• Friday, June 21, 2024
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ESPartners launches zero-interest loan program to support African SMEs in a COVID-19 economy

UYOCCIMA inducts women, youth groups to boost SMEs in A’Ibom

The program will support 300 high-performing entrepreneurs with up to 150,000 USD each in
zero-interest loans, and will provide technical support to spur Africa’s economic recovery.

Kigali, Rwanda – Entrepreneurial Solutions Partners (ESPartners), in collaboration with the U.S. African
Development Foundation (USADF) and Ecobank, has launched the African Resilience Initiative for
Entrepreneurs (ARIE) – a pan-african initiative to provide financial and technical assistance to 300
entrepreneurs (approximately 70% of whom will be women-owned) impacted by COVID-19.

“Entrepreneurs are an important part of the ecosystem; they create markets where there often are
none and help pave the way for future economic development,” USADF President and CEO C.D. Glin
stated. “Now more than ever we need to invest in the next generation of African-led ventures and
empower them with the tools they need to transform their businesses, create jobs, increase incomes,
attract private investment, and impact their communities.”

Providing Direct Relief for African Businesses – A survey by the International Trade Centre (ITC) has
revealed that the pandemic has strongly affected nearly two-thirds of micro and small businesses
around the world, with businesses in Africa being disproportionately affected.

ARIE will support entrepreneurs from seven countries: Ghana, Ivory Coast, Kenya, Nigeria, Rwanda,
Senegal, and Uganda, and in the following sectors: Agri-Business, Manufacturing, Energy and
Renewables, and Essential Services. Each SME selected will have the opportunity to receive up to
150,000 USD per firm, disbursed as an interest-free loan, and will receive technical support from experts
across the continent.

The application will be open between the 24th of August and the 25th of September, 2020. For more
information on eligibility criteria and how to apply for funding, please visit: https://bit.ly/ARIE2020
Intelligent Business Financing – In line with ESPartners’ drive to provide intelligent capital, the
zero-interest loans will be disbursed to leading profitable businesses, providing them with the working
capital they need to maintain operations and scale despite the pandemic. Additionally, the ARIE
platform will be a repository on a wide range of topics, including access to markets, building human
capacity and scaling.

Equipping SMEs with the tools to pivot – Africa’s businesses are as diverse as Africans are, and the
immediate and concrete technical support available through the fund will be tailored to their unique
needs. Each entrepreneur will be assigned a business advisor that will support them in diagnosing and
rethinking their strategy and operational efficiency, and a team of experts that will help them adapt and
navigate this present economic reality. By doing this, the ARIE platform will provide African SMEs with
the unique opportunities and business exposure that position them to play a meaningful role in Africa’s
economic recovery in the years to come.

Connecting African businesses – In an era where Intra-Africa trade is key, the ARIE platform will help
SMEs harness opportunities unleashed by the establishment of an African Continental Free Trade Area.
The ARIE platform will help connect African SMEs to potential investors and networks they require to
expand their geographical coverage, and will enhance their capacity to trade across borders. These
connections will be critical is recouping devastated African economies and jumpstarting economic

About ESPartners: ESPartners supports African Entrepreneurs with the optimum combination of skills
and capital to achieve entrepreneurial success and drive economic growth. http://www.espartners.co

About USADF: The U.S. African Development Foundation is an independent U.S. government agency
established by Congress to invest directly in African grassroots enterprises and social entrepreneurs

About Ecobank: Ecobank’s mission to build a world-class pan-African bank that contributes to the
integration and socio-economic development of the continent.
Media Contacts
Nadège Gaju, ARIE Project Manager
Email:[email protected]