HEVA Fund has announced announced the launch of two new loan products that target the creative industry in Kenya. The loan products aim to finance over 7,000 young women and men in the creative sector.
Dubbed Ota Kopa & Ota Kopa Plus the new financial products will be offered in partnership with four financial service providers (FSPs) and two aggregator platforms i.e. Longitude Capital, Tenakata Ltd, Kenya Bankers Sacco, Lipa Later Ltd, Shop Zetu, and Wowzi.
The initiative will support businesses operating within three main creative value chains: (i) Fashion, Garments, and Accessories, (ii) Film, Television, Content Creation, Gaming, and Audio-Visual, and (iii) Live Music, Theatre, and Performing Arts. Creatives in these categories include content creators, photographers, filmmakers, musicians, make-up artists, game developers, fashion designers and many more.
Announcing the partnership, HEVA’s Managing Partner, Ms. Wakiuru Njuguna said: “We are delighted to enter into these partnerships with Longitude Capital, Tenakata Ltd, Kenya Bankers Sacco, Lipa Later Ltd, Shop Zetu, and Wowzi to disburse a total of $5 million (approximately KSh 644 million) to individuals and enterprises in the cultural and creative industries. The goal of these partnerships is to expand the pool of capital available to the sector and ensure access to affordable, responsive financial products, as well as business advisory services. The creative industry-tailored Ota Kopa and Ota Kopa Plus loans position us to reach more creatives, empowering them to unlock their potential and achieve three key objectives: strengthening the country’s creative and cultural sector, generating new, dignified, and fulfilling employment opportunities, and bridging the financial gap for creative businesses.”
HEVA and its partners have implemented a deliberate and targeted strategy, aiming for 70% of the 7,000 beneficiaries to be young women, 10% to be refugees, and 5% to be people with disabilities. Creatives can apply for any amount up to KSh 999,999 for Ota Kopa and from KSh 1 million up to KSh 4,999,999 for Ota Kopa+.
“With Ota Kopa and Ota Kopa Plus, our mission is to ensure that no young women, young men, groups, or businesses operating within the three specified creative value chains—(i) Fashion, Garments, and Accessories, (ii) Film, Television, Content Creation, Gaming, and Audio-Visual, and (iii) Live Music, Theatre, and Performing Arts—are left behind in accessing funding.” Ms. Njuguna added.
The new products will strengthen HEVA’s finance mechanism portfolio which has successfully raised USD 42 million through effective partnerships and directly invested in over 120 creative enterprises and projects across Eastern Africa.