After successfully graduating 5,300 small and medium-sized businesses across Africa, the Google Hustle Academy has meticulously chosen 15 SMEs to benefit from the ₦75 million Hustle Academy Fund, which, notably, does not require equity return.
Among the distinguished beneficiaries are Ifeoma Augusta Anselem of Rae’s Clothing, Nafisa Abdulrazaq Sabo of Pinch N’ Dash, John Samuel Andefiki of Kita Farm, Aminu Abdulkarim of A.A.K. Shoes, Anita Aletor of Rotela Business Synergy, and Ojo Femi Christopher of Foodlane Ventures.
In addition to the substantial financial backing, the selected SMEs will gain access to invaluable mentorship and essential business tools.
African SMEs encounter two formidable obstacles in their pursuit of funding: affordability and accessibility.
The former refers to the cost of capital, a critical factor in securing loans or investments, while the latter represents the challenge faced by unregistered, informal businesses in obtaining financing.
With over 50% of sub-Saharan Africa’s official GDP attributed to informal retailing, as reported by Euromonitor International, and over 80% of total employment in some sub-Saharan African economies linked to informal employment, the significance of this sector cannot be overstated.
The inability of small and medium-sized businesses to secure financing creates a substantial barrier to employment, economic growth, and shared prosperity in sub-Saharan Africa.
It is imperative to recognize that the majority of the 44 million micro, small, and medium-sized businesses in sub-Saharan Africa, predominantly micro-enterprises, require access to funding for growth, job creation, and economic stimulation. Unfortunately, 51% of these crucial enterprises face a shortfall in capital.
In light of these challenges, the Hustle Academy program strategically addresses the specific needs of small and medium-sized businesses in Africa, offering essential tools and practical skills to facilitate their growth.
Since its establishment in 2022, the program has engaged nearly 10,300 entrepreneurs, and the current class, with 5,000 graduates in 2022, signifies a burgeoning community of companies dedicated to continuous learning and development, building on the momentum established in previous years.
