The deadline for the application for the Tony Elumelu Foundation business grant of up to USD 5000 will be on March 31, 2023. This means that as an entrepreneur, you only have two days to realize your dream of turning your idea into a business.
Tony Elumelu Foundation is in Kenya courtesy of UBA Kenya Bank aimed at helping Kenyan entrepreneur fund their businesses, not by taking a loan, but by being trained and given a whopping USD 5000 that they will not need to pay back.
Known as seed capital from the Tony Elumelu Foundation, it comes at a time millions of Kenyan youths are looking for an avenue that will help them realize their potential and turn their business ideas into assets that will not only impact their personal lives but society.
The seed capital from the Foundation is open for any Kenyan entrepreneur to apply by presenting their ideas that carry the real solutions to African entrepreneurial problems. This will help many startups in the country that have been struggling to take off after the Covid-19 pandemic that brought millions to their knees.
The Tony Elumelu Foundation has over the years been instrumental in bringing together thousands of entrepreneurs in Africa, as well as bringing to the table the think tanks in the business world, to empower and bring solutions to African problems.
How to apply:
Step 1: Visit www.TEFConnect.com
Step 2: Click and create an account
Step 3: Commence your application
Step 4: Put some thought into your application
Step 5: Submit your application
It is that simple. Once submitted, it is time to wait by checking on the website for the progress as well as following UBA Kenya Bank’s social media platforms.
The Tony Elumelu Foundation, founded by African investor, philanthropist, and Chairman of United Bank of Africa PLC, Tony E. Elumelu is a Non-Governmental Organization aimed at creating prosperity for all through supporting and creating African Entrepreneurs.
Founded in 2015, the Tony Elumelu Foundation Entrepreneurship Program has funded over 15,847 young entrepreneurs across 54 countries in Africa with Kenya being one of the key beneficiaries of this initiative that aims at empowering Africa as a whole.
In 2021 alone, the Foundation disbursed 111,847,400 shillings the equivalent of USD $980,000 to 196 Kenyan entrepreneurs. The funds have seen the entrepreneurs expand their businesses and ideas.
In 2022, 207 beneficiaries from Kenya were awarded seed capital to grow their business. Since its inception in Kenya in 2015, The Tony Elumelu Entrepreneurship Program has disbursed 394,751,400 shillings equivalent to USD $3,460,000 to a total of 692 Kenyan entrepreneurs”
UBA Kenya Bank Limited partnered with the State Department of Devolution to open up this opportunity to start-ups and SMEs in every County. This initiative will be a key driver in the growth of the SME sector and the youth innovation agenda in the country.
The launch of the initiative in Kenya comes at a time there are efforts by the government to grow and support small businesses with the aim f boosting the economy of the country. SMEs are key drivers of the Kenyan economy, employing about 86 percent of Kenyans and contributing about 45 percent to the country’s GDP.