FREQUENTLY ASKED QUESTIONS
Here are our answers to some burning questions you may have
About applications in general
Can I apply to one of your programmes? How do I apply? What is the deadline to apply?
Each of our programmes has specific eligibility criteria, application forms, and application timelines.
- For Impact Enterprises:
- For Incubators:
- Train-The-Trainer – an opportunity to enhance your ability to deliver Investment Readiness and Impact Management services to impact enterprises; a prerequisite to becoming a qualified provider for the Voucher Scheme
About specific applications
I have a question about a specific application. What should I do?
During each call for applications, we have an open period for questions. Once this period closes, we will collate the answers and post them to the website so that all can benefit from them. We will also hold webinars for those interested in learning more about specific opportunities.
About catalytic funding
Is an investment commitment mandatory to apply?
- For IRMF: Yes. Our Impact Ready Matching funds are looking for early-stage impact enterprises that are actively seeking to take repayable investments. Hence, one of our major requirements is to ensure that the enterprises have commitments from their investors.
- For SIINC: Yes, two of the pre-conditions for application to the programme are that: (1) you have raised investment between US$ 200,000 and US$ 1 million, and (2) you are actively seeking to raise investment between US$ 200,000 and US$ 1 million.
What is the acceptable documentation process to prove an investment?
If you have been shortlisted after applying, we will interview you. Based on this interview and several other factors, you will be informed of any necessary next steps and document verification.
What are the selection criteria?
The impact enterprises will be selected based on the following criteria: impact focus, business model, team composition and overall fit for the programme.
As a startup, ongoing market challenges have impacted my investment raise prospects. I have no investment commitment. Can I apply?
One of our main objectives for the IRMF and SIINC funding is to enhance the impact of the enterprises. If you have no investment commitment our main objective cannot be achieved through the enterprise and hence it is discouraged to apply.
As a startup, I raised investment in the past 12 months. Can I apply now?
You are welcome to apply, keeping in mind that depending on the funding instrument you apply for and the previous investment amount you raised, you may be required to raise additional investment. The programme may help you to reconfirm the investment commitment by boosting your investor’s confidence in your business.
When should a startup focus on IRMF or SIINC? Can a startup apply for both?
- If you are an early-stage impact enterprise, you can apply for the IRMF that will match a seed investment in your company and reward you for milestones related to the build-up of your IMM system. It pays off to increase your fitness in this important capacity: Entrepreneurs can receive up to US$ 100,000.
- Impact enterprises that are seeking to raise growth capital are encouraged to apply for SIINC. Pre-condition for payment of any SIINC premium payments is that the enterprise successfully raises investment.
- It is inadvisable to apply for both – given that they focus on very different outcomes, it is highly unlikely that any one business can make a good case for both. Please choose one that best suits your needs and the stage of growth of your business. That said, it is entirely conceivable that a business could apply first for an IRMF, receive it, and then, after the end of the IRMF, apply for a SIINC.
When is funding for SIINC and IRMF disbursed?
- For IRMF: It depends on the individual cases. However, the usual process followed is: An initial 30% of the matching funding will be authorised up to four months after the milestones have been finalised and preparatory work is completed. A further 30% of the payment will be disbursed four to eight months after the milestones have been finalised, upon submission of data and verification. The final 40% of the agreed-upon sum will be disbursed between 10 and 14 months after the milestones have been finalised.
- For SIINC: An agreement for SIINC is signed before closing an investment contract and helps the enterprise to attract this investment.The actual timeline of SIINC payments will vary based on the investment raise, your profile, the impact metrics you generate, and your overall goals with the programme.
When will due diligence take place?
Due diligence only takes place if you first successfully pass the interview stage and the Selection Committee. At that time, you will be informed of the information we need from you.
Do I have to close the investment round before applying to SIINC?
No. Ideally, you should be looking for investors when you apply for SIINC. In case you are selected, you can use the SIINC contract to get investors on board because you can build in the SIINC payments to your financial forecast. Remember, though, that the SIINC payments are conditional on the achievement of pre-defined outcomes.
Can I raise grants in parallel to SIINC, instead of investment?
No. SIINC is provided to organisations on the condition that they raise in parallel repayable investments such as equity, debt, or mezzanine.
Do I have to repay SIINC?
No. SIINC are non-repayable premium payments based on the impact performance of your organization.
Are there any restrictions on how I should use SIINC?
No. SIINC acts as an additional revenue stream and you don’t have to report on how the money is used. What counts are the additional social outcomes that the organisation achieves. This is what we pay for.
What metrics do you use for SIINC payments?
There are no fixed indicators for SIINC. Provided you are selected, we will work together to develop the metrics for payment based on the baseline data you already have and the additional outcomes we think you might achieve.
About business ideas
I have a great idea for a business. Can the programme support me?
In general, SIE-B is targeted at enterprises that are beyond the ideation and seed stage. If that describes you, check the eligibility sections on any of our available calls for application (see above for links) to see if they might fit your needs.
About connections to investors
Can the programme connect me to investors?
The programme is well-connected with investors in Bangladesh, including, Bangladesh Angels, the country’s first business angel network. We cannot, however, make a guarantee of an investment.
About key terms
What do you mean by incubator? By impact enterprise? How do I know if I am one?
We have developed a glossary of key terms to help de-mystify some of the sector-specific terms we use. Please check it out to get better acquainted with terms that are used frequently throughout this site > KEY TERMS