Business gThroughout the world, the easiest way for small business capital is using small business grants. So in nigeria too, starting a business is always worrisome because of low income. But getting start up capital for your business ventures is possible using grants program. Though there are no many business grants providers in Nigeria or grants opportunities, but you can still find one or more for your business.
Remember unlike loans, in grant, you don’t need to pay back the money you receive for your small business start up or business expansion program, so you don’t need to disturb yourself on how to pay back or paying with interest rate at mind.
So all you need to worry about is who are the small business grants providers in Nigeria and how will i win business grant. In this article i will be giving you some business grants available in Nigeria and what you need to win the grant.
In Nigeria there are both private individuals or company business grants and also grants providedby the government. So you can apply for any of them. Let us start with the grants provided by the private companies or individuals
You can also read Business grants and How to apply
Tony Elumelu Entrepreneurship Programme (TEEP)
The Tony Elumelu Entrepreneurship Programme (TEEP) is an annual programme being provided by one of Nigeria’s business mogul, Mr. Tony Elumelu, the CEO of UBA through his non profit organisation or foundation, the Tony Elumelu Foundation (TEF).
The Tony Elumelu Entrepreneurship program is aimed at providing 10,000 USD start up funding for entrepreneurs across Africa and yearly, the programme selects from about 50,000 applicant, 1,000 entrepreneurs across Africa.
Business experts do carefully examine all applications submitted in the industry and winners are selected based on
- market feasibility,
- clear financial models and
- a capable team to run the business.
Each program cycle begins with an application process opened from January 1st until March 1st.
- Your Business must be sited in Africa
- Your Business must be profitable
- Your Business must be for about 0 to 3 years.
- You must be at least minimum of 18 and a legal resident or citizen of any African country.
Unilever Young Entrepreneurs Award
The grant program seeks to recognize and support young innovators providing solutions like social impact entrepreneur tackling some of the world’s challenges. 37 young entrepreneurs has won the price since inception.
- Price of 50,000 Euros.
- Run by University of Cambridge Institute for Sustainability Leadership.
- A year of mentoring and support.
Small businesses focusing on:
- Improve people’s health and well-being
- Improve the health of the planet
- Contribute to a fairer and more socially inclusive world
- Applicants around the world except Russia aged between 18 and 35 can apply.
GroFin is a forefront development financier focussing mainly in financing and aiding small and growing businesses (SGBs) within Africa and the Middle East.
GroFin specializes on Small and Growing Businesses (SGBs) which may not be favoured by other financiers. GroFin provides a special integrated solution for patient risk capital and end-to-end business support to start-up and growing businesses.
GroFin yearly provide about US $100+ Million to fund micro, small and medium business (MSMEs) across Nigeria.
GroFin focusses on
- micro, small and medium business
- Business in African and middle East
- Providing end-to-end business support
- Growing business
- Your business is based in one of the following countries in Africa: Nigeria, Ghana, Zambia, Egypt, South Africa, Kenya, Tanzania, Rwanda, Uganda.
- Your business is profitable.
- Your business has a turnover of less than US$ 15 million and assets less than US$ 6 million.
- You business requires financing in range of US$ 100,000 and US$ 1.5 million.
- Sole proprietor business
African Entrepreneurship Award
African Entrepreneurship Award is provided by BMCE bank of African with an aim of providing a platform for mentorship, network of ready-to-investor Angel investors, and grants to smart business ideas.
- cash prize of $1million to be shared among finalists.
- You can apply for one of the two categories i.e. in Innovation or Sports Entrepreneurship.
- Applicants must be a citizen of an African country
- At least 18 years.
- Your business idea must be practical in the African setting
- Business must technology inclined.
- Your business idea must profitable.
Africa’s Young Entrepreneurs (AYEEN) Financial Grants
Africa’s Young Entrepreneurs (A.Y.E) as an organisation today faces mainly in empowering young entrepreneurs in the African continent by creating workshops and opportunities that facilitate intra-trade between the countries and the rest of the world.
AYEEN focusses on financing small business in various sectors of the economy. The Winners of the business grant will be awarded their respective prizes without any stake for the organizers. Interestingly, the business owners and their businesses will be carefully monitored for a period of one year for post grant support.
- Small businesses
- Provide post grant support
- Applicants must be Nigerians
- Business must be in any of the 36 States in Nigeria
African Women Development Fund
This grant is funded by pan-African female organisation with the motive of tackling the issues of body and health rights, women’s economic security and justice, and Leadership, participation, and peace.
Specifically for women
- Must be Owned by a woman and most of its workers be women
- Must be registered in any of the African country duly.
- Must have been operational for at least 3 years
- The business must have a well structured financial management system to account for its finance.
- Must always report back to the organisation on the progress of the business ventures.
Building Entrepreneurs Today (BET) Programme
The Building Entrepreneurs Today (BET) is designed in a way that it is used to support budding entrepreneurs. Annually, thousands of applications are received from applicants whereby 50 and these entrepreneurs are selected and they undergo a six (6) months intensive entrepreneurial/business training.
At the end of this business training period, Entrepreneurs who came top, 5 of them will be awarded financial grants as start-up capital for taking their business to the next level.
- Young entrepreneurs
- Training for entrepreneurs
- Grants up to 3 million naira
- Must be a Nigerian
- Profitable business
Shell LiveWire Funding
Shell LiveWire is a youth social development enterprise program which is anchored on encouraging, training, and providing initial funding for youths in Nigeria to start up a business.
