Mogadishu – January 9, 2025: Premier Bank and SIMAD University officially unveiled the LEAP Loan Program(Leadership, Entrepreneurship, and Economic Advancement Program) today, a transformative initiative aimed at empowering Somali youth through micro-finance opportunities. The program exclusively targets recent graduates of SIMAD University, offering financial support to turn innovative business ideas into successful enterprises.
The launch event brought together key stakeholders and industry leaders, highlighting the signing of a Memorandum of Understanding (MOU) between the two institutions. This collaboration seeks to bridge the gap between education and entrepreneurship while driving innovation and economic growth in Somalia.
The LEAP Loan program provides micro-loans ranging from $5,000 to $15,000 for selected startups. With a total portfolio of $960,000, the initiative will support 20 entrepreneurs annually for four years, fostering 80 business ventures in total.
Speaking to Mogadishu 24, Bahja Ali, Director of SIMAD iLab, explained the process: "Graduates will submit applications, participate in incubation training, and compete for funding. Only the best ideas will be funded by Premier Bank."
Abdishakur Afrah, Premier Bank's Head of Business, highlighted the bank's role: "We oversee fund management to ensure loans are used effectively while driving innovation in Somalia's economy."
Direct Aid, the program's principal funder, expressed enthusiasm for its potential to reshape entrepreneurship in Somalia. Hassan Ahmed Badawi, Head of Direct Aid Somalia, praised the initiative, stating: "This program showcases how partnerships can tackle youth unemployment and drive economic progress."
Local entrepreneurs also lauded the program. Hirsiyo Abdulle Siyaad, founder of SOMFreshFruit, called it a vital step for the nation:"LEAP Loan arrives at the perfect time for young entrepreneurs and women, offering a pathway to build a stronger economic future for Somalia."
This collaborative effort by Premier Bank, SIMAD University, and Direct Aid underscores the potential of partnerships in fostering sustainable economic development. With their commitment to nurturing Somali entrepreneurs, the LEAP Loan program promises to inspire innovation and growth in the years ahead.
