GroFin is an impact investment fund manager focused on small and growing businesses serving low-income communities. This latest report provides an overview of what they have accomplished so far and explains their plans for 2018.
Shell Foundation partnered with GroFin in 2004 to co-create an innovative integrated solution business model to address the needs of SGBs (Small and Growing Businesses) in Africa and the MENA region. The goal of this partnership is to create sustainable jobs through catalysing SGBs.
Research shows that SGBs generate two thirds of employment in developing countries and more than half the annual economic growth. Investing in this sector is therefore seen as highly significant to bring about the UN Sustainable Development Goals.
Over the last 14 years, the GroFin model has proved itself to be effective in providing the capital and support that entrepreneurs need to succeed. Indeed, they have achieved a high success rate of 80% of the SGBs in the client portfolio, when it is acknowledged that up to 90% of SGBs fail during their first three years of existence.
There are now GroFin local offices established in 15 countries; GroFin has invested in over 670 SGBs, sustains over 85,000 direct and indirect jobs, has provided business support to nearly 9,000 entrepreneurs and positively impacts more than 430,000 livelihoods across the countries they invest in.
Shell Foundation is proud of the social impact GroFin has achieved and the progress towards their goals to sustain a total of over 380,000 jobs and invest $660 million by 2025 in Africa and MENA. We believe GroFin will make a significant contribution to economic growth and job creation efforts in developing economies and are committed to supporting their mission.