What is the OVO Acceleration Fund?
The OVO Acceleration Fund comprises donations from private individuals, businesses and other organizations. The fund uses these donations to provide financial support for social and sustainable entrepreneurship in Africa in the form of low-interest loans. OVO (Entrepreneurs for Entrepreneurs) supports these projects with expertise. When the loans mature these budgets are returned to the Fund, thereby enabling new projects to be financed. A single donation to the Fund therefore has an impact on multiple projects. The aim of the fund is to provide financial support for African entrepreneurs who have little or no access to the financial markets.
Who set up the OVO Acceleration Fund?
The OVO Acceleration Fund was set up by the non-profit organization Entrepreneurs for Entrepreneurs (OVO for short).
What is the role of the King Baudouin Foundation?
For the OVO Acceleration Fund, OVO works closely with the King Baudouin Foundation (KBF). The KBF is responsible for managing the Fund. This includes the receipt of donations, issuing tax certificates, drawing up contracts, and transferring the money to the borrowers. The KBF then tracks the receipt of the repayments and the interest. The KBF also makes sure the projects are in line with the OVO Acceleration Fund’s mission and vision.
What projects does the OVO Acceleration Fund focus on?
The Fund concentrates on businesses with a sustainable economic approach with a significant social impact on employment opportunities in Africa.
What type of businesses qualify?
Start-ups, scale-ups and smaller businesses all qualify.
What criteria are used?
• The company is economically sustainable for a maximum of 5 years• The location of the economic activity is Africa
• An (initial) business plan is in place
• There is a need for between 5,000 and 50,000 euros of finance for the start-up or scale-up
• The company generates a social impact by creating employment, offering essential services or products to the lower class, etc.
• There is no negative ecological impact; on the contrary, there is preferably a positive or regenerative impact