CALL FOR APPLICATION
A Call for Application for Investment Readiness under the Sierra Leone Economic Diversification Project
The Government of Sierra Leone and the World Bank are implementing the Sierra Leone Economic Diversification Project (SLEDP). The project’s primary objective is to boost investment and growth in small and medium enterprises (SMEs) within non- mining productive sectors. To achieve this, the project is enhancing the business 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 focuses on facilitating SME growth and stimulating entrepreneurship in high-growth productive sectors. The project has been implementing specific activities to address critical firm-level and sector-level constraints, such as limited access to information, poor last-mile infrastructure, limited access to finance, barriers to market participation, and weak capacity to scale businesses. These activities include public goods investment, SME acceleration, and early-stage financing.
Due to fundamental weaknesses, Sierra Leonean SMEs face significant challenges in their operating environment. To help them overcome some of the challenges of access to finance, the project is launching an investment readiness technical capacity building program. SMEs are vital contributors to job creation, which helps reduce poverty fragility and support economic diversification. This support aims to help selected businesses access high-quality investment readiness technical assistance
The programme involves assessing major weaknesses and providing 8 weeks of technical assistance to support growth.
SME financing needs are generally beyond microfinance institutions (MFIs) capacity. Additionally, the banking sector’s supply of finance is limited by SMEs’ inability to meet the documentary and collateral requirements as required by banks’ risk management systems. The program aims to collaborate with financial institutions that are willing to provide SMEs with the necessary financing.
Eligible potential SMEs shall meet the following criteria:
Furthermore, SMEs must also meet the following eligibility criteria:
i. Legal Structure Duly registered as Sole Proprietorship, Partnership, Company
Cooperative/Member-based Association
ii. Age of SMEs: Minimum 5 years of active operations
iii. Business size total assets – minimum US$100,000.00 and maximum US$1,000,000.00
iv. Annual turnover is set at a minimum of US$250,000.00 and a maximum of
US$1,000,000.00
v. No. of Employees – 1 to 250 (male/female) – excluding the owner, full/part-time, and
not an immediate family member
vi. Equity/Total Liabilities (including new investment) is at a minimum of 50 percent
vii. The minimum age of the Principal Owner/ Key Manager is 18 years, and a maximum of 65 years
HOW TO APPLY
Instructions on how to apply for the Investment Readiness Technical Assistance:
1. Send a request for the Application Form to tlumpkin@thebettsfirmsl.com.
2. Complete and email to tlumpkin@thebettsfirmsl.com with the subject “Business Support
Application for SMEs.”
The completed form must be submitted by the deadline published. Please apply 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 tlumpkin@thebettsfirmsl.com.
Deadline for submission of application: 25th June 2025 How we will assess your application – Selection Criteria
Response to a written questionnaire designed to assess entrepreneurial traits and business potential.
a) Assessment of the potential demand for their products, considering different market
segments, and alignment of the firm’s market segment with the overall cohort.
b) Market competitiveness is based on differentiation, cost, and/or focus.
c) Identify concrete operational, financial, or technical growth bottlenecks and the possibility
of viable interventions to solve them.
d) Strength of the financial and technical business plans presented.
e) Potential ‘spillover’ effects into other sectors, such as fishing or agro-business, or
improving living conditions for local communities.
f) Inclusivity for women and consideration of special needs for people with disabilities
g) Incorporation or adaptation of climate-smart solutions or climate-resilience in design and/or operations.
