Due to COVID-19, Projections for Africa’s 2020 growth have fallen from 3.9% before the crisis to 0.4% or lower according to the World Bank. Several businesses are facing serious challenges, with the real threat being significant declines in revenue, insolvencies, and job losses — particularly for small and medium enterprises, or SMEs.
Acknowledging the reality that SMEs in Africa are vital drivers of economic growth and prosperity, ESP in partnership with USADF, is offering a hand of support to 300 entrepreneurs. The support will come through a combination of coaching & technical assistance as well capital (zero-cost reimbursable loans) over a four-year period called the Africa Entrepreneur Resilience Initiative. The initiative is providing deserving enterprises with a chance to survive the devastating COVID19 blows while staying strong enough to continue with growth in a post-covid world.