Obtaining a grant is one of the most effective ways to obtain funding for a startup or a project. While a loan is a viable option, a grant is significantly superior to one. It allows you to focus on developing and growing your business or idea. It’s as though you’re getting “free cash.” Many organizations in Nigeria, Africa, and the rest of the world provide grants.
What exactly is a grant?
Grants are funds awarded to individuals or businesses to help them expand without having to repay the money. Grants are granted for a variety of reasons by large corporations, governments, non-governmental organizations, and affluent people. You do not have to repay the money, unlike a loan.
The Tony Elumelu Entrepreneurship Programme (TEEP)
The Tony Elumelu Entrepreneurship Programme (TEEP) is an annual initiative founded by Mr. Tony Elumelu, a Nigerian business magnate, through his Tony Elumelu Foundation (TEF).
The program, which began in 2015, aims to provide 10,000 USD in seed capital to African businesses. Every year, the program chooses 1,000 entrepreneurs from a pool of over 50,000 applications from all around Africa.
Every year, the program chooses 1,000 entrepreneurs from a pool of over 50,000 applications from all around Africa. Each submission is rigorously scrutinized by industry professionals, and winners are chosen based on commercial viability and solid financial projections.
However, a strong management team is required to run the company. Each program cycle starts with an application period that runs from January 1 to March 1 each year.
To be eligible, you must:
- Africa must be the hub of business.
- It must be a for-profit business.
- Furthermore, the business must be between the ages of 0 and 3 years old.
- Applicants must be at least 18 years old and a lawful resident or citizen of Africa.
The Federal Ministry of Finance’s YouWiN! Connect is Nigeria’s biggest grant platform. The initiative aims to foster entrepreneurship, job development, and wealth generation among young Nigerians through entrepreneurial education.
Through appropriate SME development tools, Nigerian entrepreneurs will increase their production.
YouWin! Support these businesses in industries that coincide with the government’s goal of developing the economy and encouraging competition and transparency.
The first edition, dubbed YouWin!1, was created to raise awareness among ambitious entrepreneurial youth about the importance of financing their business concepts to create jobs.
To be eligible, you must:
- Applicants must have earned a bachelor’s degree or above.
- Applicants should be between the ages of eighteen at the time of application.
- Applicants must also be Nigerians who live in Nigeria.
- The businesses of the applicants must be based in Nigeria.
- Applicants should be good at communicating in English, both verbally and in writing.
- Applicants must also be willing to participate in all education and mentorship sessions offered by the program.
- Applicants should not be Nigerian Civil Service employees.
Bank of Industry (BOI)
The Bank of Industry (BOI) recently established a youth empowerment initiative for young and bright entrepreneurs interested in entering various areas of the Nigerian economy.
The BOI’s Young Entrepreneurship Support (YES) Program aims to alleviate Nigeria’s alarming youth unemployment crisis by strengthening youth capacity and supporting their entrepreneurial ideas.
The YES program aims to provide young people with the skills and experience they need to become self-employed and manage their own companies. The YES Program consists of the following components:
- Eight (8) weeks of rigorous online Entrepreneurship and Business Management instruction, with the option to test and track participants’ learning.
- In-class training in entrepreneurial behavior and small business development for five (5) days.
- Technical knowledge training in collaboration with the country’s numerous technical training and vocational colleges.
- BOI is funding the enterprises through its SME Cluster project, which aligns with the UN Economic Commission for Africa’s commodity-based Industrialisation Strategy.
GroFin is a pioneering development financier focusing on funding and helping small and growing enterprises (SGEs) across Africa and the Middle East.
GroFin, on the other hand, merges patient money with specialist business support to help emerging market businesses flourish.
GroFin focuses on SGBs that are overlooked by other institutions or creditors. Delivers a one-of-a-kind sustainable model for patient risk capital and end-to-end business development to SME start-ups and growth.
GroFin has a $100 million fund dedicated to investing in Nigerian micro, small, and medium enterprises (MSMEs) all around the country.
To be eligible, you must:
- Your company is based in Nigeria, Ghana, Zambia, Egypt, South Africa, Kenya, Tanzania, Rwanda, and Uganda
- Your company exists to make money.
- Your company’s revenue is less than US$ 15 million, and its assets are less than US$ 6 million.
- You’ll need between $100,000 and $1.5 million in funding.
- The business is managed by the owner, and/or the owner is heavily involved in the day-to-day operations.
Africa’s Young Entrepreneurs
Africa’s Young Entrepreneurs (A.Y.E.) is dedicated to encouraging young entrepreneurs across the continent by developing platforms that facilitate intra-African trade.
We are committed to nurturing the next group of brilliant African innovators who will influence their countries’ economic and political environments.
AYEEN is aiming to fund small enterprises in a variety of industries. The winners will receive their prizes without any risk to the organisers.
However, the business owners and their companies will be closely monitored for a year. The only requirements for the programme are that the applicant be a Nigerian and that the firm be based in one of the country’s 36 states.
This grant is offered by Shell Petroleum Development Company to young entrepreneurs. This money will be used to encourage, teach, and provide financial assistance to young people who want to start a business.
However, qualified candidates will be guided through a training programme to help them use the funding in their businesses.
Criteria for Qualification
- Entrepreneurs between the ages of 18 and 30 can participate in the programme.
- To be eligible, all applications must be from the Niger-Delta zone or the nation’s oil-producing areas — Abia, Akwa Ibom, Imo, Edo, Rivers, Bayelsa, and Delta.
In conclusion, we encourage you to apply for grants listed on this post. Ensure you share this information with your friends and followers.