Mastercard Foundation Fund Invites Agribusiness SMEs to Apply for Resilience and Prosperity Grants

The Agribusiness Challenge Fund, established by the Mastercard Foundation Fund for Resilience and Prosperity, is currently on the lookout for small and medium-sized enterprises (SMEs) as well as entrepreneurs operating within the agricultural sector across Sub-Saharan Africa.

This initiative is particularly focused on businesses that demonstrate potential to generate significant employment options for the youth, including young women, young individuals living with disabilities, and youth from refugee backgrounds.

The main objective of the fund is to bolster these SMEs by offering them a chance to scale their innovative and commercially viable agricultural ventures. The Challenge Fund is dedicated to assisting the development of these enterprises across a span of 20 countries within Sub-Saharan Africa. The aim is to foster the creation of sustainable job opportunities that cater to young people, while giving special attention to the empowerment of young women.

SMEs that are chosen by the fund will benefit from monetary grants that range between US$500,000 and US$2.5 million. These grants will be distributed over the course of three years. The scale of funding provided will be tailored according to the specific growth stage of each recipient, the potential for scaling up their operations, and the viability of their business models. The disbursement of funds will be contingent on the achievement of predetermined milestone targets over set periods.

The Mastercard Foundation Fund for Resilience and Prosperity has earmarked the following 20 nations within the Sub-Saharan African region as eligible for the Agribusiness Challenge Fund: Kenya, Benin, Burundi, Botswana, Cameroon, Côte d’Ivoire, Democratic Republic of the Congo (DRC), Ethiopia, Ghana, Malawi, Mozambique, Nigeria, Rwanda, Senegal, Sierra Leone, South Africa, South Sudan, Tanzania, Uganda, and Zambia.

Smita Sanghrajka, an engagement partner at the Mastercard Foundation Fund for Resilience and Prosperity, has remarked on the tremendous possibilities that the agriculture sector holds for innovative SMEs within these regions.

The potential for growth is substantial, coupled with the significant chance to create worthwhile and respectful employment for the youth, particularly focusing on the inclusion of young women, those with disabilities, and those hailing from refugee backgrounds.

Applications are open here until November 22.