Wilson Kafui Senya
The African Entrepreneurship Academy (AEA), with support from FIDO, United Bank for Africa (UBA), and Agricultural Development Bank (ADB), has organised a business funding summit in Accra aimed at equipping SMEs with knowledge to better navigate the business landscape.
The summit was held under the theme: “Strategies for Startup and SME Financing.”
In an interview, the President of the African Entrepreneurship Academy, Wilson Kafui Senya, stated that the summit was organised to address a key challenge faced by entrepreneurs – access to capital and funding.
The summit brought together members of the entrepreneurial community and financial institutions to create awareness about funding sources available on the market.
He added that, beyond funding, entrepreneurs often struggle with how to start and grow their businesses. Senya emphasized that knowledge sharing is crucial for entrepreneurs to understand the range of financing options available.
He revealed that some startup businesses would receive funding between GH¢5,000 and GH¢20,000 from the AEA Venture Fund, stressing that these funds are not grants but investments intended to help SMEs grow.
Also speaking at the event, Joseph Maxwell Appiah, Head of the Business Unit at FIDO, explained that the company has begun offering business loans to help entrepreneurs expand their operations.
He said FIDO’s main strategy over the next two to three years is to support business growth and encouraged SMEs to take advantage of the opportunity.
In addition, Alex Frimpong, Head of Agricultural Services at ADB, highlighted the importance of SMEs as the engine of economic growth. He stressed that access to loans depends on the credibility of a business, noting that well-maintained records inspire banks to finance operations.
He debunked the perception that businesses can simply walk into a bank and receive funding, pointing out that equity and proper documentation are key considerations for financial institutions.
One of the participants, Karl Appiah Nyamekye, founder of Medo Foods, shared his insights from the summit. He noted that the event had given him valuable knowledge on how to run a business, access funding, and position his company for growth and export.
By Florence Asamoah Adom