Senegalese incubator CTIC Dakar has partnered the National Bank for Economic Development (BNDE) to offer selected startups access to loans to help them grow their businesses.
CTIC Dakar – which has featured prominently on Disrupt Africa in the past – said the partnership with national fundraising bank BNDE would assist small Senegalese businesses in obtaining loans, with BNDE to assist startups with their business plans beforehand.
“BNDE and CTIC Dakar signed a framework agreement to promote entrepreneurship through the financing of income generating projects. It is in this perspective that the BNDE agrees to take delivery of the projects presented by startups and the management and monitoring of loans,” CTIC Dakar said.
The partnership will remain in place until terminated by one of the party, with CTIC Dakar to play it part by selecting startups to be eligible for loans from BNDE.
CTIC Dakar told Disrupt Africa it was in discussions with a number of other potential partners in order to implement initiatives to assist Senegalese startups.
Banks are gradually playing a more prominent in supporting the African tech startup ecosystem. Last year, Western Cape startup and investor community Silicon Cape raised more than ZAR3 million (US$270,000) in funding from South Africa’s First National Bank (FNB).
Kenyan incubator iHub last month partnered Chase Bank in an arrangement that will see the two organisations collaborate on advancing the country’s tech ecosystem and offering more innovative services to the bank’s customers and the general public.
Chase Bank has agreed to support a number of initiatives hosted by the iHub and m:lab in technology and enterprise, having previously sponsored events at the iHub and the PIVOT East startups competition.
