The GroFin Small and Growing Businesses Fund will support over 9,800 under-served entrepreneurs in Africa.

A $100 million fund has launched to support small and growing businesses in in Uganda, Kenya, Tanzania, Rwanda, Ghana, Nigeria, Zambia, South Africa and Egypt.

The GroFin Small and Growing Businesses Fund was created by SME development financier GroFin, German development bank KfW, Norfund, the Norwegian investment fund for developing countries, Shell Foundation, and the Dutch government.

The fund aims to support over 9,800 under-served entrepreneurs and help create 47,000 sustainable jobs across Africa over the next decade. It is expected to grow to $150 million in two years, making it one of the largest funds targeting SMEs in Africa.

“The fund seeks to address the different market barriers faced by African entrepreneurs with an integrated solution of patient growth finance, tailored business support, and access to markets. Based on the viability of an entrepreneur's business and growth plans, and not the availability of collateral, entrepreneurs can access loans ranging from $100,000 to $1.5 million for a period between two and six years,” said GroFin.