Nigeria-based impact accelerator, FRAGG Impact Growth Accelerator Programme (FIGAP), is calling on for-profit impact SMEs at growth stages across West Africa to apply for its 2020 cohort.
FIGAP is a four-month-long programme to close the funding gap for SMEs in the region, by providing support to businesses in the impact and climate sectors in their growth or expansion phase.
In addition, the programme aims to equip them with business strategies, growth, and scalability tools required to become investment-ready. The programme serves to facilitate enhanced access to finance needed to scale-up.
The programme is an initiative of FRAGG Investment Management in partnership with the African Guarantee Fund.
The application for the 2020 cohort has been extended to 31 August 2020 (entries were initially set to close 30 June).
Selected applicants can expect to receive:
An accelerated proposal assessment programme to help determine the suitability of the business for financing
Capacity building for participants, particularly in the areas of Strategic Business Planning/Financial Management, Product Development/Market Expansion, Risk Management/Internal Audit & Control/, and ESG Evaluation, Monitoring & Reporting
Access to a pool of potential financiers and investors, and
An opening for provision of African Guarantee Fund (AGF) guarantee, and access to direct funding from the FRAGG Impact Fund.
For this cohort, FIGAP will select 20 innovative businesses committed to combining financial returns with discernible social and/or environmental impact. SMEs must be a for-profit, post-revenue business in select impact sectors seeking a minimum of 250,000 USD as growth-funding and have at least 75% of its activities in West Africa.
Interested businesses can find more information on the programme eligibility and application process here.
Source: https://ventureburn.com/2020/08/fragg-investment-extends-accelerator-smes-in-west-africa-sponsored/