The #SheFUND Program

Design, philosophy, journey, evolution, and the underlying Theory of Change.

2.1 #SheFUND Design and Philosophy

#SheFUND was launched by #SheDIDIT in 2023 as a structured microfinance product designed specifically for migrant women entrepreneurs in Belgium. Delivered in partnership with MicroStart, Belgium’s leading microfinance institution, #SheFUND offers interest free loans of up to 10,000 euro to business owners who have demonstrated potential through a structured selection process. The program is not designed to serve any migrant woman entrepreneur who applies. It is designed to serve those who are ready: women who have completed coaching, developed a business plan, and are prepared to defend their model to an external jury.

This design philosophy reflects a deliberate positioning. #SheFUND is not a safety net. It is a springboard. The program’s target beneficiary is a woman who has a viable business, has done the work to understand her market and her finances, and needs a specific and time sensitive capital injection to take the next step. This profile stands in contrast to the typical beneficiary profile of deficit oriented microfinance programs, which often serve women at the very earliest and most fragile stages of entrepreneurial aspiration, before they have developed the capacity to deploy capital effectively.

The MicroStart partnership is central to program delivery. MicroStart administers the loan disbursement, handles repayment, and manages any defaults. #SheDIDIT manages the selection process, coaching requirement, and post decision engagement. This division of roles means that #SheFUND beneficiaries receive both financial infrastructure from MicroStart and social infrastructure from #SheDIDIT. The two organisations are complementary rather than duplicative, and the partnership model is one of the program’s most replicable features.

2.2 #SheFUND Loan Characteristics

The #SheFUND loan product has the following features: loan amounts from zero to 10,000 euro; a zero percent interest rate; a five percent one time administration fee; lump sum disbursement via MicroStart; a grace period of three to six months before repayments begin; a repayment term of 36 months; and no collateral requirement. In the event of non repayment, the pathway follows deferral, then restructuring, then third party collection as a last resort, with an emphasis throughout on maintaining the relationship with the borrower rather than on debt recovery.

The zero-interest structure is a significant differentiator from conventional microfinance products in Belgium and from commercial lending more broadly. It reflects the program’s empowerment rather than commercial orientation: the goal is to remove financial barriers to growth, not to generate a return on capital. This distinction matters to participants. It signals that the institution trusts them, that the loan is an investment in their potential rather than a commercial transaction.

Repayment has generally proceeded without major difficulty among the beneficiaries in this study. Participants attribute this partly to the grace period, which allowed them to generate revenue before repayments began, and partly to the financial discipline instilled through the coaching program. No participant in the sample reported default or significant repayment difficulty at the time of interview.

As #SheDIDIT’s CEO & Founder explains:

“When people give you money, it is not only about the money. It is more about trust, confidence.”

2.3 #SheFUND Applicant Journey

The #SheFUND applicant journey unfolds across 5 key phases, as presented below. Each phase has a distinct function, and the evidence from this study shows that empowerment effects operate at every stage, not only at the moment of selection.

2.4 Evolution Across Editions

The program has evolved substantially across its three editions, reflecting #SheDIDIT’s commitment to learning from each cycle and refining the model in response to evidence and experience.

The 2023 inaugural edition took the form of a pitch competition. It drew 30 applications, operated without a mandatory coaching prerequisite, and invited 5 finalists to pitch at a public award ceremony, 4 of whom were funded. This edition established #SheFUND as a visible and distinctive feature of Brussels’s entrepreneurial landscape, attracting media attention and building #SheDIDIT’s profile. However, the absence of a coaching prerequisite meant that the application and pitching experience was less consistently empowering: without a shared preparation framework, applicants’ readiness varied considerably.

The 2024 edition introduced two significant structural changes: a two-stage selection process, in which written applications were screened before candidates were invited to pitch; and the #SheMeansBusiness coaching prerequisite, which became mandatory for #SheFUND application from this edition onwards. These changes raised the quality and consistency of applications, deepened the connection between non-financial services and financial access, and created a more defensible and replicable model. Ten applications were received; five were selected to pitch; two were ultimately funded.

