The Bankability Fund for Women is open and is offering women-led businesses an opportunity to gain financial support to grow their businesses through equity financing of up to US $30,000. The Fund is part of a “strategic co-financing collaboration among ActionINVEST, The Cherie Blair Foundation for Women, and IDB Lab, bringing together a powerful mix of financial resources and expertise in helping women-led businesses to reach their full growth potential.
Equity financing can be defined as “the process of raising capital through the sale of shares” of a company. The equity finance offered by the Bankability Fund for Women is structured to be repayable over 36 months. After repayment, business owners will have the opportunity to repurchase shares and regain full ownership of their businesses.
To be eligible for the fund, businesses must complete the Road to Growth, Road to Finance, and Road to Leadership programmes offered by ActionINVEST. They should have annual revenues between US$150,000 and $300,000, have a staff complement of 12 to 25 employees, be willing to incorporate their companies (if not already incorporated), be capable of repurchasing shares, and be capable of providing a minimum of 25% annual return on investment (ROI) over a maximum investment period of three years.
Businesses that are successful in gaining equity financing will retain the majority of their shares as the Fund seeks to ensure that its ownership “remains below 50% of the shares in the businesses it supports.”
In addition to equity financing, eligible women-led businesses can also benefit from debt financing and support for the sale of their business should they decide to sell.
There is currently no deadline for applying for the fund and women-led businesses with high-growth potential are encouraged to contact ActionInvest for more information and support throughout the process.