CALL FOR APPLICATION

A CALL FOR APPLICATION FOR THE ACCELERATION OF 20 SMES UNDER THE SIERRA LEONE ECONOMIC DIVERSIFICATION PROJECT

 Direct Support to SMEs

The Government of Sierra Leone and the World Bank are implementing the Sierra Leone Economic Diversification Project (SLEDP). The Project Development Objective (PDO) is to increase investment and growth of small and medium enterprises in non-mining productive sectors. The project will do so by strengthening the business enabling environment, facilitating strategic public investments to improve competitiveness and investments, supporting SMEs and entrepreneurs, and building the capacity of public institutions and private sector operators. 

Component 2 of the Project aims to facilitate SME growth and stimulate entrepreneurship in high-growth productive sectors by addressing critical firm-level and sector-level constraints including (i) low access to information (ii) poor last-mile infrastructure (ii) limited access to finance, (iii) weak capacity to scale businesses. Specific activities in this component to address these challenges include public goods investment, SME acceleration, and early-stage financing. In line with its PDO, the Project recognized that business incubation and acceleration programs are critical services needed in supporting the growth process of start-ups and SMEs and studies show that the survival rate for incubated companies is higher than that of other companies. Incubation and acceleration of business have proven to maximise the innovation potential of SMEs and help them build the needed connections and collaborations to thrive.

In this context, the Project together with SMEDA are starting their support to improving the SME ecosystem and support business resilience in Sierra Leone by launching this call for application through Innovation SL for SMEs in theLight/Small Manufacturing and Agribusiness sectors to be accelerated in the programme. 

A total of 20 SMEs in the sectors highlighted earlier are to be supported through the program across the country. Women owned and managed businesses are particularly encouraged to apply.

Aim of the Call for Applications

The aim of this call for applications is to help develop the capacities of selected SMEs with technical expertise and grant financing that supports their growth, expansion and ability to create jobs that contribute to the Project’s development objectives. It will also focus on building resilience of companies to overcome economic challenges 

 The program will be implemented in two -phases:

• A first phase (8 months) will focus on business diagnosis, formalization, business model development, customer traction and investment readiness through BDS training, coaching, mentoring, peer learning, networking, and linkage building. 
•  A second phase (6 months) of matching-grant competition, award, and implementation (with a phased, performance based, disbursement)

Who can apply and Eligibility Criteria?

This call for proposals is open to Sierra Leoneans businesses in the Light/Small Manufacturing and Agribusiness Sector.

To be eligible potentials SMEs and Start-Ups shall meet the following criteria:

1. Individuals with established businesses that include companies recently established (less than 2 years old).
2. In the case of SMEs, in addition to (ii) above, they must also fall within the definition of an SME accordance with SLEDP defined SME criteria where:
3. ‘Small enterprise’ relates to enterprises with an annual turnover of less than 20,000 USD (equivalent in leones at the prevailing Leone/USD rate).
4. ‘Medium enterprise’ relates to enterprises with an annual turnover between 20,000 USD and not more than 100,000 USD (equivalent in leones at the prevailing  Leone/USD rate). In certain cases, where SLEDP will see a viable growth and private sector co-investment potential upon arrival of the SLEDP Advisory committee SMEs having a turnover of up to 500,000 USD (equivalent in leones at the prevailing Leone/USD rate) will be considered for support under this project.

3. They should be registered in Sierra Leone with no judicial outstanding issues and financially sound.
4. SMEs with a proven business idea with potential growth and value addition, creating jobs and making a profit.  

The key selection criteria for SMEs include:

(a) SMEs’ current operational, financial, and market positions. 

(b) Potential demand for their products, considering pre-identified priority market segments. 

(c) Market competitiveness based on differentiation, cost, and/or focus; 

(d) Viability of technical interventions for advancing the growth of the business; and 

(e) the financial and technical viability of the business.

The exact criteria to select participating SMEs will be based on verifiable market opportunity, successful track record, growth potential, entrepreneurial potential assessment scores, and personal interviews. 

Exclusions

Technical Assistance and the Matching Grant will not extend grants in support of activities that support the production of the following:

• Production of Alcoholic beverages
• Weapons
• Tobacco 
• Gambling
• All World Bank funded projects.

HOW TO APPLY

Instructions on how to apply for the business support program for small and medium enterprises:

1. Interested applicants should submit a complete proposal application form online at the Innovation SL website; https://sledp.innosl.com/
2. download the application from the https://sledp.innosl.com/ website, complete and email sledp@innosl.com  with a subject Business Support application for SMEs. 
3. Applicants can also download the application from the https://sledp.innosl.com/ website and submit it at Innovation SL Office at No. 9B Spur Loop Wilberforce, Freetown Sierra Leone. 
4. Applicants can also collect the hard copies at our office at No. 9B Spur Loop Wilberforce, Freetown Sierra Leone. 

The completed form must be submitted by the deadline published. Please submit the application as early as possible to allow us time to assist with any technical issues. We will not accept partially filled-in application forms. 

If you have trouble accessing or using the form, please email us at sledp@innosl.com,  call 073023518. 030360737. or chat with us on the Innovation SL website: https://sledp.innosl.com/

Deadline for submission of application: 3rd March 2023