Entrepreneurship Grants In Nigeria 2019/2020 | Business Grants In Nigeria 2019
- 1 Entrepreneurship Grants In Nigeria 2019/2020 | Business Grants In Nigeria 2019
- 1.1 Top 5 Business Grants In Nigeria
- 1.2 Steps To Take When Applying for A Grant
- 1.3 Success Tips For Securing Grants In Nigeria
- 1.4 Other Amazing Business You Can venture Into Today
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There isn’t a lot of business grants in Nigeria, but there are some organizations that have proven to be reliable when it comes to helping struggling entrepreneurs make their dream business become a reality by supporting with mouth-watering financial help.
There are several available grants in Nigeria, offered by some governmental and non-governmental organization. Most of them are international and locally recognized, located within Africa, whose aim is to help entrepreneurs make the world a better place.
If you have been looking for business grants, then you’re on the right page. I’m going to make known top 5 grants in Nigeria for small businesses. But before you dabble deep into this article, I need you to know that securing a business grant isn’t easy due to strict rules and the number of applicants. But like they say, there’s no harm in trying!
Top 5 Business Grants In Nigeria
1. Tony Elumelu Foundation
Tony Elumelu, one of the role models I look up to as long as the world of business is concerned has established a foundation that helps over 1,000 entrepreneurs every year through offering of mind-boggling grants. According to a reliable source, the foundation has spent N2billion toward their mission of helping entrepreneurs succeed in business.
This foundation is one of the top grants in Nigeria and it was launched on 2015 and is aimed at providing $5,000 seed funding for entrepreneurs across Africa. Thousands of entrepreneurs all over Africa usually apply and at the end of the day, only 1000 people who are believed to have a clear vision are offered the grant.
Application process usually start around January 1st to March 1st.
- Business must be based in Africa
- Must be a profit oriented business
- Applicants must be of legal age. From 18 years and above.
- Business must be less than 3 years
2. Bank Of Industry
BOI is gracing the second spot as one of the top organizations that offers business grants in Nigeria. They offer various grants for any type of entrepreneur and even for graduates who are just stepping into the real world of business.
For example, if you’re a graduate, you can apply for the Graduate Entrepreneurship Fund Grant. This will require you to submit your business proposal and if it is deemed feasible and realistic by the team of experts, you will be given a grant of up to N2Million.
Their most popular program, Youth Entrepreneurship Support (YES) have tremendously help young entrepreneurs get equip with requisite skills and knowledge to be self-employed by starting and managing their own businesses.
THE YES Programme comprises of;
- Eight (8) weeks intensive online Entrepreneurship and Business Management training which has the ability to test participants’ understanding and track their progress.
- Five (5) days in-class Entrepreneurship and Business Management training.
- Technical skills training in partnership with the various technical training and vocational institutes in the country.
- Financing the businesses by BOI under its SME Cluster initiative in consonance with the United Nations Economic Commission for Africa’s Commodity-based Industrialization Strategy.
There are other numerous grants this organization offers which has helped to give almost every entrepreneur in Nigeria a chance to win a grant and make their business a success.
If you’re more kin to agriculture, your chances of securing grants in Nigeria is higher and trust me, BOI has got your back provided your proposal is feasible.
- The applicant must be from Nigeria
- Must be within the age bracket of 18 – 35 years, coupled with proof of identity like driver’s license, international passport, voters card etc.
- The applicant must have a viable business idea within the 40 clusters that is operated on, or will operate in Nigeria.
- Applicant must be able to carry out the process online
- The minimum educational requirement is OND (Ordinary National Diploma)
3. YOUWIN! CONNECT
I first heard about this organization during a church youth summit and since then, I have kept a close eye on this lucrative grant opportunity. YouWin is one of the top grants in Nigeria that have helped hundreds and thousands of Nigerians finance their business. I know a lot of people who have benefited from this organization. The testimonies are countless.
This organization nurture ideas and innovation from young entrepreneurial participants from universities, polytechnics, colleges of education and other post-secondary institution. Their main target is the agriculture/agro-processing, construction, fashion, manufacturing and retail sectors. If you’re looking for top business grants in Nigeria, YouWin should be your first option.
- Applicant must be a graduate of a higher institution
- The eligible age bracket is between 18 – 40 years
- The applicant must be a Nigerian and also a Nigerian resident
- Applicants must be willing to attend all training and mentorship programs
- Previous YouWin winners are not eligible
4. Diamond Bank BET Programme
Building Entrepreneurs Today (BET) is one of the leading foundation that offers grants in Nigeria to deserving applicants. This foundation has witnessed its 6th edition and this is how it goes.
50 entrepreneurs are chosen from the thousands of applicants to undergo some various entrepreneurship and business training in which at the end, the top 5 applicants get a business grant of N3Million each.
- Applicant must be Nigerian
- Must be of legal age. From 18 years to 40 years
- Must be ready to under some various entrepreneurship and business training organized by the organization.
5. Grofin Fund
Grofin this is a body that has a vision of supporting small business via financial support which is located in Africa. GroFin fund supplies both funding and specialized business support to aid the growth of emerging market enterprises.
Grofin focuses on Small and Growing Businesses (SGBs) that are usually undermined by other funds or grant providers. GroFin fund has a pool size of over $100 Million to fund Nigerian micro, small and medium business (MSMEs) all over the country.
- Must have a business established in Africa
- Business must be profit oriented
- You need funds between $100,000 t0 $1.5 Million
- The business must be either be partially or fully controlled by the owner
Steps To Take When Applying for A Grant
There are numerous grants in Nigeria and every year, grant offering organizations witness heavy traffic when it comes to applications of grants. In other to widen your chances and stand out, possibly win it, you need to prepare better than every other applicant.
1. A Business Plan
Before thinking of applying for any type of business grant, make sure that you have already worked on your business plan thoroughly. Is the plan practical? Will the team of experts nod their head in satisfaction when they grab your business plan?
Your business plan is your first impression and you need to make sure you get it right. If possible, consult business plan consultants and make sure you are part of the business plan process.
2. Application Process
The next step to applying for grants in Nigeria is to understand the application process and know the regulations to avoid any form of violation. Any mistake will be frown upon and will definitely lessen your chances of winning.
3. Previous Winners
If you know anyone who have once won a business grant, it will be best to get connected to them and learn most of the tips that helped them. There’s nothing greater than hearing from the horse’s mouth.
4. Self Appraisal
At this stage, you need to grab a mirror and access yourself if you really have what it takes to win this business grant. Do you have the skills, the knowledge and experienced required to win a business grant? This activity will urge you to work better on yourself and be more ready.
After all the assessments and work, now is time to apply by visiting the website of the organization offering grants. All the organizations offering grants in Nigeria have a portal where they receive applications from applicants. After applying, the next step will be made known by the organizers.
Success Tips For Securing Grants In Nigeria
1. Business Concept
It is your job as an entrepreneur to explain to the team of experts what your business is all about and how it can positively impact on the society. If you fail to make known this concept, securing a grant will become almost impossible.
2. Cost Estimate
You need to know the cost of startup. That is, the amount of money you will need to make this business of yours a reality. By stating accurately what you need, the business experts will see someone who has done his homework.
To secure business grants in Nigeria, you have to be able to know in details everything about your business and the organization offering the grants. This way, you’re better equipped to answer any question that might get thrown at you.
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