THE YCEO: Where to get money to start your business

In opening a business in Ghana, capital to start your business from an idea stage to an enterprise is equated to the experience in hell. Startup entrepreneurs 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 off. In this article, I would be introducing you to organisations in Ghana who are interested in working with startups and SMEs and how you can reach out to them for support.
Currently many banks, are not in positions to invest or loan money to startup companies because of risk factors and interest rate but here are some organisations 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 state-of-the-art entrepreneurial system, funding opportunities, and a convenient atmosphere for entrepreneurship, employment and innovation development in Ghana and Africa.
Ghana Investment Promotion Council; the GIPC is responsible to encourage and promote investments in Ghana, to provide for the creation of an attractive incentive framework and a transparent, predictable and facilitating environment for investments in Ghana.
Hatchery Business Club: provide a coaching space and support for new start-ups less than two years old to be able to 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 our incubator to foster the growth and success of our graduated entrepreneurs. The incubator supports our overall mission and provides working space, hands-on support, resources and a vibrant community to help our portfolio companies succeed. Funding ranges from $50K to $200K for a minority equity interest in the business.
National Board for Small Scale Industries: to ensure that MSEs 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
Oasis Capital: provide risk capital in the form of equity, quasi-equity and profit-sharing facilities to entrepreneurial businesses in Africa. They have invested over $40 million in equity in companies in Ghana and Ivory Coast.
Venture Capital Trust Fund: the fund was allocated GH¢219million in the 2017 budget to support Small and Medium Enterprises (SMEs) and 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.

NB: I would be updating this article to add more sources

Prince Akpah
MD, Avance Media

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