Salaam Enterpreneurship Fund (SEP)
The Salaam Entrepreneurship Fund (SEF) is a $5 million initiative launched by Salaam Bank, in collaboration with Hormuud Telecom.
Through the three-year programme, we‘re helping young Somali entrepreneurs achieve their potential, unlock economic opportunities, and turn their business ideas into reality.
Our fund focuses on five high-growth sectors: technology, renewable energy, farming, fishing and livestock.
Type Enterpreneurs
SEF supports entrepreneurs by providing early-stage and growth financing, with a particular focus on youth and women. The fund aims to empower entrepreneurs with the vision to solve significant problems and create commercial solutions.
Type Investments
- Microfinance: Up to $3,000
- Start-up Financing: Up to $50,000
- SME Investment: Above $50,000
Partnerships
We collaborate with existing ecosystems and like-minded individuals who share our commitment to fairness and transparency in business. We take pride in our long heritage and the core values of fairness, transparency, and stability that have driven our founder‘s success. Our approach to business ensures we are a stable, dependable partner, providing consistent and dedicated support to Somali entrepreneurs. By accelerating their potential, we contribute to the overall growth of the Somali economy.
Eligibility
The fund is available to all Somali entrepreneurs operating within Somalia. Applicants must meet the following criteria:
- The Fund is available for all Somali entrepreneurs operating inside Somalia.
- Somali National
- Proof of passport or National Identity Card
- Salaam Somali Bank account holder
- Certificate of company registration
- Business profile and business plan
- Proof of guarantor
- Fund request letter
Rational
In the past decade, Somalia’s economy has undergone remarkable transformation. The country now stands proud as a member of the EAC, and ready to take advantage of new trade opportunities.
With abundant natural resources, a strong farming and livestock sector, and Africa’s longest coastline, Somalia is poised for growth. Its resilient local value chains are boosting production to satisfy rising demand for quality commodities.
The agriculture and fish sectors show great promise for meeting both national and international needs for fresh and processed goods. Coupled with its strategic location, renewable energy potential, and a dynamic private sector, Somalia is set for significant growth in the next decade. SEF was created to drive this growth from the grassroots level.
Sector Focus
Agriculture
Somalia‘s fertile soil and favorable climate provide opportunities for growing various fruits and vegetables for local consumption and export. Historically, Somalia was a leading banana exporter, and SEF aims to revive this potential.
Livestock
The livestock export industry is a major contributor to Somalia‘s economy, with close to $400 million worth of exports in 2015. There is growing demand for Somali livestock, particularly goat meat and beef. SEF sees significant opportunities in livestock production to meet this demand while maintaining high-quality standards.
Fishing
With largely untapped fish resources and a vast exclusive economic zone, Somalia is uniquely positioned to meet rising global demand for seafood. SEF will invest in this sector to unlock its full potential.
Renewable Energy
Affordable energy is crucial for sustained economic growth. SEF recognises the growing demand for cheaper, reliable electricity, and with huge solar and offshore wind potential, and commits to investing in renewable energy solutions.
Technology
Thousands of Somali youth are graduating from universities with diverse degrees and experiences. Combined with affordable internet and mobile money systems, Somali youth are creating innovative solutions and jobs. SEF aims to boost this budding tech and entrepreneurial scene by providing accessible finance.