Agripreneurs in the country are invited to apply for the AgriFI Kenya Challenge Fund 2018 to receive financial support, in form of matched funding.
The AgriFI Kenya Challenge Fund is an initiative by the European Union to support agri-enterprises. It is part of a wider initiative resultant of an agreement between the European Commission and the Government of Kenya, in 2017. A hefty figure, sh.2 billion (€18 million) will be disbursed to agripreneurs.
It has been made possible in collaboration with other partners:
The ultimate aim of this is to enable at least 50 agripreneurs, in Kenya, to increase their turnover by at least 25%. This will lead to further economic gains, where 100,000 smallholder farmers will increase their incomes and 10,000 jobs will be created.
AgriFI Kenya Challenge Fund 2018 will pick entrepreneurs enabling smallholders in the following ways, and more:
- Improving access to inputs
- Providing extension services
- Promoting production of nutritious foods
- Promoting climate smart, soil and water conservation technologies
- Promoting capacity to comply with quality and standard certification
- Reducing post-harvest loses
- Improving access to innovative, affordable financial services
On top of what has been listed, applicants better demonstrate economic potential plus positive social and environmental impact – with regards to smallholder farmers. This is only the first call, where sh.690 million (€6 million) will be disbursed.
Applicants can only seek, in your project proposal, between sh.23 million (€200k) and sh.115 million (€1 million). This will be disbursed over 24 to 36 months based on negotiated milestone structure. Of note, AgriFI Kenya Challenge Fund will be in the form of match funding. In this case, the applicant will get 50% of requested funding. But will have to raise the other 50% either through own resources, credit, equity or third-party funding.
- Enterprise must be incorporated in Kenya as a company or cooperative
- Enterprise must be compliant with all national and local laws such as, tax regulations and health standards
- Enterprise must have operated uninterrupted for at least 3 years
- Initiative is open to for-profit entities (non-profits can apply as co-applicants)
- Evidence in project proposal of current or future intergration of smallholder farmers/pastoralists in project’s areas
- Enterprise must have a yearly turnover of at least sh.23 million (€200k)
- Enterprise must have accounts audited for the 2 most recent years, in accordance to IFRS and by an ICPAK accredited accountant
Deadline to apply for the AgriFI Kenya Challenge Fund 2018 is 24th November. Visit the Official Webpage to learn more about this.0