In July, three more women-owned businesses in West Africa secured $49,167 in financing to expand their businesses, thanks to Trade Hub support and coordination with local organizations. The project’s two-tier finance and investment strategy works through a regional network of Financial Advisors for larger businesses and intensively in Burkina Faso with smaller female cereals processors participating in its Gender Access to Finance Strategy. Since February 2015, both approaches have yielded a total $1.37 million in loans and working capital for women-owned businesses, including $232,246 for small-to-medium-sized enterprises that would otherwise not have been able to access such funds.
Most recently, in Mali, the project’s Financial Advisor, ADG Consulting, assisted dried mango processor US Tako Sarl to receive $16,389 in working capital from a local bank, so the company can increase its stock of raw materials and meet increasing demand. ADG also facilitated a $24,584 loan from another local bank for cereals processor Dado Production to purchase raw materials and new equipment to boost its processing activities.
In Burkina Faso, cereals processor Etablissement Tout Super won $4,000 in prize money in a business plan competition organized by Trade Hub partner, Afrique Verte earlier this year. The contest required the company to raise the additional $8,000 needed to complete its $12,292 proposed expansion project.
Through Trade Hub’s Gender Access to Finance Strategy in Burkina Faso, the company successfully secured a loan of $8,194 from a local microfinance institution, enabling it to construct a second processing plant in Burkina Faso’s southwestern town of Toussiana. In December 2015, Etablissement Tout Super received $3,388 in working capital from the same microfinance institution, bringing to $11,582 its total financing via Trade Hub’s Gender Access to Finance Strategy.