It is a public knowledge that beginning a new business needs money. Whereas many new business owners go for loans, some who have knowledge about grants always go for them. In most cases, grants are not to be paid back like loans, which is why they are very good instruments for assisting new businesses.
In Nigeria, the best and easy way to finance your new business is to apply for business grants. Although there are only a few Federal and State Government grants accessible to small businesses, especially the unregistered small businesses. If you fall into this category, this post will point you to organisations that give grants to small businesses. Also check out top 10 grants in Nigeria for business.
5 places to get business grants for small businesses
Find the list of such organisations below:
1. African Women Development Funds
African Women Development Funds is a program designed to develop African women who are engaged in business. Accessible to women only, the organisation provides finance for groups that oversee issues about women’s health, security, leadership, investment, etc.
2. Diamond Bank Bet Programme
BET is an acronym which means Building Entrepreneurs Today. It is a programme that supports up to 50 businesses which are carefully selected from among submitted applications. It is a yearly programme that selects and trains applicants and gives grants to the last standing 5 participants. This programme has supported over 140 businesses and gave grants to nearly 19 Nigerian entrepreneurs.
3. Tony Elumelu Entrepreneurship Program
This program is a Pan-African initiative famous for supporting entrepreneurs across the African continent, via the Tony Elumelu Foundation. The program sets aside 10, 000USD to finance African entrepreneurs, selecting 1000 entrepreneurs yearly from 50, 000 applicants. The program is open only to legal residents of any African country who are 18years and live in Africa.
4. YouWin Connect Nigeria
This program is supported by the Nigerian Ministry of Finance and it is targeted at promoting entrepreneurship, wealth and job creation via enterprise education for Nigerian youths. It is designed for graduates of higher institutions who must not be above 40years, a civil servant and must be available to attend training and other exercises.
5. African Young Entrepreneur Empowerment Nigerian Financial Grants
This initiative concentrates on developing young African entrepreneurs. It engages, trains and gives grants to applicants who make it to the platform as a prize. The program has coordinators that monitor the new businesses empowered to determine how the monies given are used.