Nomou Jordan SME loans and business support from GroFin

Nomou Jordan Fund

Nomou Jordan Fund, managed by GroFin, was established in 2014 to harness the potential of SGBs to address the job creation and growth challenges faced by the Jordanian economy. The success of the Nomou Jordan Fund is founded in its integrated solution of providing both appropriate risk finance and value adding business support to SGBs.

The Fund prioritises governorate-based, women owned, employment-intensive and/or export oriented businesses to maximise its socio-economic impact. In addition, the Fund also focuses on businesses that either employ or are owned by refugees who depend on the Jordanian economy for their livelihood.

The Fund’s unique approach and concentrated efforts have attracted high quality development finance institutions such as Shell Foundation, KfW, AHL Charitable Foundation, Soros Economic Development Foundation (SEDF), Department for International Development (DFID) and GroFin Capital as investors.

Investors and Funders

 
Shell Foundation Logo
Partner Logo-KfW
Open Society Foundation Logo
AHL Charitable Foundation Logo
UKaid Logo
GroFin Logo

Resources committed by these institutions to the Nomou Jordan Fund allowed further outreach to marginalised communities and refugees in Jordan.

“We are proud to support GroFin because it provides a unique combination of tailored finance and business support which most early-stage SMEs struggle to find, and the job creation and economic growth impacts are remarkable.”

Sam Parker - Director Shell Foundation

At AHLCF, we believe supporting SME’s is a critical enabler of much-needed inclusive economic growth in frontier markets. We also believe that the way in which that support is provided as equally as important. With its unlimited term, local currency lending and focus on Women-led SME’s, Nomou Jordan’s nuanced approach to providing adaptive risk capital aligns well with our sustainable impact-investing thesis.’

Rosanne Whalley - CEO AHL Venture Partners

“SEDF is excited to support Nomou in scaling up the provision of affordable and responsible access to finance for the small businesses that are driving the Jordanian economy and create employment opportunities for Jordanians, refugees and migrants. Our hope is that together we can enable entrepreneurs to succeed and contribute to building livelihoods for those in Jordan that need it the most”

Catherine Cax - Director of Investments Economic Justice Program and Soros Economic Development Fund Open Society Foundations

“Creating and sustaining jobs is key to the economic welfare of people and, therefore, the main objective of KfW’s engagement. Small and medium-sized companies are the main source of employment. Promoting entrepreneurship supports innovation and the competitiveness of the local economy and fosters economic growth.”

Thomas Reker - Principle Portfolio Manager KfW

“GroFin is tremendously proud of all that Nomou has achieved since its inception and especially amid the very difficult circumstances of the past year.  The Nomou Jordan Fund continues to illustrate the very real positive impact that investing in small and growing businesses can have on the lives of the most vulnerable. Despite a challenging environment, we believe the Fund can continue to contribute to economic growth and social development in Jordan through building sustainable small businesses that create lasting job opportunities.”

Jurie Willemse - GroFin Chairman

Fund Performance

Nomou-Jordan-Fund-Annual-Report-2020

Download the 2020 Annual Report

At the end of 2020, the Nomou Jordan Fund sustained 1,917 direct jobs, including 206 jobs held by refugees and migrants. The Fund’s total investments into 44 clients stood at USD 25.2m. In line with its focus on supporting refugees and refugee-owned businesses, the Nomou Jordan Fund now includes 12 of these businesses in its portfolio and they employ 206 refugees and migrants. As Nomou Jordan’s clients faced a very tough environment, the Fund provided them with extensive support to sustain their businesses and keep casualties relatively low. Our support even helped some portfolio companies to continue growing and to create new jobs. During 2020, the Fund added 416 new direct jobs and disbursed USD 2.7m, representing 153 jobs per USD 1m disbursed during the year.

 
GroFin Jordan-Performance Graph GAUM
GroFin Jordan-Performance Graph Jobs

Nomou Jordan Fund – Q4 2021

Nomou Jordan Fund – Q3 2021

Nomou Jordan Fund – Q2 2021

Nomou Jordan Fund – Q1 2021

Nomou Jordan Fund – Q4 2020

Nomou Jordan Fund – Q3 2020

Nomou Jordan Fund – Q2 2020

Nomou Jordan Fund – Q1 2020

Nomou Jordan Fund – Q4 2019

Nomou Jordan Fund – Q3 2019

Nomou Jordan Fund – Q2 2019

Nomou Jordan Fund – Q1 2019

GroFin Model

Positive impact, jobs and enduring social and
economic value

Invest risk finance, skills and knowledge
into viable SMEs

Create funds that provide risk capital and
business support to grow successful businesses

Develop local capacity to create a
sustainable SGB impact delivery model

The Nomou Jordan Fund is built on GroFin’s unique Viability Model and enables us to successfully partner with, and provide medium-term risk capital and support to entrepreneurs and businesses in the Jordan SME sector.

This model represents a unique approach to providing small and growing businesses with access to markets, risk capital, skills, and capacity building; and is appropriate for the emerging markets in sub-Saharan Africa and MENA where many such entrepreneurs and business owners find themselves in the ‘missing middle’ – Small and growing businesses that are considered too large for micro-finance, too small for traditional private equity and too risky for traditional security-based lenders.

Local Partners

The GroFin Jordan Investment Team develops partnerships with credible local trade groups, government ministries, development agencies, and large organisations with extensive supply chains and other local SME stakeholders in the Jordanian governates of Amman, Mafraq, Zarqa, Irbid and Aqaba. These partnerships help the programme to achieve its mission by providing best in class services focused on supplying access to finance and market linkages to start-ups as well as growing SMEs. And by increasing the capacity of entrepreneurs and their businesses, the programme is developing supply chains and helping to create much-needed employment.

Moreover, the in-country network of business associations, accountants, SME consultants and SME focused banks further the programme’s efforts to provide comprehensive business support services to SMEs and help to generate a steady flow of qualified entrepreneurs seeking our integrated support solution.

Nomou Jordan Local Partners

Supporting Syrian Refugees

Supporting Syrian Refugees - GroFin-Jordan-Client-Arabella

For Syrian refugees who fled to Jordan to relocate since war broke out in their country in 2011, formal employment is the first and foremost means of ensuring a decent livelihood and eventual economic integration. This has placed a huge strain on economic infrastructure, service delivery and employment avenues alike.

Nomou Jordan Fund provides a unique combination of access to finance, business development skills and market linkages to Syrian entrepreneurs in Jordan, as well as Jordanian SMEs that employ and support the livelihoods of Syrian refugees.

“With GroFin’s finance and support, we have been able to touch the lives of many more children, especially from the refugee population. This makes a world of difference to such children, who otherwise face bleak educational prospects.”

“My job allows me to support my family financially, take care of myself and to pay for my daughter’s pre-school education. I hope to one day continue my own education and obtain a degree in pharmacy.”

Jobs maintained by refugees and migrants at directly financed enterprises
186

Jobs maintained by refugees and migrants at directly financed enterprises

Refugees and migrants livelihoods supported directly
930

Refugees and migrants livelihoods supported directly

Directly financed enterprises owned by refugees and migrants
12

Directly financed enterprises owned by refugees and migrants

(Figures as at Q4 2021)