Are you an entrepreneur with an already established business or yet to be actualized business plan? Do you have confidence that the business plan can bring about growth to the Nigerian economy, but have no fund to start up? If ‘yes’ then this post is compiled for you, as we drive you through the lane of several schemes both public, and private that can give grants in Nigeria for business minded individuals.
The term Grant simply denote an amount of money which is not refundable, that is being given by an institution or government to a firm/individual as assistance (support) for a course/project which could be business, education, home improvements, health purpose etc. In other words it could be refer to as donation, allowance, or even an award.
In respect to this post, we will be considering Grants given for business purpose. Several business minded persons are being pulled back from their unique business plans/ideas due to lack of capital, or insufficient fund to actualize the main concept. Well, there are several means to acquire the needed capital to kick start that awesome business idea, which is not known by many. Most persons resort to loans as the only option, without proper guarantee if they will be able to pay back.
If you really want your business to be stable, it is advisable you opt for Grant rather than going for a Loan. You might not be aware how easy and possible you can acquire Grants in Nigeria, hence the purpose of this post.
- 1 10 Grants in Nigeria For Business
- 2 1. SMEDAN Grant For Entrepreneurs
- 3 2. Africa’s Young Entrepreneur Empowerment Nigeria (AYEEN)
- 4 Requirements
- 5 How to Apply
- 6 3. Shell LiveWire
- 7 Requirements
- 8 How to Apply
- 9 4. Tony Elumelu Foundation Entrepreneurship Programme
- 10 Requirements
- 11 How to Apply
- 12 5. GroFin Fund
- 13 How to Apply
- 14 6. YouWin Connect Nigeria
- 15 Requirements
- 16 How to Apply
- 17 7. Lagos State Entrepreneurs Trust Fund
- 18 Requirements
- 19 How to Apply
- 20 8. Innovation Price for Africa
- 21 Requirements
- 22 How to Apply
- 23 9. African Women Innovation & Entrepreneurship
- 24 Requirements
- 25 How to Apply
- 26 10. National Youth Entrepreneurship Empowerment Summit
- 27 Requirements
- 28 How to Apply
- 29 11. Bank of Industry (BOI)
- 30 Requirements
- 31 How to Apply
- 32 Related
10 Grants in Nigeria For Business
Below is the list of available and trustworthy grants in Nigeria for business;
1. SMEDAN Grant For Entrepreneurs
The Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) has rolled out a $100,000 grant opportunity for Micro, Small and Medium Enterprises (MSMEs) across Nigeria and Africa. To apply for SMEDAN grant, visit https://wp.me/paRLd6-5ll to submit your application.
2. Africa’s Young Entrepreneur Empowerment Nigeria (AYEEN)
This is a yearly Grant scheme that is more of empowerment to Nigerians. It is actually introduced for the purpose of helping young entrepreneurs with a dynamic business idea, to actualize their dream by assisting them with funds.
Aside supporting funds, AYEEN also organizes mentorship program where skills on business success are being taught. One can be supported financially with grants worth thousands to millions, depending on the said business the entrepreneur is going into.
- Beneficiaries must be a Nigerians that resides in the country.
- Must be 18 years and above.
- Have a dynamic business idea, or have an already established business.
How to Apply
- Visit the official portal of AYEEN via https://ayeonline.org/join/ to access the application form.
- Fill the form online and ensure you submit.
- Search for their social media pages and follow, so as to get first hand information.
- Submit your business plan through the very portal or better still fill the J19 form.
- Ensure you submit after filling the form.
- A mail regarding the screening process will be forwarded to you. With date and venue included.
- Ensure you don’t miss the screening exercise, after which you are to wait for your result.
3. Shell LiveWire
This program is a Grant program that was launched on the 27th of March, 2003. It was actually initiated to assist youths from Niger Delta who falls within 18 to 30 years to actualize their business idea.
Ever since Shell Livewire was introduced, it has supported three thousand three hundred (3300) businesses with Grants, while six thousand five hundred (6500) youths have being trained by the scheme.
- Must have an already established business idea that is profitable.
- Should be within the ages of 18 to 30 years.
- Must have attended an entrepreneur training.
- Must hail from any of the Niger Delta States.
How to Apply
The application process is quite easy, as all applicants are meant to fill a simple form online through the official webpage via https://www.shell.com.ng/
Note: More information can be gotten from the portal above, should in case you want to make further enquiry.
4. Tony Elumelu Foundation Entrepreneurship Programme
This is a Grant scheme that was introduced in the year 2015 by Tony Elumelu, who is the Chief Executive Officer (CEO) of Heirs Holding.
So far, about seven thousand five hundred (7,500) businesses have benefited from this Grant, with the total amounting to twenty five million US dollars.
- You must be eligible to reside and work in any African nation where you are applying from.
- You business must be located in the country.
- Its either you are applying with a fresh business idea or have an already existing business that has not exceeded 3 years of existence.
