The Kenyan creative industry is set to receive a significant financial boost to address the sector’s long-standing funding challenges.
This follows the launch of a 730 million shillings initiative by HEVA Fund to support over 7,000 creative entrepreneurs across various sectors, including fashion, film, content creation, and performing arts.
According to Wakiuru Njuguna, Managing Partner at HEVA Fund, the initiative will provide tailored financial solutions to creatives who have historically struggled to access capital through traditional banking systems.
“We are delighted to enter into these partnerships with Longitude Capital, Tenakata Ltd, Kenya Bankers Sacco, Lipa Later Ltd, Shop Zetu, and Wowzi to disburse a total of $5 million (approximately KSh 644 million) to individuals and enterprises in the cultural and creative industries. The goal of these partnerships is to expand the pool of capital available to the sector and ensure access to affordable, responsive financial products, as well as business advisory services. The creative industry-tailored Ota Kopa and Ota Kopa Plus loans position us to reach more creatives, empowering them to unlock their potential and achieve three key objectives: strengthening the country’s creative and cultural sector, generating new, dignified, and fulfilling employment opportunities, and bridging the financial gap for creative businesses.”said Njuguna
Under the program, entrepreneurs can access loans of up to 999,999 through Ota Kopa, while those requiring larger amounts can apply for loans ranging between 1 million and 4.9 million.
Speaking on behalf of the FSPs, Michael Monari of Longitude Capital said, “We know from experience that there is a tremendous need for financial support in the Creative and Cultural Industries (CCI) and are up to the task to provide the support that the creatives in our country require. We recognize that there will be challenges including reaching those in remote areas, but we are committed to restoring the dignity of the sector. Our goal is to challenge the biases and myths about the sector and create new narratives. Consequently, through this initiative, we aim to demonstrate that the sector can provide profitable, fulfilling and dignified livelihoods for hundreds of thousands of people.”
Additionally, HEVA has built technical capacity to over 14,000 creative practitioners and developed ground-breaking insights and knowledge documents & products that have been referenced by researchers, academics and public sector organizations worldwide.
