Grants and Funding Opportunities Available for SMEs in Nigeria Right Now
Ever Pictured of Initiating Your Own Business, But Just Can’t feel to Get the Finances Off Your Neck?
Whether you’re just starting out or looking to expand your being business, having access to extra funds can make all the difference.
Grants refer to a funding opportunity that is made available by a government agency, foundation, corporation, or other organization for individuals, businesses, or nonprofits to apply for and potentially receive financial support for a specific project or initiative.
Obtaining a grant is one of the most effective methods to fund a business or an idea in Nigeria as it allows you to focus on developing and growing your business.
Almost everyone trying to start a new business needs money to get started. Small business grants are one of the simplest and cheapest methods to receive funding for your business in Nigeria. One great piece of news is that Grants do not need payback, unlike corporate loans. All you have to do is to meet the requirements.
So, if you’re ready to take the next step and turn your business dreams into reality, we are here to provide all the information you need to determine a better opportunity for your business.
BANK OF INDUSTRY (BOI)
The Bank of Industry (BOI) is a development finance institution, it is both the largest and oldest development backing institution in Nigeria. The Bank’s main aim is to give long-term funding to the Nigeria Economy and give credit to small and medium-sized enterprises (SMEs) and other large businesses. The scheme provides colorful kinds of subventions for all kinds of entrepreneurs.
Generally, you’re only suitable to apply for a minimum of a 5 million Naira loan. Loan requests of 5 million Naira and above, can be accommodated through the BOI’s matching fund platform and its Bottom of the Pyramid (BOP) scheme.
- The applicant must be a Nigerian.
- Must have a visible business idea within the 40 linked clusters that are operated, or will work in Nigeria.
- Must be within the age limits of 18 and 35. (evidence of identity, international passport, motorist’s license, National ID).
- Must retain a minimum educational qualification of Ordinary National Diploma (OND).
- Aspirants must be suitable to carry out the operation process online via https://www.boi.ng/loan-requirement/
Tony Elumelu Foundation (TEF) Entrepreneurship Programme
The Tony Elumelu Foundation (TEF) is the leading champion of entrepreneurship in Africa. Their objective is to empower women and men across our continent, catalyzing economic growth, driving poverty eradication, and icing job creation.
The programme provides training, mentorship, and funding to selected entrepreneurs from across Africa, new start-ups, and existing young businesses operating in any sector.
The programme was launched in 2015 and has empowered 15,847 entrepreneurs with a nonrefundable capital of $5,000 each.
- Eligible aspirants must live Legally in any of the 54 African countries and have their business stationed in any of them.
- Your business must be 3 years old or less and must have a profitable business idea.
- Visit the website: http://www.tefconnect.com/
- Click on apply now button on the official website to sign up and submit your application
Lagos State Entrepreneurs Trust Fund
The Lagos State Entrepreneurs Trust Fund (LSETF) is a government initiative in Lagos State, Nigeria. It is aimed at furnishing financial and business support to small and medium-sized enterprises (SMEs) in the state.
Those who are looking to develop their businesses can apply because the fund is committed to providing the necessary financial aid.
The operation process involves completing an online application form and providing necessary documentation such as a business plan, financial statement, and bank statement.
- Eligible aspirants should be 18 and above
- Business must be in any of these sectors: Health care, entertainment, hospitality and tourism, manufacturing and garment timber, and construction
- Business must be resident in Lagos State
- Visit: https://lsetf.ng/ to apply
GroFin is a development finance institution that provides financing and business support to small and medium-sized enterprises (SMEs) in arising markets. It combines patient capital and specialized business support to grow emerging market enterprises which has provided financial backing to over 700 SMEs since its commencement in 2004 and has sustained over 89,000 jobs.
GroFin Focus on Small and Growing Businesses (SGBs) that are grossly underserved by other finances, and delivers a unique integrated solution for patient risk capital and end-to-end business support to start-up and growing businesses at the SME base.
