London / Kampala, June 2026 — TLG Capital, a leading private credit firm operating in Sub-Saharan Africa, has closed a $5 million facility for SHONA Capital Limited (“SHONA Capital Uganda”), a Kampala-based SME lender whose model leverages proprietary technology to deliver flexible and affordable loans to formal Ugandan SMEs.
SHONA Capital was established to directly address Uganda’s $8.8 billion SME financing gap, serving underbanked businesses across key sectors of food and agriculture, healthcare, retail, and manufacturing.
Founded in 2022 and drawing on over a decade of SME advisory work by SHONA Group, the company has built a strong track record: $6.5 million disbursed to over 150 SMEs, generating 402 direct jobs, with 51% of borrowers being women-owned or women-led businesses and 67% accessing institutional credit for the first time, driving their transition towards formalization.
The facility is designed to accelerate SHONA Capital’s next phase of growth. The company is targeting a quadrupling of its loan book over the coming years, with plans to deepen its geographic reach across Uganda.
The facility is also structured to attract additional institutional partners as SHONA Capital expands.
The investment is made from TLG’s Africa Growth Impact Fund II (AGIF II), which is positioning itself as a long-term partner in SHONA Capital’s journey.
It builds on TLG’s facility for SHONA Capital Zambia earlier this year, extending the firm’s commitment to backing the underserved SMEs driving economic activity across sub-Saharan Africa.
At the heart of SHONA Capital’s model is its proprietary underwriting process and technology, which automates borrower onboarding, data processing and credit assessment and management support.
Where traditional lenders can take several weeks to move funds, SHONA Capital disburses within 5–10 days — advancing digital financial inclusion for the businesses that banks and microfinance institutions have historically been unable to reach.
Isha Doshi, Co-Founder and Partner at TLG Capital, said:
“SHONA Capital has been an exceptional ally to Ugandan SMEs — first through years of advisory work, and now through direct lending in earnest. They understand the businesses they serve and have built a platform capable of reaching them at pace. We are delighted to back their upcoming chapter.”
Ivan Mandela, CEO of SHONA Capital Uganda, said:
“For most SMEs, the difference between growing and standing still comes down to whether they can access capital quickly and at a cost that makes sense. Our strategic model and technology make that possible. For SHONA Capital, growth at this pace also demands the right institutional support. TLG’s backing provides exactly the type of partnership that will facilitate our ambitious growth targets. This transaction sets our company up to scale and deliver on our impact goals, including a stronger focus on helping more SMEs formalize their operations and integrate into the broader economy.”
TLG is providing hands-on support to strengthen SHONA Capital’s operations in line with its value creation framework. This includes partnering on ESG monitoring, governance, quarterly business reviews, and other operations.
The SHONA Capital team was led by Ivan Mandela (CEO & Co-founder), Jackson Ssetuba (Chief Finance Officer), and Sowedi Zirabamuzale (Senior Strategy and Risk Analyst). The TLG deal team comprised Aum Thacker, Rohan Subramanian, and Ikponmwosa Amadasun.
Legal counsel for the transaction were SM&CO Advocates and Hannaford Turner.
About TLG Capital
TLG Capital is a leading private credit fund manager exclusively focused on sub-Saharan Africa. TLG has made 50+ investments and 30+ exits across 20+ African countries since its inception in 2012.
TLG’s flagship fund, Africa Growth Impact Fund II (AGIF II), targets small-and-medium enterprises and is anchored by the IFC, Norfund, Swedfund, and Bpifrance.
TLG is trusted by more than 100 institutional and individual investors across North America, Europe, Asia, and Africa. For more information, visit www.tlgcapital.com.
About SHONA Capital
SHONA Capital provides Ugandan SMEs with flexible debt and management support to help them grow and reach their full potential. Founded in 2022 and building on over a decade of advisory work by SHONA Group, the company offers financing across food and agriculture, healthcare, retail, and manufacturing. Loans range from $5,000 to $100,000, with disbursement within 5–10 days, enabling SMEs to access formal credit and pursue sustainable growth.
