ImpactAlpha, September 30 — Small and medium-sized enterprises create seven out of every 10 jobs and contribute up to 40% of annual GDP in many emerging markets. Access to financing remains a major barrier for growth.
In Uganda, Numida raised $12.3 million in equity and debt to provide unsecured working capital loans of as little as $100. Serena Williams’ Serena Ventures led the round, which attracted Launch Africa, Soma Capital, MFS Africa, Lendable and Y Combinator.
In Peru, Wolet secured $2 million in debt funding to expand lending services to small and medium-sized enterprises, in a round led by Lima-based fund manager Acorde.
Access to financing is a challenge in the U.S. as well. Sunrise Banks, a community development financial institution based in St. Paul, Minn., secured $250 million from the U.S. Treasury Department to increase lending to small businesses in underserved communities.