In a significant boost to Liberia’s entrepreneurial landscape, twenty Liberian businesses have been awarded co-financing grants of up to US$40,000 each following a successful two-day official pitching and selection event as part of the Liberia MSMEs Growth Accelerator Liberia Programme – Cohort IV.
This initiative, which aims to scale up impactful enterprises across the country, was organized by iCampus Liberia in partnership with Accountability Lab, BSC-Monrovia, AgroTech Liberia, East Africa Market Development Associates and Growth Africa, with support from the United Nations Development Programme (UNDP), Ministry of Commerce and Industry, Forestry Development Authority, European Union Delegation to Liberia and the Embassy of Sweden in Monrovia.
The program is designed to empower Liberian entrepreneurs by providing access to technical assistance, mentorship, training, and co-financing opportunities.
The selection process culminated with 20 businesses emerging victorious from a competitive pool of semi-finalists who pitched their business proposals before a high-powered judging panel.
The five-member high-level judging panel, comprising senior experts, including seasoned bankers and entrepreneurs, used a business model, viability, investability, profitability, and socio-economic impact as set criteria for the evaluation.
The pitching, which was done in categories took place from August 29th and 30, 2024, at a local resort in Monrovia.
In the $20,000 USD category, out of 10 ambitious businesses that pitched, eight successfully secured access to the $20,000 USD grant, business development training, and technical assistance.
The businesses are: Ma. Lude Business Incorporated, Liberia Discoveries Enterprise, Emnetus Waste Management and Housekeeping Services Incorporated, Willing Women Association of Liberia Inc., Jogima Incorporated, JoJo’s Glam House of Fashion, Etta Trading Corporation, and West Africa Ranch Company.
In the $40,000 USD category, 8 businesses presented their growth strategies, and 5 of them emerged victorious, including Tusa Farm, Mammie Sondah Agroventures, Den-Vera Medical Laboratory and Clinics, Sandy Group of Company, and Zion Seed Saver Limited.
Also, in the $10,000 USD category, out of 10 businesses pitched, seven were selected. They are Liberation Medicine Store, Tetee Catering and Decoration Services, Serica Unisex Boutique, Jam Beauty Store, Weezee Food Service, R.B Kollie Success Medicine Store, and Concerned Youth Liberia.
These businesses showcased exceptional potential, positioning themselves as leaders ready to scale their operations and impact our country significantly. The winning businesses will also undergo six months of technical assistance, coaching, and mentorship.
Making special remarks at the final pitching and selection ceremony, UNDP Resident Representative to Liberia, Anthony Boamah, expressed deep excitement in welcoming attendees to the pitching and selection ceremony of Cohort IV of the Growth Accelerator Liberia Programme, a flagship collaboration with the Ministry of Commerce and other partners under the Livelihood & Employment Creation Project.
Boamah reflected on the program’s inception in 2021, noting that it was designed to help Liberian businesses acquire the necessary development capacity and access financial resources to grow their businesses while supporting the achievement of the Sustainable Development Goals (SDGs), including poverty reduction and economic growth.
He recalled that over the past three years, the Growth Accelerator Liberia Programme has attracted significant partnership and resource mobilization opportunities from both traditional and non-traditional partners.
Boamah disclosed that the Government of Liberia contributed $3 million to the Accelerated Community Development Programme, with nearly $300,000 targeted at supporting agricultural cooperatives through the Growth Accelerator model in 2023.
Over the past three years, the Growth Accelerator Liberia Programme has provided approximately $3 million in capacity-building and catalytic grants to 38 Liberian MSMEs, including agricultural cooperatives. Around 40% of these enterprises are women-led, leading to increased revenues, job creation, and improved business practices among the supported businesses.
Boamah highlighted the tangible outcomes of the program, including businesses like Edana Photography, Redimere Chocolate and Wungko’s Farm, which were able to hire a total of 35 new employees and contractors after receiving grants in 2021. Additionally, eight businesses from Cohorts 1 and 2 generated $80,500 USD in sales revenue due to the grant funding and capacity-building acquired through the program.
He also noted that over 30% of the program’s alumni have employed persons with disabilities, with five of the alumni securing additional funding opportunities from USAID and the World Bank to further scale their businesses.
Boamah said successful businesses have used their grants to buy new processing equipment, increase production volume, and expand their marketing and distribution networks across Liberia, resulting in increased employment and profit margins.
