Nigeria-based impact accelerator FRAGG Impact Growth Accelerator Programme (FIGAP) is calling on for-profit impact SMEs at the growth stage 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/expansion phase and equipping 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 August 31 2020 (entries were initially set to close on June 30).
Selected applicants can expect to receive:
- An accelerated proposal assessment programme to help determine 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 US$250,000 as growth-funding and have at least 75 per cent of its activities in West Africa.
Interested businesses can find more information on the programme eligibility and application process here.