Funding is a critical factor to the success of any startup. One of the cheapest and easiest ways to fund your startup in Nigeria is by applying for business grants. The impressive thing about business grants is that no repayment is required. Yes, you heard that right. With business grants, you don’t need to worry about interest rates, term length, refinancing or APR. You just need to qualify, and then you get “free” money.
The general criterion for qualifying for these funds is to have a business, that is, you must have started something that is providing a solution to a problem in the society. Next, you must have a viable and bankable business plan. You should have a vision, market strategy, and records of your revenue and expenditure.
Here are the top business grants in Nigeria
The Tony Elumelu Entrepreneurship Programme (TEE P): Launched in 2015 by the business tycoon, Tony Elumelu, this programme provides 10,000 USD seed funding for entrepreneurs across Africa, selecting 1,000 entrepreneurs from over 5,000 applicants. If you are in fashion, agriculture, design, ICT, solid minerals, and light manufacturing, among others, you can apply for this funding.
YouWIN Connect Nigeria: The Federal Ministry of Finance offers this program with the aim of promoting entrepreneurship, job creation, and wealth via enterprise education for young Nigerians.
BOI Funds: Recently, the Bank of Industry (BOI) launched a youth empowerment program for young and talented entrepreneurs who have started businesses in various sectors of the economy. Titled the Youth Entrepreneurship Support (YES) Programme, BOI aims to equip young people with the skills and finances to manage their businesses.
Diamond Bank BET Program: The BET (Building Entrepreneurs Today) is designed to serve as a support system for budding entrepreneurs. Fifty entrepreneurs are selected yearly to undergo a six months intensive entrepreneurship training, after which, the top five are awarded financial grants as seed capital
GroFin Fund: The development financier, GroFin, has committed over 500 million USD to funding micro, small, and medium businesses across Nigeria.