About Tarmiye Fund

124

BUSINESSES SUPPORTED

191

JOBS CREATED

1,188

CONTRIBUTORS

$433,738

TOTAL DISBURSED TO DATE

Tarmiye Fund is a unique access to finance created by Shaqodoon, Premier Bank and HarHub.

This unique fund, which is one of its kind supports Somali youth entrepreneurs that are unable to access traditional financing mechanisms. by supporting Startups and SMEs through equity financing, mix of Sharia compliant loans with portion of grants, needs-based training and business development services.

The fund aims to create new employment opportunities and contribute to tackling the growing unemployment among the youth population.

Local Entrepreneurs Can Now Access Funds

HarHub, Premier Bank, and Shaqodoon Organization have created the Tarmiye Fund to continue to build on existing efforts in combating chronic unemployment among Somali youth. This unique way to access finance will support young Somali entrepreneurs who are unable to access traditional financing mechanisms.

Through this fund, these three institutions have harmonized their efforts toward supporting startups, small business owners, marginalized groups (including women), and aspiring emerging entrepreneurs through equity financing, a mix of Sharia-compliant loans and grants, needs-based training, and business development services.

Tarmiye Solves Unique Local Challenges

The unique benefits of crowdfunding and equity financing are leveraged through Tarmiye, ensuring that entrepreneurs who are unable to access traditional funds have the support and access they need to get their business off the ground.

  • Challenges Faced by Young Entrepreneurs

    • Difficulty in accessing suitable loans

    • Short term repayment periods if loans are secured

    • Collateral requirement by financial institutions, especially for startups

    • Limited alternative financing

    • Youth Startups are mostly affected

    • No special fund or consideration for youth exists

  • How We're Different

    • Limiting risk to encourage investment

    • No collateral is required for loans below $5,000 USD

    • Incread duration of payback

    • Increased grace period of 90 days

    • Alternative funding options (including crowdfunding)

    • Special considerations for low income families and internally migrated communities

    • Direct business through equity financing

  • Who Will Benefit?

    • Youth between the ages of 15-35 years of age

    • Those who have a viable business idea to invest in

    • Those who are ready to build their skills

    • Entrepreneurs and innovators who can raise the required matching funding for their business

Tarmiye Youth Fund

The Tarmiye Youth Fund is a unique funding mechanism that leverages partnerships with Premier Bank (for Sharia-compliant loans) and HarHub (for training and business development services).

The Tarmiye Youth Fund aims to accommodate the unique needs of young entrepreneurs with a special focus on Agriculture, Renewable Energy, and the Services Sector. By creating this unique partnership, we ensure flexibility in the path to business creation. The Tarmiye Youth Fund might provide funds through a variety of mechanisms, including:

  • Grants funding for youth and BDS (Shaqodoon)

  • Crowdfunding training and support (HarHub)

  • Equity investment (HarHub)

  • Sharia-compliant loans (Premier Bank and HarHub)