Browsing: Small businesses in Uganda

Funds to bail out small businesses in Uganda

The 97Fund, a Ugandan based Open-end Investment Vehicle (HoldCo) launched a $1 Million COVID-19 Relief Fund (the “Fund”) to bail out small businesses in Uganda that have been affected by the pandemic.

The 97Fund invests in high growth early-stage companies in Africa and is managed by Ortus Africa Capital.

The fund targets companies in sectors such as  healthcare, tourism, education, finance, New Ways of working (NWoW) such as supply chains and logistics and the digital economy providing market places to businesses.

Kenneth Legesi, Manager of the 97Fund said that the pandemic has  disrupted Uganda’s social and economic landscape as seen through the different sectors across the board.

“The Ministry of Finance, Planning and Economic Development projected economic growth would decline from 6 per cent to 5.2 per cent, with an estimate of 2.5 million Ugandans likely to fall back into poverty due to the pandemic. Businesses are feeling the effects …