Tanzania has outlined plans to launch the first Angel Investors Network in the country. The project spearheaded by SSC Capital, a leading Tanzanian financial management firm will launch in May.
The launch is scheduled to take place in Dar es Salaam. Also, the event will be attended by high profile business personnel as well as other professionals.
According to SSC Capital CEO, Salum Awadh, “The network will link promising and game changing startups with Angel Investors across Tanzania and beyond.”
It is largely believed that launch of the Angel Investors Network augurs well for Tanzania businesses and especially for startups and those seeking to expand.
According to The Exchange, prior to the network’s introduction by SSC Capital, entrepreneurs relied on traditional methods to acquire capital. But with ever increasingly more stringent terms and conditions, it is becoming harder and harder for stat us to secure a loan.
It is also worth knowing that earlier last week, President Magufuli urged the Health Ministry to extend loans to business persons seeking to invest in supply and production medicines and medical equipment.
Magufuli had observed that getting capital is very difficult because of the tough borrowing conditions.
Hence the launch of a network of individuals who are willing and ready to invest in sound business plans answers to the President’s call for increased access to capital funding.
Through Tanzania Angel Investors Network (TAIN), entrepreneurs seeking to set up startup businesses will have access to capital funding without the usual stringent conditions.
More than loans, TAIN will provide entrepreneurs with capital funding in exchange for a stake in the business. That is, the investors will inject money for the start up to take off and they will receive equity in the business.
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