Happy Woman launches Match Fund for Women-led MSMEs

Women entrepreneurs in Nigeria are set to benefit from a new financing initiative aimed at improving access to productive business equipment. In an attempt to provide business assets to women-led micro, small and medium enterprises (MSMEs) at an affordable rate, Happy Woman Solutions Limited has introduced a program called Happy Woman Match Fund in partnership with Mayden Microfinance Bank.

The project aims to provide one of the most significant issues for many women owned businesses, access to capital for equipment that can help increase productivity and help the business grow. The program will increase the competitiveness of women-led businesses in various sectors by making expensive tools and machinery more financially accessible.

Happy Woman Solutions (HWS) Limited's Chief Executive Officer (CEO), Kunle Erinle, announced at the launching that the fund would be established to eliminate the monetary obstacle facing numerous women entrepreneurs who would like to expand their businesses. Many women business owners have the skills, experience, and customer base to grow, but they may not have access to productive equipment to scale their business, he added.

Key Highlights:

• Happy Woman Solutions and Mayden Microfinance Bank launch the Happy Woman Match Fund for women-led MSMEs
• Women entrepreneurs save 50% of equipment costs, while the bank finances the remaining 50%
• Pilot launches in Lagos and Abuja to boost women-owned businesses and financial inclusion

The Happy Woman Match Fund not only helps to encourage disciplined financial management, but gives any woman a practical way to finance their business," Erinle said. With the program, the entrepreneurs that want to enter the program have to save 50% of the cost of the equipment they want to purchase. The remaining 50 per cent will be funded via a loan from Mayden Microfinance Bank, which will enable beneficiaries to get the equipment without having to wait months or years to save that amount.

The Financing Model is anticipated to boost productivity and business capacity of women entrepreneurs and help them to serve more customers. The scheme also may help women-owned businesses grow faster, leading to job creation and greater household incomes and economic growth, Erinle added.

The program is geared towards women entrepreneurs in the sectors which are mainly depended on the machinery for day to day business activities. They include fashion and garment manufacturing, catering and food services, beauty and personal care establishments, and commercial printing among other small-scale manufacturing operations. Modern equipment will be expected to increase efficiency, quality of the products, and competitiveness of businesses.

Mayden Micro Finance Bank (MMFB) founder and Managing Director, Foluke Alakija stated the bank's resolve to improve financial inclusion by creating innovative loan products that serve unserved entrepreneurs. She stated that promoting women entrepreneurs would still be a priority as women entrepreneurs play a vital role in the economic development and employment generation.

He explained that if women entrepreneurs are provided with more opportunities to access funds, it would help them improve their livelihoods, support the businesses in their communities and generate more jobs within their communities. She further stated that the financial institutions and private organizations can collectively support MSMEs led by women through partnerships like the Happy Woman Match Fund to fill the funding gap.

The pilot phase of the program will be initially implemented with eligible members of the Happy Woman community in Lagos and Abuja. The application process is open and will run through the official application platform of the initiative, and will provide support for suitable entrepreneurs who are interested in investing in business equipment.

The Happy Woman Match Fund is a move towards the increasing awareness of increasing financial access for women entrepreneurs in Nigeria. It is expected that by leveraging personal savings and available financing, the project will create a long-term sustainable avenue for women entrepreneurs to invest in productive assets, optimize business operations and achieve long-term business development.

The information in this article has been taken from the official announcement made by Happy Woman Solutions Limited and Mayden Microfinance Bank as detailed on them. There are no further facts to be added to the announced program.