Foundation announces funds for young creatives and women
Foundation announces funds for young creatives and women. PHOTO | FILE | NATION MEDIA GROUP
What you need to know:
- The Cultural Heritage Seed Fund is a two-year seed financing facility.
- The Young Women in Creative Enterprise Fund, on the other hand, is a holistic finance and business support facility.
HEVA Fund has opened a call for applications for The Cultural Heritage Seed Fund and The Young Women in Creative Enterprise Fund.
The Cultural Heritage Seed Fund is a two-year seed financing facility, looking to support individuals, groups, communities and organisations working in the creative enterprises in Kenya; in the fields of music, film, fashion, crafts, gaming, performing arts, and tangible heritage.
The facility on offer is a grant/loan hybrid with HEVA looking to invest between Sh500,000 and Sh3 million in each successful venture.
The Young Women in Creative Enterprise Fund, on the other hand, is a holistic finance and business support facility, providing tailored direct investment, targeted business support and market intelligence to women-owned and women-led early-stage ventures in fashion and apparel manufacturing, digital media, television and film, live music, festivals, fairs and markets, hair, beauty and cosmetic products, and creative arts educational enterprises operating in Kenya.
The Young Women in Creative Enterprise Fund is a loan facility, with HEVA looking to invest up to Sh1 million in each successful business, to be paid back over a maximum period of 18 months. Both funds require applicants to be Kenyan citizens with a business registered in Kenya.
“We are happy to be able to open these two facilities to contribute to the sustainable growth of creative enterprises in Kenya. We also intend to continue our work within the region, focused on strengthened relationships, targeted market intervention and holistic business development,” read part of the statement.
HEVA Fund is one of the most visible African-based funds to invest in the transformative creative economy sector within the East African region. It has invested in more than 20 creative businesses within the fashion, digital content, crafts, and decor value chains niche.
Last year, they signed a credit investment agreement with the French Development Agency (AfD) to advance financial support and technical assistance for the creative industry in Kenya and the wider East African region in a project worth Sh90 Million ($900, 000) expected to run till 2022. Interested applicants have up to February 25, 2019, to apply through HEVA Fund’s website.
