4,949 companies benefit from Elumelu training, grants

Business

4,949 companies benefit from Elumelu training, grants


President Uhuru Kenyatta (right) with Tony Elumelu, Chairman of United Bank for Africa and Founder of the Tony Elumelu Foundation at State House, Nairobi. PHOTO FILE | NMG

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Summary

  • The Tony Elumelu Foundation, an African organization that promotes businesses and innovative ideas, has selected 4,949 entrepreneurs for its 2021 entrepreneurship program.
  • The 2021 beneficiaries were selected from a pool of over 400,000 applicants, based on their innovation, performance and growth potential to create jobs and eradicate poverty on the continent.

The Tony Elumelu Foundation, an African organization that promotes businesses and innovative ideas, has selected 4,949 entrepreneurs for its 2021 entrepreneurship program.

The 2021 beneficiaries were selected from a pool of over 400,000 applicants, based on their innovation, performance and growth potential to create jobs and eradicate poverty on the continent.

Businesses made up of new start-ups and existing small businesses comprising 68% female entrepreneurs this year, have benefited from business training, mentoring and coaching and will have lifetime access to the Alumni Network. the Tony Elumelu Foundation.

Each entrepreneur will receive a grant of Sh 560,000 ($ 5,000) as capital for the business.

“Today, we have trained ten times more young African entrepreneurs than we have trained from 2015 to 2019 combined. Today, in 2021, we will pay a record 2.77 billion shillings ($ 24,750,000) directly to African entrepreneurs in 54 African countries. It’s an impact, ”said Ifeyinwa Ugochukwu, Executive Director of the Tony Elumelu Foundation.

The organization plans to empower 100,000 young African entrepreneurs over the next 10 years across Africa.

Since its creation in 2010, the Tony Elumelu Foundation has funded 15,847 entrepreneurs who have created more than 400,000 direct and indirect jobs.

Through TEFConnect, the Foundation’s exclusive digital platform, it has provided capacity building support, advice and business linkages to more than 1.5 million Africans.

“We must continue to create the right enabling environment for our young people to be successful. We need to realize that their success is the success of all of us on the continent, ”said Foundation Founder Tony Elumelu.

“We have to put them first because the nations and continents that put their people first are successful. “


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