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Mon 4 May 2020 04:19 PM

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$1m equity-free grant launched to support struggling start-ups amid Covid-19

Fund by Sharjah-based Sheraa will replace budget for its annual events which have been cancelled in line with safety measures

$1m equity-free grant launched to support struggling start-ups amid Covid-19

Najla Al Midfa, CEO of Sheraa, said the entrepreneurial community will play a "critical role" in the recovery of society.

The Sharjah Entrepreneurship Centre (Sheraa) has pledged a $1 million solidarity fund to help start-ups under strain as a result of the coronavirus pandemic. 

The fund will be distributed through equity-free grants and commissioned projects, and has been issued in place of Sheraa's annual events which have been cancelled in line with safety measures to tackle the virus. 

The move is in honour of the #UbuntuLoveChallenge, a global initiative spearheaded by Sheikha Bodour bint Sultan Al Qasimi and Mamadou Kwidjim Toure, founder of the Africa 2.0 Foundation.

Najla Al Midfa, CEO of Sheraa, said the entrepreneurial community will play a "critical role" in the recovery of society and that the grants will also enable founders to develop solutions for a better future. 

"Grants will be awarded to entrepreneurs committed to creating real impact and building a future we, and the generations to come, deserve," she said. 

The #UbuntuLoveChallenge is a global movement which encourages experts from around the world to share positive impact initiatives. 

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