Absa Bank Kenya has partnered with Melanin Kapital, a Pan African investment platform, to launch a program to lend social impact-driven startups up to Sh3 million.
The new program dubbed Tuungane2x to See Her Empowered will target to reach 1,000 women-focused startups and provide them with financial training, mentorship, structured networking, and finance accessibility.
Speaking about the same, Absa Bank’s Business Banking Director Elizabeth Wasunna stated that many financial institutions find it challenging to finance small-scale businesses due to lack of documentation, collaterals, or track record.
“This partnership is as a result of feedback we have received from SMEs across Kenya and especially startups, and through it, we seek to address some of those bottlenecks to ensure that they can survive after their 3rd birthday and beyond,” she said during the launch.
Melanin Kapital’s CEO, Melanie Keïta, added that the platform would be targeting startups in their early stages and connecting them to impact-driven capital.
“We aim at bridging the SDG financial gap by channeling more investments towards early-stage entrepreneurs operating in Africa, looking for pre-seed, seed as well as funding that focuses on solving a critical social impact challenge,” she added.
A startup can access the funds through accessing and registering through the Tuungane 2X platform and undertaking a six-month investment readiness program.
“We are committed to continuing supporting Micro and Small Enterprises to develop resilience mechanisms to enable them to withstand different social, economic & political circumstances,” Wasunna added.
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