- it is for youths between 18 to 30 in age
- Must be from Niger Delta region
- Must be aged 18-30
- Has a viable business idea
- Undergone and graduated from their intensive entrepreneurship course
- Must be from Niger-Delta – Abia, Imo, Edo, Rivers, Bayelsa, Delta, and Akwa-Ibom.
IB Plc Hero’s Foundation
The IB Plc Hero’s Foundation has a KickStart program which is a social investment initiative of International Breweries which is aimed on instilling and encouraging youths to venture in entrepreneurship to achieve their goals of becoming self employed.
- It involve training
- Mentoring and guidance
- You must be a youth between 18 – 35 years old
- Must be a Nigerian residing in the following states in Nigeria: Abia, Enugu, Imo, Anambra, Ebonyi, Edo, Delta, Rivers, Bayelsa, and Benue.
Innovation Prize for Africa
Innovation Prize for Africa is designed with a motive to improveing the innovative spirit of the African people to come up with solutions to the everyday challenges met in the continent.
- Must be innovative
- Price ranging from $5000 to $1000,000
- Applicants must be an African citizen.
- Africans in diaspora can apply with prove of African citizenship.
- A fully developed innovation.
African Women Innovation and Entrepreneurship (AWIE)
AWIE is one of the foremost female entrepreneurship platform that promotes, supports and provides business grants to brave and innovate female entrepreneurs throughout the African continent. This grant is provided with the aim to increase maximally the growth of female-led organizations in Africa for African inclusive economic growth.
Specifically for women.
- Applicants must be a female entrepreneur and national (or permanent resident) of an African country, with a registered business and operation in one or more African countries.
- A woman entrepreneur can be selected for more than one category but with different application forms must be completed.
- Evidence of your submitted documents might be requested for.
Now let us move to grants provided by Nigerian government after we have considered the small business grants provided by private individuals or company.
Visitors are also applying for business grants for women and Veterans
YouWIN Connect Nigeria
YouWiN! Connect is a programme of the Nigerian Federal Ministry of Finance. The programme is designed to promote entrepreneurship, job creation and wealth creation throyugh enterprise education for young Nigerians.
Through YouWin, Nigerian entrepreneurs will improve in their productivity through relevant SME development tools which is being providedby the federal government.
Also, These is for Nigerian youths especially in targeted sectors that align with the government’s objective of diversifying the Nigerian economy and promoting competition and transparency among the Nigerian youths.
Focusses on Nigerian youths
- You must be a graduate from a higher institution to participate.
- You must be between the ages of 18 and 40.
- You must be a Nigerian and resident in any of the 36 States in Nigeria.
- Your business must be based in Nigeria.
- You must be fluent in speaking and writing English language.
- All training and mentoring exercises organised by the programme must be attended by applicants.
- You must not be an employee of the Nigerian Civil Service.
- If you have won YouEin before, you don’t need to apply.
The GEM grant is provided in partnership between the Nigerian Federal ministry of Industry, Trade, and Investment and the World Bank with the aim of supporting businesses which are in the manufacturing, entertainment, information and technology, tourism and hospitality, and agro-allied businesses.
Grant of Minimum of $50,000 to $250, 000
- The business must be operating in Nigeria;
- The total GEM funding requested must be at least $50,000 and no more than $250,000;
- The business and its partners must provide initial money at least 50 percent of the total business budget.
- The business owner must satisfy the requirements on Environmental and Social compliance
Bank Of Industry (BOI) Grants
The Nigerian Bank of Industry (BOI) recently launched Youth Entrepreneurship Support (YES) for young and talented Nigerian entrepreneurs looking to go in into various sectors of Nigeria’s economy to establish themselves.
Remember, The Youth Entrepreneurship Support (YES) Programme by BOI’s is geared towards the curbing of youth unemployment befell the nation through capacity building and funding the Nigerian youths in their legal business ventures.
The YES programme also focusses on given out skill accusations programs and making the youths self dependent and running their own private business.
- It involve Eight (8) weeks vigorous online Entrepreneurship and Business Management training which test the participants’ understanding and track their business progress.
- A Five (5) days physical Entrepreneurship and Business Management training.
- Technical skills training in conjunction with the other technical training and vocational institutes within country.
- BOI will provide finance for the business under its SME Cluster initiative in consonance with the United Nations Economic Commission for Africa’s Commodity-based Industrialisation Strategy.
- You must be a Nigerian to apply.
- You Must have a viable business idea within the 40 identified clusters.
- Your age must be between 18 and 35.
- Provide proof of identity eg. International passport/Drivers License/National ID/Voters card.
- Must have a minimum educational qualification of Ordinary National Diploma (OND).
- Applicant processes ate online.
Lagos State Entrepreneurs Trust Fund (LSETF).
Lagos State Employment Trust Fund (LSETF), which was established by The Lagos State Employment Trust Fund Law 2016, is aimed to provide financial support to residents of Lagos State, in the aspect of job creation, wealth creation and also to tackle the menace of unemployment in Lagos state.
Furthermore, LSETF serves as boost to improve the creative and innovative energies of all Lagos state residents and help in the reduction of unemployment across the State.
Also, LSETF is to invest ₦25Billion in Lagos helping its citizens or residents to grow and increase their Micro Small and Medium Enterprises (“MSMEs”) or acquire skills to get better jobs.
- Micro, small and medium Enterprises
- Skill acquisition
- You must be a Lagos state resident
- Must be doing legit business or
- Have a skill to develop