Powering Progress Fund
The Powering Progress Fund is a collaboration between Dahabshil Bank International, the Arsenault Family Foundation and Shuraako. The Fund seeks to create a positive economic impact in Somaliland, Puntland and South Central Somalia through investments in renewable energy technology used in micro, small and medium enterprise (MSME) project or business activities.
With a total fund size of $750,000, projects range from $25,000 to $250,000, with a required minimum owner contribution of 30% of the total project.
The Fund will consider applications from merit worthy businesses from any industry or sector that look to incorporate renewable energy technology into their business framework. Applicants approved for financing will be issued funds under a Sharia compliant debt finance agreement. Successful applicants will receive a financing term of up to three years (36 months) and are required to pledge collateral. Pledged collateral will be at a minimum of 1.5x-2.5x extended capital (depending on the applicant).