(Ecofin Agency) - Impact investment firm WIC Capital specialized in financing women-led businesses in Senegal and Côte d’Ivoire granted XOF120 million (about US$200,000) of repayable advance to 13 SMEs in Senegal. 

The resource provided is unsecured, interest-free, and repayable if the project funded is successful. The loans, ranging between  XOF3 million and 15 million, targetted SMEs active in high-potential sectors like agribusiness, cosmetics, education, fashion, and the circular economy. 

"We are pleased to contribute to the recovery of Senegal’s economy, which is marked by the impacts of the Covid-19 pandemic, by selecting firms much smaller than our usual targets," commented Evelyne Dioh Simpa (photo), Managing Director of WIC Capital.

 "WIC Capital is reinforcing its role as a catalyst of local and international private institutional capital for the development of a strong private sector in Africa through gender lens investing,” she added. 

The repayable advance is part of Suqali, a project aimed at facilitating access to financing for Senegal’s micro-entrepreneurs and micro, small and medium-sized enterprises that are facing the adverse effects of the pandemic. 

Besides the financing, WIC Capital will also provide technical assistance to the 13 selected businesses to help them formalize their businesses and boost operations. In the coming months, the beneficiaries will be integrated into the fund’s portfolio. Then, they will benefit from larger investments to become more profitable and scale up. 

Chamberline Moko