Kenya’s Grow My Hustle has just launched its crowdfunding platform in Kenya providing an alternative financing for Small and Medium Enterprises (SMEs), entrepreneurs and creatives.
Founded in May 2017, Grow My Hustle creates a platform where everyone can have the opportunity to pursue their goals, dreams, and ambitions without being limited to the traditional sources of funding like banks.
“Banks are no longer giving out unsecured loans, and they are rigid when it comes to some certain types of projects and sometimes friends and family might not be supportive. Due to this frustration, we decided to create a platform that will make the process of sourcing funds attainable,” says Clement Obonyo, CEO, and Co-founder.
The platform targets projects like publishing books, art, and any creatives related projects have to date helped raised Kshs 45,000 in its platform.
More like other crowdfunding platforms around the world, Grow My Hustle receives a 10% commission of all the principal amount raised in its platform and contributors can always track how much has been raised for any particular project.
Grow My Hustle entry into the Kenyan space follows M-Changa which was the first crowdfunding platform to have gained momentum to date since 2012.
Both platforms have capitalized on the ‘Harambee Spirit’ philosophy that was ingrained in Kenya soon after gaining independence. The philosophy encouraged citizens to pull together ideas, time and resources for community development. This community utilization made possible the financing and establishment of schools, hospitals, and churches.
“In the various African communities, members of the society came together to raise funds and support anyone who was in need. Crowdfunding has always been in the DNA of Africans and now we are bringing it onto the digital platform.”