According to report Center for Strategic and International Studies(CSIS), African SMEs face two significant financing challenges: accessibility and affordability. Accessibility refers to the ability of SMEs to access finance. SMEs in Africa are frequently informal—meaning they are not formally registered as businesses—and this makes it difficult for them to access financing. Moreover, even those that are formally registered still frequently suffer from a lack of accessibility. This is a significant issue because without sufficient working capital, firms are unable to invest and grow. Only between a third and a fifth of SMEs in sub-Saharan Africa have a bank loan or line of credit. An estimated 28.3 percent of firms in the region are fully credit constrained.
What JumpStart Africa is doing to solve accessibility
Because we are passionate providing opportunities for many entrepreneurs in Africa to succeed, we avail them with the financial tools like loans and training to build thriving businesses. The entrepreneur in picture was provided with a loan at a critical moment of her poultry project to buy feeds and other requirements for her chicken to grow well to a point when they can be sold for a profit. Access to finance is key for small businesses transformation in Africa. JumpStart Africa works to increase opportunities for these small business owners to access funding and training! Since 2016, JumpStart Africa has served over 2000 clients providing funding for them in form of affordable and easily accessible loans. Those supported have gone to build and grow their businesses and through this worked their out of poverty. JumpStart Africa cares about each of the clients supported and in working with them, we aim at seeing them build successful businesses that can last empowering them to build strong business systems. Our work is possible because of the generous support of investors. Thank You! Donate to JumpStart Africa