Mogadishu, Somalia – January 9, 2025 –
SIMAD iLab, the innovation hub of SIMAD University, is proud to announce the launch of the LEAP Microfinance Program, an ambitious initiative developed in partnership with DirectAid and Premier Bank. This transformative program is designed to uplift Somalia’s entrepreneurial ecosystem by providing young innovators with interest-free capital, expert mentorship, and strategic business support.

With a $1 million fund, the LEAP Program will empower 20 high-potential startups annually, offering Sharia-compliant, interest-free loans ranging from $5,000 to $15,000. The goal? To ignite job creation, drive innovation, and support sustainable economic development across Somalia.

Key Features of the LEAP Microfinance Program:

• Ethical Microfinancing: Sharia-compliant loans that provide access to capital without interest.

• Capacity Building: Customized training and mentorship to enhance entrepreneurial capabilities.

• Business Incubation: Acceleration services to help turn ideas into scalable and sustainable businesses.

The official launch event took place on Thursday, January 9, 2025, at the SIMAD University Town Campus, bringing together stakeholders from both the public and private sectors to explore the program’s impact on Somalia’s startup ecosystem.