Capital to start your business right from the beginning is equated to an experience in hell. Start-ups either have to self-fund with their savings or take loans from families or the bank to pursue their dream business.
The only motivator in this process is the success dreamt of. In this article, I would be introducing you to organizations in Ghana that are interested in working with startups and SMEs and show you how you can reach them for support.
Currently, many banks are not in the position to invest or loan money to startup companies because of risk factors but here are some organizations offering realistic support to young entrepreneurs and businesses in Ghana.
Ghana Center for Entrepreneurship, Employment and Innovation
Now part of the Orios Group, GCEEI provides funding opportunities for small business. The centre aims to create a convenient atmosphere for entrepreneurship, employment and innovation development in Ghana and Africa.
Ghana Investment Promotion Council (GIPC)
The GIPC encourages and promotes investments in Ghana. It has recently started working closely with SMEs to create a market for their products and services.
Hatchery Business Club
The club provides coaching space and support for new start-ups less than two years old. It helps startups explore needed strategies that enable growth.
Kosmos Innovations Center
Through formal competitions focused on innovation, the KIC challenges young entrepreneurs to use technology to develop commercially viable solutions to development challenges within the chosen sector. They invest $50,000 in their winners.
Meltwater Entrepreneurial School of Technology
MEST provides seed funding and a space in their incubator to foster the growth and success of their graduated entrepreneurs. The incubator provides working space, hands-on support, resources and a vibrant community to help startups succeed. Funding ranges from $50K to $200K for a minority equity interest in the business.
National Board for Small Scale Industries
The board ensures that small businesses have access to high-quality, affordable and accessible business support services (BDS) through the provision of client-focused quality programmes, supported by superior customer service and building strong relationships with stakeholders.
National Entrepreneurship and Innovation Plan
The ultimate aim of NEIP is to enable entrepreneurs, empower innovation and accelerate job creation for Ghana’s teeming unemployed youth. Their modules include: Incubation Programme, NEIP Industrialization Plan, Youth Enterprise Fund (YEF) And Business Advisory
They provide risk capital in the form of equity, quasi-equity and profit-sharing facilities to businesses in Africa. They have invested over $40 million in equity in companies in Ghana and Ivory Coast.
Premium Bank Integrated Credit Facility
Premium Bank, through its help station initiative recently announced a 5 million Cedi integrated credit facility purposely for startups. The fund comes with mentorship and access to financial advice from experts.
This is a project run by The African Network of Entrepreneurs which provides financial assistance through relatively cheaper loans, financing & accounting support services and resources that relief members of the demoralizing stress associated with starting and running a business.
Venture Capital Trust Fund
The fund was set up to support small businesses drive up economic growth via equity investments. They generally provide financial resources to SMEs but to also initiate relevant activities for the development and promotion of the venture capital industry in the country.