Securing capital is very challenging especially in a
country like Nigeria. Bank loans require proper documentation, term interests
and security.
Many SMEs starting out find it difficult securing the
facilities available in the banking sector. Luckily there are business grants available
to enterprising persons. The grants are offered by government, Non profit
organizations or the private sector.
What
are Grants?
Grants are non refundable funds given to a person,
company or organization. They are usually facilitated by the private sector,
government, trust, corporation or foundations.
The main beneficiaries of grants are non profit organizations,
individuals, businesses and educational institutions. To acquire a grant the recipient
needs to apply, present a proposal or compete with other interested parties.
Grants are specific in nature and require full compliance
with the nature of the grant. To secure a business grant the individual submits
an application or proposal to the grant provider.
This could be in a response to a request or initiative of
the founder. Top types of grants are focused on disaster management,
development, education and small business startups.
The conditions to acquire a grant differ such as non
profit SME or local authorities. The funding could be focus on a project, community
development or business related.
Top
Grants in Nigeria
GroFin Fund finances small businesses across Africa and
the Middle East. They offer patient capital and specialized support for
businesses in emerging markets.
They offer patient risk capital integrated solutions,
startup and end to end support. Small business organizations benefit from the $100
million funding.
To be eligible your business should be located in Kenya,
Rwanda and South Africa. Other countries are Zambia, Egypt, Uganda, Nigeria and
Ghana.
Your business should be profit driven with turnover of
less than US$ 15 million with assets less than US$ 6 million. Other requirements
are financing request from US$ 100,000 to US$ 1.5 million. The owner of the
business should be directly involved in the daily operation of the
establishment.
Eligibility
- Your business is profit driven
- turnover of less than US$ 15 million
- assets less than US$ 6 million
- financing request from US$ 100,000 to US$ 1,5 million
- the business owner should be directly involved in the daily operations.
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| Tony Elumelu-Image Sourcehttp://moneyissues.ng |
The Tony Elumelu Foundation launched the program in 2015.
They provide 10,000 seed funding for young entrepreneurs across Africa.
They select 1000 entrepreneurs across Africa from over
50,000 applicants. The applicants are judged by industry experts on innovation,
financials, and feasibility of their business models.
To be eligible the business model should be profit
making. The business should be new or under 5 years in existence. The business
should be based in Africa and applicant at least 18 years with legal residence
in Africa.
Applications are generally open from 1 January to 1 March
so grab your opportunity now.
Eligibility
- business model should be profit making
- business should be new or under 5 years in existence
- business should be based in Africa
- applicant at least 18 years
- legal residence in Africa
The diamond bank program is focused on building
entrepreneurs today. BET is designed to encourage young entrepreneurs.
Every year the organizers provide intensive business
training for 50 budding entrepreneurs. The training period is 6 months and the
top 5 are awarded grants to start their businesses.
After 6 editions they have awarded 24 recipients startup
funding. They offer the top 5 finalist’s ₦3 million naira to start the business.
This fund was established by the Lagos State Employment
Trust Fund of 2016. The main function is to provide Lagos residents jobs and
wealth creation opportunities. The function is to reduce unemployment and
reward innovation.
Individuals and SMEs can benefit from the ₦25
Billion funding. The fund offers direct investment to aid skill acquisition and
small medium enterprises.
Inaugurated by the governor of Lagos State Akinwunmi
Ambode it is committed to support 100,000 MSMEs. This involves the creation of
600,000 indirect jobs and 300,000 direct jobs.
The bank of industry has done brilliantly well in
encouraging small and medium sized businesses. They have a youth empowerment
program aimed at capacity building and unemployed youths.
The YES program encourages self-employment by providing
capacity building and skill acquisition. The program comprises 8 weeks
intensive business management training and technical training.
They offer additional 5 days in-class entrepreneurship
training. And the business financing is in consonance with the commodity based
industrialization strategy of the United Nations economic commission for
Africa.
The person must have a good business idea within the 40
identified sectors. To be eligible the applicant must be a Nigerian, age 18
-35.
The person must posses minimum education of OND and
present a proof of identity. This could be a national identity card, driver’s
license, voter’s card or Nigerian passport. The application process is done
online.
Africa’s Young Entrepreneurs Financial Grants (AYEEN)
African Young Entrepreneurs focuses on inter trade
creation across the continent. They focus on innovative and outstanding entrepreneurs in various sectors of industry.
Winners are awarded prizes and
application requirement is simple. The person seeking the grant should be a
Nigerian and based in the country.
YouWin is a Federal Government initiative aimed at
promoting job creation and entrepreneurship. They educate young entrepreneur on
productivity and provide development tools. The drive is to promote economic
diversity through transparency and competition.
The first edition of YouWin1
focused on job creation through small business funding. The second edition is
focused on women not older than 45 years. While the third edition YouWin3
awarded 2500 youths support.
To be eligible you must be between 18 and 40 years
and a graduate from a higher institution. The applicant must be a Nigerian and
have good communication skill. The applicant should be willing to attend training sessions and previous win awardees are not eligible. Members of the Nigerian Civil
Service are also not eligible.
- You must be at least 18 years
- graduate from a higher institution
- You must be willing to attend training sessions
- Previous awardees not eligible
- Officers in the Nigerian Civil Service not eligible
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