November 21, 2011 – The Western Union Company (NYSE:WU) a leader in global payment services, the Western Union Foundation and the United States Agency for International Development (USAID) launched the second African Diaspora Marketplace (ADM), an initiative which encourages sustainable economic growth and employment by supporting U.S.-based African diaspora entrepreneurs with ideas for start-up and established businesses in sub-Saharan Africa.
“Through this collaboration, Western Union and USAID are helping to tap the economic potential of the 1.4 million Africans living in the U.S., bringing more direct investment to the continent. The African Diaspora Marketplace will strengthen and help satisfy demand for locally-produced products and services by leveraging diaspora capital and resources.”
The number of grants awarded will be determined based on grant pool and program need, and is likely to be in the range of 15 to 30 businesses. The matching grant size is expected to be up to US $50,000, with an additional supplement of US $25,000-$50,000 in technical assistance.