FACTS gets funding from the USAID East Africa Trade and Investment Hub
The Financial Access Commerce & Trade Service (FACTS) has signed a grant agreement with USAID. FACTS previously executed a program sponsored by the Netherlands Embassy called Finance4Agriculture. In the following press release by FACTS you can find more information on the grant and how to apply.
NAIROBI, 21 September, 2018 - FACTS, a financial institution that provides innovative supply chain finance solutions to Small and Medium size Enterprises (SMEs) in East Africa today signs a grant agreement with the United States Agency for International Development (USAID) East Africa Trade and Investment Hub (The Hub) that is geared towards supporting SMEs in the agricultural sector with the working capital necessary to grow their institutions.
Through a highly disciplined supply chain finance model, FACTS seeks to address the liquidity problems faced by the so called 'missing middle' who are not able to access direly needed funding from commercial banks or microfinance institutions.
"Forecasting models show that SME's can grow 2 to 3 times faster with adequate working capital" says Maarten Susan (regional director of FACTS). "Our solutions are designed to address the precise cash flow requirements of SME's and help them fulfill their true potential. Additionally, FACTS makes use of technology to enhance operations and this has gone a long way to ensure that we provide our clients with efficient and quick turn-around financing times", he adds.
The Hub's funding is structured as a technical assistance programme which is called Moving Frontiers - and will boost the work that FACTS already does with the SMEs. With assistance from the Hub, FACTS will conduct a two-prong survey with both Financial Institutions (FI's) and SME's to shed more light on how FI's can support Agribusinesses through Supply Chain Finance, whilst at the same time documenting the challenges faced by SME's in accessing finance for working capital.
As part of this programme, FACTS will source its own funds to sign-up and support at least 20 Agribusinesses across Kenya, Uganda and Tanzania with adequate working capital in the space of 6 months.
FACTS is getting increasingly more traction in the region with demand for its financing solutions growing by the day. With traditional financial institutions barely addressing the needs of agribusinesses and SME's in general, there is a need and place for alternative financiers who are willing to support this very important group of entrepreneurs.
For more information see the website of FACTS: www.factsafrica.com or contact Elizabeth Okunda via elizabeth.okunda@factsafrica.com or tel: +254 724 114 111