By Juliet Umeh, edited by Prince Osuagwu

At least, nothing less than 100 women-led small and medium size enterprises, SMEs are going to get support from a non-profit organisation, Creative Space Startups.

This is as the NGO has opened applications for the selection of women in Nigeria and Cameroon for the third cohort of Growth4Her accelerator programme.

Growth4Her operates as a consortium involving creative space startups, social capital impact group, the learning gate and active spaces overseeing the management of the Cohort.

It is an investor readiness accelerator program designed to support and empower women entrepreneurs by providing them with capacity building and tools to scale up their businesses.

Meanwhile, to qualify for the opportunity, the NGO said the business must meet at least one of the following criteria: be at least 51 percent owned by a woman; be at least 20 percent owned by a woman and have a woman serving as a C-Level Executive (CEO, COO, CTO, CFO among others.

Eligible businesses must have a board of directors with at least 30 percent women members, have between five and 300 employees and operate in Cameroon or Nigeria.

It must have annual sales between US$35,000 and US$15 million and be able to dedicate one week to an intensive virtual and physical bootcamp and three hours for mentorship engagement for a period of eight weeks.

Manager at Creative Space Startups, Sefunmi Obielodan said that the programme equips women-led SMEs with investment readiness skills, connects them directly to funders, and cultivates an ecosystem that supports their businesses.

Obielodan said: “The programme has a proven track record of success, with participants from its last two cohorts transitioning from small to high-potential, fundable growth-stage businesses.

“We are excited to welcome the next generation of bold and innovative women leaders to the Growth4Her program.

“We believe that by investing in women entrepreneurs, we are not only driving economic growth but also fostering a more inclusive and sustainable future for Africa.”

According to Obielodan, “Africa has the highest proportion of women entrepreneurs, but the challenge lies in ensuring they receive adequate support for growth, particularly access to funding. In 2021, the African Development Bank (AfDB) reported a $42 billion gender financing gap in Africa.

“As an AFAWA Women Entrepreneurship Enabler funded by the AfDB’s AFAWA initiative, Growth4Her addresses this significant concern. Over the next five years, the program aims to empower 1,500 women entrepreneurs across 10 African cities, with a specific focus on Women-led Small and Medium Enterprises (WSMEs).

“The 100 selected women entrepreneurs will receive capacity building and mentorship, psychosocial and policy support, access to funding, media exposure and exposure to markets across Africa and beyond.”