Kenya, Rwanda and Uganda creative businesses to receive investment of $319,000 as beneficiaries of HEVA’s East Africa Creative Business Fund.
In partnership with the European Commission and Agence Française de Développement (AFD), HEVA is delighted to announce 7 East African creative businesses as part of their inaugural East Africa Creative Business Fund (EACBF) 2020/2021 fund cohort.
Launched in September 2020, the EACBF (an additional facility to HEVA’s existing Growth Fund) invited creative businesses in East Africa to apply for loans ranging between USD 20,000 to USD 50,000.
By the close of the application window in October 2020, 430 businesses had applied for the loan facility. Of those, 248 were from Kenya, 59 from Uganda, 33 from Ethiopia, 30 from Tanzania and 60 from Rwanda. Each submitted application went through a rigorous application process, checking first for initial business applicability and appropriate creativity indicators. Applicants who passed this stage were then invited to a pitch session, following which a further shortlist was compiled.
Those who satisfied the due diligence requirements went on to a collaborative financial modelling stage, to forecast future financial performance and possibilities for loan repayment. The successful completion of all these stages gave us our 7 finalists, three of which are from Kenya:
Frederick Bittiner is a Kenyan fashion brand that aims to produce and sell unique, trendy and quality apparel designs in line with local and international trends. Their EACBF funding will be put towards growing their production capacity.
Tira Studio is a Kenyan furniture company that designs, sources, manufactures and curates unique and creative furniture solutions for their clients. The business will use their EACBF funds to increase market share and increase production capacity.
The Rainmaker Limited outfit, based in Nairobi, Kenya, places a necessary focus on live performances, musical theatre, studio projects, and social justice and common good commissioned songwriting. They are also interested in artist asset ownership and management, as well as arts administration. Rainmaker will put their EACBF funds towards music production, equipment purchase and a studio fit out.
The other East African brands are:
Haute Baso – Rwanda
Azizi Life – Rwanda
Illume Creative Studio – Rwanda
Skyline Media and Management Limited – Uganda
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