The local creative and cultural industries sector has received a major boost following the official launch of a first of its kind $5million investment by HEVA Fund which will provide tailored financial solutions to creatives.
Speaking during the partnership launch 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 initiative will support businesses operating within three main creative value chains, Fashion, Garments, and Accessories,Film, Television, Content Creation, Gaming, and Audio-Visual, and 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. A comprehensive list of more than three hundred creative types covered under the three value chains is available on HEVA’s website.
HEVA has partnered with four financial service providers and two aggregator platforms to launch Ota Kopa and Ota Kopa Plus.The financial products target to reach 7,000 creatives majority being young women.Creatives will be able to access up to Ksh 999,999 for Ota Kopa and Ksh 4,999,999 for Ota Kopa Plus.The Funding will help creatives leverage available opportunities and avenues to harness sector’s potential.
The creative industry-tailored Ota Kopa and Ota Kopa Plus loans position us to reach more creatives, empowering them to unlock their potential,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 plus."
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.
According to Michael Monari of longitude capital HEVA Fund aims to shift the narrative by providing homegrown innovative financing solutions to empower the creatives and fuel the sustainable growth of the industry not just in Kenya but also in Africa.
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 using home-grown and innovative finance models.
Who is eligible to apply for funding?Individuals, groups, and creative businesses operating within the three specified creative value chains, Fashion, Garments, and Accessories,Film, Television, Content Creation, Gaming, and Audio-Visual, and Live Music, Theatre, and Performing Arts—are eligible to apply for funding.HEVA has led creative programs in 14 African and Indian Ocean countries so far, and is still growing its footprint.