GroFin has a fund size of US $100+ Million to fund Nigerian micro, small and medium business (MSMEs) across the country.
- Business must be located in any of the countries they are situated in.
- Grants applied for must be $100,000 to $1,500,000.
- The business is owner-operated and/or the owner is substantially involved in running the business
- Business must be profitable.
- Visit their website: http://www.grofin.com/ to apply.
Africa’s Young Entrepreneur Empowerment Nigeria (AYEEN)
Africa’s Young Entrepreneur Empowerment Nigeria (AYEEN) is a non-profit organization that aims to empower youthful entrepreneurs in Nigeria by furnishing them with access to funding, mentorship, training, and other resources to help them start and grow their businesses.
It also has a mentorship program for young entrepreneurs where they are tutored in business skills essential to starting and expanding a business.
This empowerment program takes place yearly as it attracts huge applications from young entrepreneurs across the country. Grants on this platform can range from thousands of naira to millions of naira depending on the business ideas presented.
- Must be 18 years and above.
- Must have a great business idea or run a business.
- Aspirant must be a Nigerian and the business must be located in any of the 36 states of the country.
- Visit www.ayeen.ng. To apply
Shell LiveWIRE is a global entrepreneurship program that provides support to young entrepreneurs who have innovative ideas for sustainable business ventures.
The program offers a range of services, including business training, mentoring, networking, and funding opportunities. It is open to youths from the Niger Delta region in Nigeria who is interested in starting a business and is not less than 18 years and above 30 years.
- Should fall between the ages of 18 and 30
- Must be a native of one of the Niger Delta States.
- Must have a profitable and great business idea that is innovative, sustainable, and has the potential for growth.
- Visit the website https://www.shell.com.ng/ to apply.
The Nigerian government has launched a $672 million fund called Investment in Digital and Creative Enterprises (i-DICE) program to support young entrepreneurs in the tech and creative sectors. The program aims to promote investment in information and communication technology (ICT) and creative industries to build back better, greener, and more inclusively during and post COVID-19 pandemic. Spearheaded by the Advisory Council for Technology and Creativity, set up in 2018 under the Nigerian Industrial and Competitiveness Advisory Council, the program has strong country ownership and participation, including approval at the level of the Presidency and is anchored by the Office of the Vice President.
The Bank of Industry is executing i-DICE, which aims to build capacity and upskill Nigerian youth aged 15-35 in technology and creativity to increase their employability, foster innovation, and support the emergence of more entrepreneurs. The program is co-funded by the African Development Bank (AFDB), Agence française de développement (AFD), Islamic Development Bank (IsDB), and other private investors. i-DICE also aims to bridge the gender gaps that exist in access to STEM education, entrepreneurship, and access to venture capital. The program plans to invest in over 80,000 women in skills, mentorship, and startup funding by the end of its five-year duration.
Orange Corners Nigeria
Orange Corners is an initiative of the Kingdom of the Netherlands in collaboration with a local service provider that aims to develop and strengthen the entrepreneurship ecosystem in Nigeria.
The program provides young entrepreneurs with a 6-month incubation program while serving as a bridge between these innovative entrepreneurs and the private sector.
Through Orange Corners, participants can develop their business concept and become successful entrepreneurs by providing them with the necessary opportunities, skills, and access to markets.
The program offers skills development, coaching and mentoring, personalized follow-up, events and networking, as well as accommodation and domiciliation services.
The program includes collective and individual workshops on the stages of the creation of social enterprises, personal development week, collective workshops in soft skills, mentoring, an advisory board (strategic committee), professional meetings, events organized by incubatees, and access to the incubator space, reduced price for commercial domiciliation.
You can apply at https://www.orangecorners.com/country/nigeria/
So, don’t let finances hold you back from starting your dream business. Apply for these grants and funding opportunities today, and turn your business dreams into reality!
Note: Simplebks is not affiliated with any of this partners on this Grants and Funding Opportunities. To apply, you just need to visit the linked website. Wish you success!