He recognized the vital partnership with the Government of Liberia through the Ministry of Commerce & Industry and expressed gratitude to Accountability Lab Liberia & iCampus for their implementation of the initiative, which attracted some of the most outstanding entrepreneurs across Liberia.
Boamah also extended special thanks to financial partners, including United Bank of Africa, Ecobank Liberia Limited, International Bank Liberia Limited, and Bloom Bank, for their support. Boamah highlighted their commitment to providing Growth Accelerator grantees with flexible loan programs to enable them to access additional capital and scale their businesses.
He reassured the audience of UNDP’s ongoing commitment to empowering local entrepreneurs, particularly women and youth, through the Growth Accelerator program. He emphasized the transformational impact of the initiative, which provides resources, mentorship, and networking opportunities for Liberian MSMEs.
Boamah was equally excited about the innovative ideas presented during the competition and expressed hope that this would generate more enthusiasm from partners, including the Ministry of Commerce and Industry, development partners, and other stakeholders, to release or increase financial support for the Growth Accelerator Programme.
Benedict A. Dolo, Deputy Minister for Small Business Administration at the Ministry of Commerce & Industry, noted that the ARREST AGENDA outlines the government’s investment focus areas, such as agriculture, infrastructure, education, tourism, health, intellectual property, and ICT.
Dolo emphasized that MSMEs/SMEs play crucial roles in Liberia’s economic landscape, accounting for approximately 80% of economic activities and providing jobs for over 90% of the labor force in Liberia.
He, however, said access to finance remains a significant challenge for MSMEs, hindering their contribution to economic growth and job creation.
Dolo expressed the Ministry of Commerce’s gratitude to UNDP for the partnership, which is investing in unlocking the full potential of Liberia’s informal sector.
He commended Accountability Lab (iCampus) for successfully implementing the Growth Accelerator business development competition, proving that Liberians can succeed when given the opportunity.
Dolo encouraged the participants to take the knowledge they gained through the program seriously and contribute to Liberia’s innovation and growth. Dolo also thanked the judges for bringing merit to the program and helping it achieve its goals.
He said over the last three years, a total of 44 SMEs have benefited from the Growth Accelerator. The program has helped build capacity and co-financed through grants, propelling local MSMEs and agricultural cooperatives toward their business objectives. The program has awarded more than $1.3 million and provided intensive business training to 28 MSMEs and 16 agricultural cooperatives.
Luther Jeke, Chief Executive Officer of iCampus Liberia, applauded the Ministry of Commerce & Industry, UNDP, and other partners for their support, which he believes is crucial for poverty alleviation and creating sustainable, viable income-generating opportunities for young entrepreneurs in Liberia.
Jeke provided an overview of the project, noting that the Micro, Small, and Medium Enterprises (MSMEs) sector is a cornerstone of Liberia’s economy, contributing significantly to job creation, innovation, and economic resilience. However, many MSMEs face critical challenges, including limited access to financing, adequate technical skills, and insufficient mentorship.
According to him, the Liberia MSMEs Growth Accelerator Programme aims to address these challenges by providing selected enterprises with co-financing, technical assistance, coaching, and mentoring.
He added that the final pitching and selection ceremony represents a key milestone in this initiative, where selected semi-finalists will showcase their business ideas to a panel of judges and stakeholders, with finalists selected for grants of $10,000, $20,000, or $40,000 USD.
Jeke said, “The Liberia MSMEs Growth Accelerator Programme is a business and agricultural cooperative accelerator targeting impactful and innovative ventures and cooperatives across all industries in Liberia. The program targets post-revenue businesses and cooperatives, assisting them to scale and grow with a combination of co-financing grants, mentorship, and technical assistance.”
He emphasized that the primary purpose of the final pitching and selection ceremony was to select the final 20 MSMEs from 28 who pitched, and these 20 will receive support from the Growth Accelerator Liberia Programme – Cohort IV. Additionally, 4 Agricultural Cooperatives will be supported through the programme this year.
The program, Jeke said, also provides a platform for entrepreneurs to pitch their innovative ideas, fosters networking and collaboration among MSMEs, investors, mentors, and other stakeholders, and promotes potential partnerships and collaborations.
“The objectives of the program include finalizing the list of MSMEs that will benefit from the program’s resources, showcasing innovations, facilitating connections among entrepreneurs, investors, and mentors, and providing constructive feedback from judges and industry experts to help participants refine their business models,” he concluded.
