Willemse said in a statement recently that during GroFin East Africa Fund’s (GEAF) advisory committee meeting on August 24, the fund investors had approved an increase in the fund capital to $25m.

GEAF was incorporated in January 2006 as an SME financier in the region, with capital of $11,78m and bank co-investment commitments of $12m.

Over 13 investments valued at $5m have been realised during the last eight months.

"Results from the first eight months of operations are encouraging. The market reception is excellent and proves the need for more specialised financiers to support viable businesses that are entrepreneur owned and managed.

"We offer a product that addresses the entrepreneurs' need for business development assistance and tailor-made finance. This service is not provided by traditional financiers," Willemse said.

Source: New Vision Online