This archive report was first published on 4 June 2020.
On June 4, 2020, Harambe, an entrepreneur organization, launched the Harambeans Prosperity Initiative, a $1 million fund to support African entrepreneurs affected by the pandemic.
The Harambeans Prosperity Fund, formed through the Harambe Entrepreneurship Alliance, will provide $1 million in funding to African networks affected by the economic downturn.
The funding will be made available to a group of diverse and impactful African innovators who have been admitted to the Harambe Entrepreneur Alliance.
Since 2008, more than 300 Harambeans have developed high-impact ventures in Africa, generating over 3,000 jobs and raising over $500 million from investors.
According to Okendo Lewis-Gayle, Executive Chairman of the Harambe Entrepreneurship Alliance, over 75% of Harambean enterprises have indicated a need to raise up to $100,000 to sustain business activities.
"As the pandemic metastasizes into an economic and financial crisis, entrepreneurs throughout Africa's developing start-up landscape face an unprecedented threat," says Lewis-Gayle.
The Harambeans Prosperity Fund will provide low-interest loans and equity investments to ventures with sound business models, proven traction, and demonstrated adaptability.
The fund will make capital available to entrepreneurs who have repositioned their ventures or had proven business models prior to the pandemic and are likely to thrive in the new norm.
The following funding is available:
- $25,000 for applicants with revenues of at least $5,000 per month over a six-month timeframe within a 12-month period.
- $50,000 for ventures that have raised $250,000 (in debt or equity) within a reasonably recent time period.
- $100,000 for enterprises leading a fundraising round of at least $1 million (in debt or equity) within a 12-month period.
Entrepreneurs who are not members of the network are invited to apply to become Harambeans at www.harambeans.com/become-a-harambean.
