VCTF secures GH¢35 million funding to support women-owned SMEs

Chief Executive Officer of the Venture Capital Trust Fund (VCTF), Yaw Owusu-Brempong, has said that as part of efforts to support the growth and development of women-owned SMEs, an amount of GH¢35 million in funding has been approved to lend critical support.

According to him, the fund will be managed by a woman while the venture capital investment will go into firms and businesses owned by women or managed by women.

Speaking with journalists on the sidelines of a SME Roundtable to discuss Venture Capital as an alternative Finance Source for SME Growth, the VCTF boss said the criteria for the funding is meant for women-led enterprises whose services and products would ultimately assist more women

“The move is aimed at encouraging more of our women entrepreneurs and the funds come with a 10 year-period where the first five years will focus on investments while the remaining five years will go towards nurturing the businesses to grow in order to reach their full potential after which the fund manager will exit”.

He emphasized that the Venture Capital Trust Fund is keen on the growth and development of women-led and women-owned businesses which are coming up.

“When our women are doing something, they do it very well but most at times we tend to see most of our businesses in the SME sector being dominated by men so we [VCTF] want to give that confidence and opportunity to women businesses to further boost their growth”.

"…So the funding will not just be given to companies being owned by women but ones that are being managed by women while the products and services they provide will beneficial to all,” he concluded.

The VCTF, which is backed by an Act of Parliament (VCTF Act 2004 (Act 680) deploys funds to promote venture capital financing to create a vibrant and well-structured venture capital industry with investments in various sectors which will result in wealth and job creation.

MA/NOQ

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