Foretia Foundation Receives New $505,000 Grant to Promote Economic Prosperity for Women and Youth
November 29, 2022
The Small Business and Entrepreneurship Center (SBEC) at the Denis and Lenora Foretia Foundation has received a new 505,000 USD grant from the Rising Tide Foundation and the John Templeton Foundation to support small and medium-sized enterprises (SMEs), build entrepreneurial skills and promote free enterprise in Cameroon.
The project entitled “Powering Prosperity and Economic Freedom for Women and Youths in Cameroon” seeks to build a more robust and diverse middle class, foster economic freedom and empower women and youth. The project will particularly focus on vulnerable populations, especially those internally displaced as a result of the ongoing armed conflict in the North West and South West regions of the country.
“This important project will allow our teams to better investigate the barriers to individual flourishing, the challenges facing small and medium sized enterprises, as well as help improve the job skills of women and youth” said Dr Denis Foretia, Co-Chair of the Denis and Lenora Foretia Foundation. “We are excited at the opportunity to have direct impact on many SMEs, to provide them with direct administrative and financial support, and to help them prepare for growth”.
The 3-year project will train 600 Cameroonian SMEs through SBEC’s flagship SME Program and provide job and entrepreneurial soft skills training to 4,500 women and youth. 30 promising SME leaders who successfully complete the flagship training will be eligible to receive a seed grant of 2,500 USD to strengthen their organizational structure. The project will also focus on reducing the cost of registering and starting a business by half in order to improve the overall business environment in the country.
“We are honored to support the important and transformative work that the Foretia Foundation is doing in Cameroon especially as it relates to advancing human flourishing and free enterprise” noted the Rising Tide Foundation. “We look forward to working with their team in ensuring the success of this initiative”.
The Small Business and Entrepreneurship Center (SBEC) was founded to support SMEs across the country and to promote business-friendly policies that stimulate innovation and job creation. Through the SBEC Network member SMEs receive training and administrative support to increase productivity and efficiency. If interested kindly contact the center here.
About the John Templeton Foundation
Founded in 1987, the John Templeton Foundation supports research and dialogue on the deepest and most perplexing questions facing humankind. The Foundation funds work on subjects ranging from black holes and evolution to creativity, forgiveness, and free will. It also encourages civil, informed dialogue among scientists, philosophers, theologians, and the public at large. With over $2.8 billion in assets and annual grants of $220 million in 2021, the Foundation ranks among the 25 largest grantmaking foundations in the United States. Headquartered outside Philadelphia, its philanthropic activities have engaged all major faith traditions and extended to more than 190 countries around the world.
About the Denis and Lenora Foretia Foundation
The Denis & Lenora Foretia Foundation was established to catalyze Africa’s economic transformation by focusing on social entrepreneurship, science and technology, innovation, public health, and progressive policies that create economic opportunities for all. The foundation works in partnership with local governments, policy makers, private enterprises, civil society organizations as well as development partners to expand the resources available to entrepreneurs, farmers, and small business owners in addition to improving individual livelihoods.