In partnership with the European Commission, and Agence Française de Développement (AFD), HEVA Fund has opened applications to the East Africa Creative Business Fund – an additional facility to the existing growth fund. This will see an additional investment of USD 380,000 go to creative businesses that are registered and operational in Kenya, Uganda, Rwanda, Tanzania and Ethiopia.
The East Africa Creative Business Fund is a patient loan facility that will be made available to successful applicants through debt investments of between USD 20,000 and USD 50,000, given for a maximum of 4 years. This fund is designed to provide financing for creative businesses to: restructure interrupted supply chains; increase production capacity; diversify offerings; increase market share; increase integration in local and regional value chains; support transition to low-touch and digital capabilities; and take advantage of new opportunities.
Enterprises under any of the following creative economy value chains will be eligible to apply: fashion; crafts and handmade items; furnishings and decorative home; cultural tourism; creative and cultural education; cultural food and cuisine; cultural infrastructure (spaces, equipment, platforms etc); events; digital media; film and television; photography, and music production and distribution.
ELIGIBILITY AND REQUIREMENTS
Key requirements for each application are:
1. Your business must be registered and operational in one of the listed countries: Kenya, Uganda, Rwanda, Tanzania, and Ethiopia. At least 51% of company shareholders must be citizens in any of these countries.
2. Your business must be able to demonstrate a resident team (permanent or part-time). The business must have a minimum of one (1) permanent employee.
3. You must have valid financial statements or audited accounts for a minimum of one (1) year.
4. Your business must demonstrate that it has been operating for at least two (2) years.
5. Your enterprise must be in any of the following creative economy value chains:
Through this new East Africa Creative Business Fund, as well as the active growth fund facility, HEVA aims to: build on the increasing contribution to the regional GDP by the cultural and creative industries to the region’s economy; grow dynamic, youth-led creative enterprises; increase creative business ownership, management and leadership among women, especially young women; and contribute to the growth of the East African cultural footprint in regional and international markets.
Heva East Africa Growth Fund Application 2020 Process and Timelines
The following are the general timelines of the application process from start to finish.
Open For Applications
Applicants who complete the application form will receive a notification that we have received their application.
HEVA will put out a call for questions about the fund for a period of two weeks after launch. We will then compile the questions and respond to each one of them in an online live session.
This will result in a shortlist of eligible applicants that will be reviewed by two panels, evaluating creativity and business applicability. All applicants will be notified, either of a successful application or of one that did not make it through the panels.
Successful applicants are notified that they have been selected to prepare and present a direct pitch of their business and investment plan. They are provided with a pitch deck, which is a template to help them compile the information the panel will need about their business and ambitions. They are given a week to prepare. Another message is sent out to facilitate pitch scheduling.
Pitching sessions happen. A further shortlist is compiled after this.
At this point, commitment letters are sent out to all successful pitches, detailing the next processes of due diligence and financial modelling which can then move forward once the businesses agree to the given terms.
Due diligence visits to applicants with successful pitches are made.
Businesses shortlisted after due diligence proceed into collaborative financial modelling meetings.
The final list of eligible businesses is made available, and letters of offer are written to the finalists.