The 2025 transition edition maintained the 2024 structure with minor adjustments. Nine applications were received; five were selected for the pitch stage; one was funded. The lower funding rate reflects stricter selection criteria and a more demanding jury process rather than reduced program ambition. The three editions together demonstrate a deliberate trajectory: from a visibility focused event toward a precision impact focused program.

2.5 #SheFUND Theory of Change

“The potential is there within you, and it is our role to unlock it.”

Based on the findings presented in Chapter 4, this report develops a Theory of Change specific to the #SheFUND program. The purpose of the Theory of Change is to make explicit how #SheFUND creates impact, through which mechanisms, and at which stages of the participant journey. It also helps clarify that #SheFUND should not be understood only as a loan mechanism. Its impact comes from the combination of finance, coaching, community, and recognition, which together support migrant women entrepreneurs before, during, and after the funding decision.

The starting assumption of the Theory of Change is that migrant women entrepreneurs face barriers that are not only financial. Limited access to capital is important, but it is only one part of a wider set of constraints. Participants may also face limited networks, lack of familiarity with the Belgian entrepreneurial ecosystem, low confidence in formal business spaces, language insecurity, limited access to tailored coaching, and a lack of recognition as legitimate entrepreneurs. For this reason, a financial product alone is unlikely to generate the full range of outcomes that #SheFUND seeks to produce. Capital becomes more effective when it is embedded in a support system that also builds confidence, business readiness, community, and perceived legitimacy.

The #SheFUND model works through four mutually reinforcing inputs:

These four inputs are not independent components. Their value lies in how they interact. Coaching is more effective when participants feel safe and understood within a trusted community. Finance becomes more meaningful when it is experienced not only as money, but as a signal of confidence in the entrepreneur. Recognition becomes more powerful when it is attached to a public process of application, pitching, and jury evaluation. Community helps ensure that the experience remains valuable even for those who do not receive funding, because participants still leave with stronger confidence, clearer business language, and a sense of belonging to an entrepreneurial ecosystem.

The Theory of Change therefore positions the #SheDIDIT journey as the central pathway through which impact is produced:

The journey begins with entry and community, where women encounter #SheDIDIT, feel seen, and build initial trust. It then moves into coaching, where participants develop technical and soft skills, work on mindset, and increase confidence. The application and preparation stage requires participants to define their business, articulate their financial needs, and translate their entrepreneurial idea into a structured proposal. The pitch to the jury becomes a moment of public entrepreneurial performance, where participants gain visibility, practice storytelling, and build self belief. The decision and feedback stage provides either access to finance or an opportunity for redirection and learning. Finally, the post decision stage can sustain impact through ongoing guidance, referrals, alumni connection, and continued community engagement.

The short term outcomes of this pathway are expected to emerge within the first six months. These outcomes are important because they represent the immediate capabilities that allow participants to move from aspiration to action. They also show that impact begins before the loan is disbursed and extends beyond funded entrepreneurs.

In the medium term, #SheFUND is expected to contribute to business continuity and growth, better access to networks and clients, greater readiness to seek finance, deeper engagement in the entrepreneurial ecosystem, and contribution back to the #SheDIDIT community. At this stage, the value of the program becomes visible not only in individual business development, but also in stronger social and entrepreneurial embeddedness. Participants are better positioned to navigate the ecosystem, use the skills developed during coaching, and mobilize the confidence and networks gained through the program.

The long term impact of #SheFUND is expected to unfold and contribute to a more inclusive entrepreneurial ecosystem, greater financial inclusion, more sustainable women led businesses, and stronger economic and social participation among migrant women entrepreneurs in Belgium. These impacts depend on the cumulative effect of the earlier stages. They are unlikely to result from finance alone. Rather, they emerge when capital is combined with coaching, community, recognition, and continued connection.