This project will support a group of 25 entrepreneurs in Freetown, Sierra Leone.
Each entrepreneur will be provided with approximately 1mSLL in funding plus training and ongoing support to help them make their businesses profitable, which will be organised and carried out by our partners Munafa Social Microfinance.
The population in Sierra Leone is mostly rural (62%) and mostly young (42%). 70% of young people are unemployed or underemployed.
Munafa works in 8 vulnerable communities in Freetown which are among the most deprived slums. These communities face a range of challenges including precarious housing, lack of schools, lack of health services, poor sanitary and waste disposal systems, poor infrastructure and high vulnerability to natural disaster.
To make a living, many people run informal businesses like small grocery shops, workshops, peasant farming or livestock, hawking, cookery, etc. However, they often lack access to affordable funding and training to make their businesses more profitable and to improve their problem-solving and decision-making ability.
We, in partnership with Munafa, will fund a group of 25 entrepreneurs in Freetown.
Before receiving funding, the selected group of entrepreneurs will receive 6 initial training sessions delivered by Munafa. After this, they will receive individual loans based on their business needs and their capacity to repay, without the need for collateral or joint liability.
In addition to the business loans, the entrepreneurs will receive education about savings and receive help to establish a personal saving plan.
Twice a month, field officers will meet the entrepreneurs in groups. During these bi-weekly meetings, Munafa field officers will manage the loan repayments and savings collection and provide training on economic and social topics to help entrepreneurs strengthen their businesses as well as their families and communities.
Access to affordable funding and training to make their businesses profitable is a big challenge for entrepreneurs, especially those in vulnerable communities. Munafa’s holistic approach not only equips the entrepreneurs for business success, but also provides a strong foundation for long-term financial inclusion.
Munafa means ‘to prosper’ in local dialects. 89% of the entrepreneurs Munafa supports are women. Our funding will help those women to prosper, and support them in their incredible efforts to make their families and communities prosper as well.