DENVER—A U.S. aid agency and The Western Union Co. are teaming up to offer seed money to sub-Saharan Africans who live in the U.S. but have business plans back home.
The African Diaspora Marketplace program offers matching grants of $50,000 to $100,000 for small- to medium-sized business proposals that can boost the economy in applicants’ home countries. Applications are due July 21.
Englewood, Colo.-based Western Union, the U.S. Agency for International Development and other partners have set aside $1.5 million for the program, but the pot could grow through donations.
The program comes as the recession threatens to undo years of work fighting poverty in sub-Saharan Africa, where remittances can outstrip official development aid.
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