Loveworld secures $1m fund For African businesses

Loveworld Kingdom has secured $1m in funding to support small and medium-sized businesses across Africa as part of efforts to improve access to finance for entrepreneurs on the continent.

The faith-based organisation announced the development following the launch of its investment fund at the 2026 Loveworld Trade and Investment Forum held in Accra, Ghana, in October.

The initiative is designed to provide financial assistance to businesses within its network, particularly those looking to increase production, expand their operations and reach new markets.

The funding comes at a time when many African business owners are facing difficulties accessing loans and other forms of financial support from commercial banks.

Several small businesses struggle to meet the requirements for bank loans, including the provision of collateral and financial records. As a result, many entrepreneurs depend on personal savings, family support and informal sources of funding to keep their businesses running.

Data from the World Bank indicates that fewer than five per cent of micro, small and medium-sized enterprises in Nigeria have access to bank credit, leaving a large number of business owners without the financial support needed to grow.

Through its Ministry of Commerce, Loveworld Kingdom plans to bring entrepreneurs closer to investors, business professionals and other resources that could help them develop their companies.

Stephanie Oforka, the organisation's Executive Minister of Commerce and Convener of the forum, said the investment programme was created to encourage people and organisations to put their money into businesses they genuinely want to see succeed.

She noted that business owners would struggle to achieve their growth ambitions if people who could support them continued to invest their resources elsewhere.

The funding challenge is not limited to Nigeria, as businesses across Africa also face difficulties securing the money needed to expand their operations.