AFRILINK Kenya enters into partnership with Co-op Bank Foundation
This relationship presents unique opportunities for both institutions, as the Foundation seeks to focus on Youth empowerment and AFRILINK works to promote youth enterprise. Together, we seek to empower young entrepreneurs to create employment for themselves and in the nation as a whole.
AFRILINK is seeking to raise $35,000 to secure a match of a similar amount to advance this partnership. We invite you, our partners, to support and help us mobilize these funds.
I am writing to say that our discussions with the Co-op Bank Foundation in Kenya has yielded positive results. We entered a partnership to advance youth entrepreneurs in Kenya.
The first phase will involve piloting an Accelerator with 10 selected entrepreneurs. The second phase will involve scaling up based upon lessons learned in the first phase.
Below is a summary of components of partnership:
1. We have jointly completed a proposal to advance the relationship2. Established the operational costs to pilot an Accelerator program with 10 entrepreneurs will cost US$70,000 over a one year period.
3. If AFRILINK raises or secures commitments to raise USD $35,000, TheCo-op Bank Foundation will match that those funds.
4.In other words, The Co-op Bank Foundation will provide funding of USD $35,000.
5. The Co-op Bank Foundation will also set up an AFRILINK Revolving SACCO Fund with an initial capital of US$50,000 that will provide loans to entrepreneurs at a subsidized rate. SACCO is a kind of Credit union that entrepreneurs, board members, friends of AFRILINK could shares to increase the capacity to give more loans. This is big break through because the bank with disburse and manage loans on our behalf.
6 We also incorporated into the agreement, the use of a Business skills Curriculum developed by Social Enterprise Greenhouse of Rhode Island and hosted by Brown University. The SEG consultant will work with AFRILINK Colleagues on the ground to “Kenyanize this Business Skills curriculum”. We will use this curriculum to provide business skills training to entrepreneurs in the pilot program.7. The agreement stipulates that AFRILINK will ensure that 50% of entrepreneurs selected are female and, 30% of enterprises are in the manufacturing sector.
Given this significant progress, I need your counsel and help in securing AFRILINK’s portion of funding needed. AFRILINK Kenya board has already launched a campaign to use its network to raise the funds needed, they vey quickly secured USD $5,000 before I left. I need your recommendations on how the US Board might support their efforts.