HEVA; YOUNG WOMEN IN CREATIVE ENTERPRISES
Published on: Jan 30, 2019
HEVA has designed a facility focused on young women in creative enterprises, looking to increase their production capacities, launch new product lines, invest in new technology and expand their distribution networks in the East Africa market. We are announcing our first early-stage finance and business support facility to exclusively support women-owned and women-led early stage enterprises in Kenya, in collaboration with JENGA CCI – Global Project Culture and Creative industries, a project of the Goethe-Institut Kenya and GIZ.
This facility is directed at supporting the applicants’ working capital needs as well as acquisition of production assets. Alongside the financial investment, we shall provide business support and learning facilities to improve the productivity of successful beneficiaries in the following ways: investments in production, inventory and logistics technologies; support increasing the unit value of a product by product development; and increasing access to necessary post-production capacities.
The Women’s Fund is a loan facility, with a repayment period between 15 and 18 months, and HEVA is looking to invest up to KES 1,000,000 in each successful business.
Key requirements for each application are:
- You must be a Kenyan citizen resident in Kenya, with a business that is legally registered and operational in Kenya.
- You must have been in business for at least 2 (two) years*.
- Your business must be women-owned or have majority shareholding amongst women aged between 18 and 35 (an organization structure diagram showing how the organisation is structured and how the positions of the organisation, with the names, ages and occupations of their holders relate to one another will be required as part of your application)
- Your business must trade in one of the following arenas:
Fashion and apparel manufacturing
Digital media, television and film
Live music events, festivals, fairs and markets
Hair, beauty and cosmetic products
Creative arts educational enterprises
- You must have financial records for at least a year, e.g M-pesa statements, bank statements, audits, etc.
- You must have been in operation for at least 3 years
- You must have at least three full time employees
The following are the general timelines of the application process from start to finish.
Open For Applications
25th January – 25th February 2019
The Young Women in Creative Enterprise Fund opens for applications. Applicants who complete the application form will receive a notification that we have received their application.
25th February – 1st March 2019
A shortlist of eligible applicants is reviewed by 2 panels, evaluating creativity and business applicability.
4th – 7th March 2019
Successful applicants are notified that they have been selected to come and pitch their business and investment plan. Pitch decks are handed out to successful applicants, who are given a week to prepare. Another message is sent out to facilitate pitch scheduling.
11th March – 22nd March
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.
25th – 5th April
Due diligence visits to applicants with successful pitches are made.
8th – 12th April 2019
Businesses shortlisted after due diligence are called in for collaborative financial modeling meetings.
15th – 19th April 2019
The final list of eligible businesses is made available, and letters of offer are written to the finalists.
Announcement of New Group
Contracts are signed, after which the first disbursements of the investments can proceed.