The Nomou programme addresses the specialised needs of SMEs classified as part of the missing middle. In other words, these businesses are too small for private equity, yet too large for microfinance. Start-ups as well as existing SMEs must be positioned to be the region’s primary employer to tackle the unemployment challenge. Indeed, employment is a major driver for reducing conflict and uplifting social wellness.
Regional entrepreneurs face numerous challenges in accessing the capital and support they require to start or to grow successful and sustainable businesses. They are grossly underserved with few capable and experienced service providers operating in-country. As a result, regional SMEs are not making an equal economic and social contribution to their local communities and countries as their counterparts in developed markets.
Too often, SMEs do not qualify for finance from traditional lending institutions due to lack of collateral and/or track record. Furthermore, banks and other lenders do not offer holistic value adding SME solutions that addresses the needs of SMEs to grow and prosper. Despite the impressive economic and social progress in some of the MENA countries, there remains a significant skills and experience gap, particularly among SME entrepreneurs and management.
The Nomou programme is based on GroFin’s proven model of combining risk capital, business support, and market access to address these gaps and provide entrepreneurs the resources they need to run a viable business, generate sustainable jobs, and create positive impact on their community.