How to Apply
- Create an account on the official portal of the scheme, which is https://tefconnect.com/
- Fill the follow up form, then submit to await feedback.
5. GroFin Fund
GroFin Fund is one of the grants in Nigeria for business. It is like an empowerment scheme and also a program that gives grant to business minded individuals, focusing more on small and medium Enterprises (SMEs) in the country.
From records, over seven hundred businesses had benefited from GroFin Fund, with the stipulated grant that can be applied for ranging from one hundred thousand U.S Dollars ($100,000) to one million five hundred thousand U.S Dollars ($1,500,000).
- The business idea must be socially impacted.
- Assistance are in the form of grant to businesses that falls under the following category; Recycling of waste, Energy, Health, Education, Water, Sanitation, and Agriculture.
- Applicant Should be in any country where GroFin Fund operates.
How to Apply
Kindly visit http://www.grofin.com/ to apply.
6. YouWin Connect Nigeria
Are you an entrepreneur but lacks capital to kick start that splendid business idea in your mind? Well, YouWin Connect Nigeria is the exact program you need to opt for, as it was created for this very reason. The program is very much active in funding young Nigerians to start up their business, and also connect you with expert in the chosen field that will help groom you positively, so as to achieve maximum growth in the said business.
They always organizes a competition like program, where the winners are being provided with grants at the end of the competition.
- Must be a Nigerian within 18 years of age to 40 years.
- Be a graduate from a recognized higher institution.
- Base in Nigeria with business located in Nigeria also.
- Ensure you as an applicant is not working for the government (Civil servant).
How to Apply
The application form can be accessed via https://apply.youwin.org.ng/ Applicants are to follow the instructions and input the required information
7. Lagos State Entrepreneurs Trust Fund
This Grant scheme is actually being created by the Lagos State Government, with the sole aim of supporting the residents with funds that will help them expand or start up their personal businesses. It is meant only for Lagosians (those residing in Lagos).
The program is no doubt a platform that will bring about job opportunity in the State, after successfully eradicated poverty directly and indirectly.
- Be a resident of Lagos State.
- Must be within 18 to 35 years.
- Business idea should be centred in any if the following category; Entertainment, Health, Construction, Manufacturing, and Hospitality/tourism.
How to Apply
Interested applicants are to start up the registration process via https://lsetf.ng/
8. Innovation Price for Africa
This Grant platform is open to all Africans who posses a beneficial business idea.
- Must be an African.
- Expected to posses an analytic mindset.
- Should base fully in an African country.
How to Apply
Interested entrepreneur are to register by visiting http://africaninnovation.org/
9. African Women Innovation & Entrepreneurship
This grant scheme also cover the African nations, bit limited to female entrepreneurs. The program is being set up to encourage women leaders that can support the growth of Africans at large, especially ladies with exceptional business innovative/ideas.
- Must be a female entrepreneur.
- Should have a business setup in any of the African countries, and also registered in the country.
- Expected to have some achievements record.
How to Apply
Visit the official portal to fill the registration form via https://awief.awardsplatform.com/
10. National Youth Entrepreneurship Empowerment Summit
The FGN has being on the quest to equip Nigerian youths with optimum skills required to make a unique workforce. This led to the creation of this scheme, which empowers youth entrepreneurs with necessary training that will enable them acquire the needed skills that will pivot the country’s economy towards a better point.
- Must reside in the country and have an already established business.
- The business plan/idea must render support to any of the Federal Government top nine (9) areas.
- Should be within the age range of 18 to 35 years.
- The business must be around any of the following category; Entertainment, Dance, Art, Fashion & Design, ICT, Theater, Culture, Architecture, and News/Media.
How to Apply
- Ensure you upload a short video (not more than one minute) explaining your business idea on social media.
- Before posting the recorded video on any of the social media platforms, make you you tag NYEEsummit.
- Also, ensure you input the following hashtags; #NYEESCREATIVES and #NYEES.
With the above procedures you have successful apply for the grant, all you need to do is wait for feedback if you are qualified.
11. Bank of Industry (BOI)
The Federal Government of Nigeria uses BOI to support SME’s in the whole federation. Although the funds issued to interested applicants are in the form of soft loans, which will in turn boost the growth of their business.
- Only entrepreneur with registered business are eligible to apply.
- Must be within 18 to 35 years old.
- A well drafted business idea is expected to be submitted by applicant, showing how profitable it is.
How to Apply
Applications are being submitted offline. All you need do is to visit any of BOI branch close to you to apply.
It is our pleasure to let you know that there are several Grants platform where entrepreneurs can easily get support in actualizing their business ideas, but the above mentioned schemes/programs are the top 10 we compiled for you.
It will be nice, if you as an entrepreneur who has been handicapped due to lack of fund to start up your dream business, to start applying from the options.
Do well to share this post with your friends and family who might find this information useful.
This post was first published on nysçinfo.com