era92 Fund announces the closing of a £200,000 first seed round led by The Peter Vardy Foundation.
The Covid’19 pandemic triggered one of the worst economic crises across the globe. More than 45% of Ugandans were indefinitely laid off work but for people who live in the slums, their reality was far worse. It wasn’t just losing their small businesses but going so many days without food.
In response to this, era92 Fund was born to provide microfinance services to people living in the slums, especially women that are locked out of traditional bank systems. era92 Fund has since been able to offer inclusive financial services that have empowered over 1000 low income individuals to build sustainable livelihoods and create prosperity for themselves.
The founder, Emmanuel Trinity, recently announced the closing of the 200,000 pounds in the first seed round.
“Alleviating poverty is not the same as creating prosperity. era92 Fund is here to think and do things differently.”
For era92 Fund, this is an opportunity to reach and impact more people in Uganda. The fund operates using two arms; Microfinance and Social enterprises.
Microfinance
Small Medium Enterprises account for over 85% of Uganda’s private sector. The enterprises are not able to grow to their full potential due to shortage of funds. For them, taking loans from commercial banks is not an option because of the high interest rates.
era92 Fund solves this problem by providing different products to start ups and medium sized enterprises that lack resources. The products are in the form of low interest loans.
Social Enterprises
era92 Fund partners with social enterprises with an intent of supporting them to achieve their vision. We are able to do this by mentoring and investing in aspiring entrepreneurs that are solving issues that impact the day to day lives of underserved communities.
