Deadline: December 2 2022
Apply now for the Good Food Innovation Fund aimed at Increasing affordability of and access to Good Food.
The Good Food Innovation Fund intends to assist Sub-Saharan African small and medium-sized businesses (SMEs) in their successful growth and development. These companies could be:
- Distributors, and retailers of protective foods for local, institutional markets such as school feeding, social protection programs, prisons, or hospitals
- Manufacturers of on-farm and home light-processing and preservation technologies
- Sellers/leasers of cold storage and distribution solutions that preserve food nutrients and reduce waste during transit from farm to market
- Developers of low-cost packaging innovations
- SMEs developing new, more nutritious foods or nutritional enhancement of existing food products such as fortified whole grain
- SMEs serving low-income segments in affordable serving sizes, formats addressing the issue of availability, equitable access, desirability and affordability of Good Foods among Vulnerable Communities
- Early-stage companies operating at the intersection of energy and agriculture by applying cost-effective, renewable energy solutions that increase the availability and affordability of Good Foods to Vulnerable Communities or improve the health of Vulnerable Communities
Benefits
- The Fund will provide Results-based financing to the selected businesses. The financing will be provided primarily in the form of interest-free repayable loans and grants-only in exceptional cases where the results are towards a public good.
- Technical assistance support will be provided in the form of customized business advisory (BA) support. The Business Advisory support endeavors to strengthen innovators’ business capacities by addressing a myriad of challenges these SMEs face while trying to expand market share, distribute products, finance their enterprise, and change customer perceptions.
- To increase access to finance for the selected SMEs, the Fund will provide investment readiness, investment exposure and investment facilitation support to the selected SMEs.
- The Fund will provide advisory support to the SMEs to develop their M&E strategies and processes and implement them.
- Learning exchange opportunities with other grantees and networking opportunities with relevant ecosystem players will be provided to the selected SMEs.
Eligibility
- Type of Business: Legally incorporated/registered for-profit entities
- Business Operations: At least 18 -24 months of operations in any of the focus countries
- Turnover: Annual Turnover between USD 30,000 and USD 500,000 (Refer to the Term sheet for country-specific requirements)
- Audited financial statements for at least two past years
- Team: Businesses with 5-200 full-time employees
- Stage of Innovation: The proposed innovation must be market-tested and scalable with an existing customer base
- Be able to show the commitment of at least 20% matching-funding
- Request funding amount within the stipulated range of USD 50,000 – USD 200,000 (Refer to the Term Sheet for country-specific funding availability)
- Be compliant with fundamentals in – country and international human rights, labour standards, environmental management laws
- Must have requisite licenses relevant to their operations from authorisation institutions within their country of registration and operation
- Must be legally registered with the Revenue Authority in the country of operation, and physical established in the country of doing business
- Must NOT be involved in any act of terrorism or support terrorists’ activities, child labour or any other human rights violations, and must allow regular due diligence on these
For further information about the fund click here
