Follow-On Finance initiative launched to empower entrepreneurs

A new initiative offering affordable financing and tailored business support to Ghanaian entrepreneurs has been launched. The Follow-On Finance Initiative seeks to provide growth-ready businesses with the resources needed to expand operations, create jobs, and generate income opportunities, building on the successes of the WIDU.africa project.

This initiative is a collaboration between Advans Ghana Savings and Loans Ltd. and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, supported by funding from the German Federal Ministry for Economic Cooperation and Development (BMZ).

WIDU.africa: A platform for empowering African entrepreneurs

Since 2019, WIDU.africa has provided vital support to over 6,000 micro and small businesses across Africa by leveraging diaspora remittances and combining them with coaching and funding. This innovative platform has driven economic growth and job creation, particularly in Ghana, where nearly 3,000 jobs have been created and sustained through WIDU’s interventions.

Advans Ghana: driving financial inclusion and economic growth

With a strong commitment to empowering Ghana’s entrepreneurial ecosystem, Advans Ghana offers innovative financial solutions tailored to meet the diverse needs of small businesses, fostering sustainable growth and financial inclusion. This initiative builds on Advans Ghana’s reputation as a trusted partner for businesses looking to scale their operations and impact. Advans Ghana’s unparalleled expertise in supporting MSMEs makes it the ideal partner for the Follow-On Finance Initiative.

Introducing the Follow-On Finance initiative

The Follow-On Finance Initiative aims to transition entrepreneurs from initial grant-based support to structured financial solutions tailored to their growth needs. Set to begin with a pilot phase this month, the initiative will engage approximately 90 entrepreneurs, offering them specially designed loan products alongside continued coaching to ensure effective use of funds and long-term business success.

Key features of the initiative

• Access to affordable loans: Entrepreneurs will benefit from working capital and investment loans with favorable terms to support business growth and sustainability.
• Business coaching: WIDU coaches will provide personalized guidance throughout the loan process, from application to fund utilization, helping entrepreneurs scale their businesses.
• Monitoring and impact assessment: Regular follow-ups will track loan usage and measure the initiative’s impact on job creation and income growth.

Pilot phase and future expansion

The pilot phase will serve as a learning platform, with its results informing a broader rollout to reach more entrepreneurs across Ghana. This phased approach ensures the initiative is impactful and responsive to the needs of the business community.

How to participate

WIDU entrepreneurs eligible for the initiative will be contacted by their assigned coaches to begin the application process. For further inquiries, contact [[email protected]]. The Follow-On Finance Initiative marks a significant step in supporting Ghana’s entrepreneurial ecosystem, fostering sustainable business growth, and reducing unemployment. By aligning resources and expertise from development partners and financial institutions, this program reinforces its commitment to empowering local businesses for long-term economic development.

As a provider of international cooperation services for sustainable development and international education work, GIZ is dedicated to building a future worth living around the world. GIZ has over 50 years of experience in a wide variety of areas, including economic development and employment, energy and the environment, and peace and security. We work with businesses, civil society actors, and research institutions, fostering successful interaction between development policy and other policy fields and areas of activity.

The German Federal Ministry for Economic Cooperation and Development (BMZ) is the main commissioning party. Currently, GIZ promotes sustainable development in Ghana via programmes and projects. Activities currently cover three priority areas: Responsibility for our planet – climate and energy: renewable energy and energy efficiency; Training and sustainable growth for decent jobs; and Peaceful and inclusive societies, good governance.

WIDU.africa, funded by the German Federal Ministry for Economic Cooperation and Development (BMZ) and implemented by GIZ, enhances the economic impact of diaspora remittances by providing funding and coaching for MSMEs across Africa. WIDU aims to create sustainable job opportunities and improve income levels by supporting micro and small businesses.

With a strong commitment to supporting MSMEs, AdvansGhana offers a range of financial products to meet the needs of Ghana’s small business sector. Serving over 120,000 clients through 19 branches across Ghana, AdvansGhana is dedicated to fostering sustainable business growth and providing financial inclusion to communities.

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