to women-owned enterprises and applications that promote youth.
Also Read: How to Apply for NG-CARES Programme
USADF -Stanbic Grant Successful applicants must:
- Complete the standard USADF/SKFapplication 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 USADF and SKF as well as the application form, go to:
www.usadf.gov/apply or www.stanbicbank.co.ke
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 March 25, 2023. Applications received after this date will not be considered. If you will not have heard from us by April 15, 2023, consider your application unsuccessful.
Be the first to comment