It is no news that starting a business requires capital. While some fresh business owners opt for loans, some apply for grants. Grants do not necessarily require payback and as such, prove to be a useful measure that supports starting businesses.
In Nigeria, a secure and easy way to get funds for your business is by applying for business grants. You can check this out for some of the top business ideas in Nigeria.
However, there are not many Nigerian federal or state government grants available to small businesses. Especially those that are not duly registered. You can see this post for a step-by-step guide on how to register a business name in Nigeria.
There are available grants that will be explained in this article for people looking to start their business.
Listed below are available grants for businesses in Nigeria.
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 body, health, security, equity, leadership, investment and women businesses.
African Young Entrepreneur Empowerment Nigeria Financial Grants.
The program focuses on developing young African entrepreneurs; engaging, training, and finally giving them grants. The grants are awarded as prizes majorly for those who make it to the stage. This empowerment program monitor grants they have provided for one year. Coordinators will monitor new business they have empowered to see how the funds are implemented. The grant coordinators do not hold any stake whatsoever to businesses they empower, and they only give grants to young Nigerians who reside in Nigeria.
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.
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. Other 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.
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 seed funding for African entrepreneurs. Annually, about 1000 entrepreneurs from nearly 50,000 applications across Africa win the grant. Applications are judged by experts of 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. ve
Conclusion
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.
