Starting a business can be expensive. However, business grants can help you get the money you need to start and grow your business.
Grants are different from loans. You don’t have to pay back grants. Then, the question is how do you source for business grant?
Startup business grants can be found at various sources, including government and state agencies, private corporations, and nonprofit organizations
Listed below are available grants for businesses in Nigeria.
1. African Women Development Funds
This initiative is for the sole purpose of developing African Women in the business world. This female-only grant empowers women by giving funds to associations that handle issues about women’s bodies, health, security, equity, leadership, investment, and women’s businesses.
2. African Young Entrepreneur Empowerment Nigeria Financial Grants
The program focuses on developing young African entrepreneurs; engaging them, training them, and finally giving them grants. The grants are awarded as prizes mainly for those who make it to the stage. This empowerment program monitors grants they have provided for one year.
Coordinators will monitor new businesses they have empowered to see how the funds are implemented. The grant coordinators do not hold any stake whatsoever in businesses they empower, and they only give grants to young Nigerians who reside in Nigeria.
Have you read about Nigeria Social investment program?
3. Diamond Bank BET Program
This program is called Building Entrepreneurs Today, hence BET. It empowers businesses where about 50 get the grant out of a pool of applications. Since its inception, it has trained selected applicants for about half a year, and the last standing five get the grant.
Diamond Bank BET program has supported over 140 businesses and awarded grants to approximately 19 entrepreneurs in Nigeria. It has, therefore, gained local and international interest.
4. YouWin connect Nigeria
Sponsored by the federal ministry of finance, the program is a multimedia program aimed at promoting entrepreneurship, job creation and wealth through enterprise education for young Nigerians. Through relevant Small and Medium Enterprise ( SME), the program will make sure Nigerian entrepreneurs enhance their productivity.
This program targets Nigerians who have concluded higher institution education and must not be over 40. Another criterion states that applicants must be from Nigeria and reside in Nigeria. Must not be a civil servant and must be willing to attend training and mentoring exercises organized by the program.
5. Tony Elumelu Entrepreneurship Program
Recognized for its steadfast support for entrepreneurs across Africa, the TEEP is a subsidiary of the Tony Elumelu Foundation. The program aims at providing 10,000 USD in seed funding for African entrepreneurs.
Annually, about 1000 entrepreneurs from nearly 50,000 applications across Africa win the grant. Applications are judged by experts in business where a conclusion is from market feasibility, good team and wise financial models. The program only accepts Legal residents of any African country that is over 18. Applicants must reside in Africa, and businesses must be profit-oriented.
What Are the Sources of Fund to Start a Business?
- Use your own money or borrow from friends and family.
- Use credit cards or crowdfunding platforms.
- Get a loan from a bank or government agency.
- Find angel investors or venture capitalists.
- Join a business incubator or accelerator.
- Get a small business loan.
Just because you don’t have to pay the fund raised from grants back does not mean you won’t be accountable for money spent. Some of these programs enlist their beneficiaries in mentorship programs that teach them the required discipline of being an entrepreneur.
There are other programs that empower Nigerians, and they are out there waiting for you. Do well by applying.