PROGRAM OBJECTIVE

To provide enthusiastic African entrepreneurs with super-micro, micro, and small business loans, as well as other key resources, such as mentoring, market development aid, and skills training. This assistance allows the entrepreneur to expand operations, hire employees, and become the "engines" that drive their own national economies.

HOW IT WORKS

ICAfrica utilizes contacts on the ground to identify entrepreneurs, process loans, and ensure collection. Credit is distributed with zero interest, however a small application fee is implemented to guarantee those seeking loans are fully committed to the intended project. After two years in existence, ICAfrica has a 100 per cent rate of repayment, and most loans are repaid after only six months. Collected funds are then recycled to other entrepreneurs. To better understand how this system works, we have divided it up into a four-step process:




ABOUT THE RECIPIENTS

Super-micro Entrepreneurs
Entrepreneurs requiring less than $200 (average loan: $175) to grow their ventures. Target recipients are in rural African communities and are often impoverished women with children, however men may also qualify. Success is measured by whether the annual income of the recipient has increased by at least 20 per cent as a result of this intervention.

Micro Entrepreneurs
Micro ventures requiring between $200-$999 to grow their businesses. Target recipients are artisans and skilled individuals (carpenters, tailors, barbers, mechanics, etc.). Success is measured by an increase business stability, and one of the following: 1) whether the business's net value has increased 10 per cent; or, 2)whether workers' personal annual incomes increase by 20 per cent as a result of this intervention.

Small Businesses
Enterprises requiring $1000 or more to a maximum of $2500 to expand their businesses and hire at least one new staff member. Target recipients are small professional firms, artisans and skilled individuals in the manufacturing or service sectors (furniture, garment, transportation, processing, internet services, computer repairs, auto-mechanics, etc.). Success is measured by whether revenue is expanded by at least 5% and at least one new full-time job is created.

BRIEF HISTORY

The Entrepreneurial Assistance for Jobs Creation (EAJC) program has been ICAfrica's core focus since its inception in 2007, although the project only took affect in 2008. Since that time, the EJAC program has been the primary distributor to over $77,000 in assistance to approximately 450 individual projects, primarily in eastern Nigeria and northern Ghana.




Women's Sewing Venture

One of our largest projects, The Kamuche Sewing Company was founded with a $3,500 loan from ICAfrica, immediately creating six full-time jobs for women in Owerri, Nigeria. Within 12 months, this venture, which is now fully self-sustaining, created another six full-time jobs.

Family Fish Retail Enterprise

ICAfrica loaned $150 to Mrs. Fidelia Oyoyo, an impoverished 46-year-old mother with tbree children in Zwedru, Liberia. She was able to expand her fish retail trade, which she operates with her husband, Mark. The family now earns an average monthly profit of $45, up from $27 only one year ago. With the additional income, they can now afford two good meals a day, repair their leaking roof, buy some used clothing, and pay for school supplies for their children.

African Yam Farmers

A group of eight yam producers in Ewoki, Cameroon, received $389 from ICAfrica to save their farm after a devastating drought. The loan provided a lifeline to last until the following harvest. The farm has now recovered and is 100 per cent self-sustaining.




Humanitarian Support

While working with entrepreneurs, ICAfrica encounters other areas of human needs which cannot be overlooked. Outside of our core program, ICAfrica devotes 10 per cent of its resources to services that impact on the "improvement of the human condition", such as community water projects, disaster relief, HIV/AIDS support, school feeding programs, computers for schools, books and community library projects, literacy programs, community health, orphanage care, and housing for the poor.

KIVA Lending Team

ICAfrica's KIVA lending team is made up of caring men and women from all over the world who share a common interest in helping to reduce poverty through entrepreneurial success. Our goal is to loan small amounts of money though the KIVA network to struggling entrepreneurs in Africa. Most of our team members are Africans in diaspora. Many of us originated from the various impoverished towns and villages in Africa, and are now working and living developed countries.If you are interested in learning more, or if you would like to donate, please click here.