Are you interested in knowing the 5 Sources of business grants in Nigeria for Startups out of the numerous of them online? Let’s get started.
How do you get funding for your business? If you don’t have the capital to start up, it is best that you find another way. Loans are available, but there are other sources of money available to entrepreneurs who are willing to work hard.
There are many sources of business grants in Nigeria. Some are quite known while others are a bit more hidden and not as easy to get, but you can get it if you qualify and put in all it takes.
Whether you are looking for a grant because you have an idea for your startup company or you want to grow/expand your business, this article will provide you with insights on the various types of business grants available in Nigeria. You may also explore the World Bank Grants for small businesses in Nigeria.
5 Listed available grants for businesses in Nigeria.
Apart from loan offers, there are over 5 sources of business grants in Nigeria for Startups, which you can access if you are willing to take up the challenge until your business is ready for external funding.
- African Women Development Funds
- African Young Entrepreneur Empowerment Financial Grants
- Diamond Bank BET program
- YouWin Connect Nigeria
- Tony Elumelu Entrepreneurship Program.
1. African Women Development Funds.
As a budding female entrepreneur, it is important to have an array of funding options available to you but if you don’t, the African Women development fund is here for you. The funds are solely for only developing African women running a business. They empower women by giving out funds to women’s associations like health, security, investment, leadership, women’s bodies, and women’s businesses.
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2. African Young Entrepreneur Empowerment Nigeria Financial Grants.
One of the main challenges that young entrepreneurs face is raising capital. It is hard to fulfill the requirements of loan offers or find an investor willing to fund your company. This is why African Young entrepreneurs empowerment Nigeria financial grants come in.
They focus on developing young African entrepreneurs; training, mentoring, engaging, and then giving them grants. They award the grants to those who make it to the last stage and to young Nigerians who live in Nigeria. However, they monitor the grants they have provided for one year.
AYEENFG conduct this monitoring by sending coordinators to check new business they have empowered to see how they use the funds. These grant coordinators sent to monitor the business do not hold any stake in the business.
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3. Diamond Bank BET program
Nigeria is a country where sponsored business grants are far and few, but the building entrepreneurs today, hence, BET is available for Startups. They know that the more businesses are being set up every day, the need for reliable sources of business grants becomes greater.
This allows them to select and empower about 5O startups out of many that applied and this has made them gain both local and international interest. Moreover, they have trained so many selected applicants for about 6 months. Up to 140 businesses in Nigeria have been supported by the BET program and awarded grants to 19 entrepreneurs.
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4. YouWin Connect Nigeria
Business Grants are a great way to get capital for your small business and YouWin Connect Nigeria has made sure entrepreneurs smile home with a grant to fund their businesses. YouWin Connect is one of the 5 Sources of business grants in Nigeria for Startups and they are sponsored by the Federal Ministry of Finance and have helped in wealth and job creation through enterprise education for the youths in Nigeria.
By boosting Small and Medium Enterprises (SMEs), they make sure entrepreneurs enhance their productivity.
Criteria for Application
- Solely for Nigerian graduates that are through with their higher education
- Applicants must not be over 40 years old.
- All applicants must be from Nigeria and live in Nigeria to qualify.
- Entrepreneurs applying must not be a civil servant
- Each applicant must be willing and disposed to attend training and mentoring sessions organized by the YouWin Connect Nigeria.
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5. Tony Elumelu Entrepreneurship Program
The TEEP is a subsidiary of the Tony Elumelu Foundation and is a form of steadfast financing and support given to entrepreneurs across Africa.
They provide seed funding of 10,000 USD seed funding for entrepreneurs annually and about 1000 entrepreneurs from 50,000 applicants win the grant.
Applicants are judged by experts in business based on wise financial models and market feasibility. Legal residents of African countries who are over 18 years and have a business in Africa are permitted to apply.
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What you need to know about the 5 Sources of Business Grants for Startups in Nigeria
There are more than 5 Sources of business grants in Nigeria for Startups available in different parts of the world. There are also various sources of business grants that are specific to small businesses most times, startups in small cities and rural communities. It is therefore critical that you identify these sources of business grants in your area or online, before starting your process of getting funding for your business. Having identified the source of the business grant, it is equally important that you prepare yourself by gathering the required documents, materials, and other requirements that may be needed for a successful application for these funds for the investors in these funds.
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Conclusion
If you want to start a business, you might ask: where can I get money to start my business venture in Nigeria?”. There are funds out there that give grants to worthy entrepreneurs. Most of these platforms facilitate creative and innovative ideas in technology, agriculture, education, and entertainment. You can apply for these funds for the startup of your dreams.
Moreover, there are other programs out there that empower startups in Nigeria. Finding the right business grants cannot be difficult. There is a lot of information out there and littered online. You will find most of them suitable for your kind of business. Do well to apply.
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