Top 5 Business Grants in Nigeria and How to Apply for Them
Would you like to know about business grants in Nigeria? Adequate funding plays a crucial role in the success of any business. However, accessing funds is still one of the greatest challenges for most business owners in Nigeria.
One of the most common and easiest ways to get adequate funds for your business is by applying for small business grants in Nigeria. However, you should know that most business grants are not federal, state, or local government initiatives.
Most business owners prefer grants to loans because they don’t have to worry about the hassles of refunding loans. Hence, they don’t have to be concerned about interest rates or APR (Annual Payment Rate).
This article will take a quick look at the top 5 business grants in Nigeria and how you can apply for them as an entrepreneur.
Tony Elumelu Entrepreneurship Programme (TEEP)
TEEP is an annual business funding initiative of the famous Nigerian business mogul Mr. Tony Elumelu. This program is sponsored and launched under the Tony Elumelu Foundation (TEF). Having launched in 2015, the objective of TEEP is to provide 10,000 USD in seed funding for African entrepreneurs.
TEEP selects about 1000 entrepreneurs carefully from a pool of over 50,000 applicants each year. Some of the selection criteria include financial models, the business team, and market feasibility. The application window typically opens on the 1st of January and closes every year on the 1st of March.
How to Apply for the Tony Elumelu Entrepreneurship Program (TEEP)
To successfully apply for TEEP, you need to:
- Visit the Tony Elumelu Foundation application Page
- Create an account by clicking the Signup button
- Verify your account in your email
- Fill the application form properly by uploading all required documents and answering all mandatory questions
- After your application, you will receive an application confirmation email within one working day
Youth Empowerment Support (YES)
Youth Empowerment Support is an initiative of the Nigerian Bank of Industry (BOI). This program aims to financially assist young, vibrant, and talented business owners with the passion of venturing into any business within the various sectors in the country’s economy.
BOI aims to address the youth unemployment issues in Nigeria by funding the business ideas of youths. Hence, building their capacity through YES.
The YES program comprises five important capacity-building steps, which include;
- An 8-week online Entrepreneurship and Business management training
- A 5-day on-site Entrepreneurship and Business Management training
- Technical skills training
- Funding Businesses through its SME Cluster Initiative.
How to Apply for Youth Empowerment Support (YES)
To apply for the YES program, all you need to do is;
- Register on the BOI Entrepreneurship Support Program
- You must be between the ages of 18 and 35 years
- Wait for an email confirming your selection to participate in the program.
The GroFin Fund is a finance development initiative that focuses on funding and supporting SMEs in Africa and the Middle East. The initiate uses a combination of patient capital and unique business support to develop emerging market enterprises.
The GroFIn Fund focuses on helping SGBs (Small and Growing Businesses) underserved by financial institutions. The initiative has over 100 Million USD to help fund MSMEs (Micro, Small and Medium Businesses) in Nigeria.
To qualify for GroFin Funding, your business must operate in Nigeria, Uganda, South Africa, Ghana, Rwanda, Zambia, Tanzania, and Egypt. Also, you will need proof of substantial involvement in your business and its operations.
How to Apply for GroFin Funding
- Go to the GroFin website
- Click the “I’m interested” button
- Complete the Online Assessment
- Complete the Application Form
- Verify your Documents
- Wait for Approval and Disbursement
Diamond Bank BET Programme
Popularly known as BET, the Building Entrepreneurs Today program aims to support emerging entrepreneurs. BET selects about 50 applicants annually from a large application pool. Entrepreneurs that scale through then undergo six months of intensive business training. After the training, the best five candidates get the award of seed grants to help foster the growth of their businesses.
Since its inception, the Diamond Bank’s BET Programme has supported over 150 SMEs and financed over 25 candidates. During its sixth edition, the BET program awarded about 3 million Naira in seed grants to the best five finalists.
How to Apply for the Diamond Bank’s BET Program
- Visit the BET6 Program website.
- Sign up and tell them about your business and why you be part of the program.
- Create a 60 seconds video of yourself talking about your business
- Log into your YouTube account and upload your video with the title “Diamond Bank BET #HomeGrown.”
- After upload, copy your YouTube video ID and paste it into your profile on your BET Program account.
- Share your page with friends and let them vote for your business.
AYEEN Financial Grants
Otherwise known as Africa’s Young Entrepreneurs or A.Y.E, AYEEN’s objective is to empower young Africa entrepreneurs. It does this by helping them to create intra-trade across the continent. The initiative aims to empower young Africa entrepreneurs that will shape the political and economic landscape of their countries.
AYEEN aims to finance SMEs across all sectors in the economy. AYEEN strictly monitors the winners of its program every year. This monitoring ensures proper appropriation of funds and business management. After a year, you are free to do whatever you want with your business.
How to Apply for AYEEN Financial Grant
- Create an account at the AYEEN login Portal
- Fill the application form
- Submit your business plan or apply for the J19 form
- Fill and submit the J19 form
- Wait for an email that will invite you to the screening process
- Attend Screen and wait for your result
You can explore some of the business grants options provided above to access the funding you need to take your business to the next level. Don’t forget to check out SME360 for other articles on how to improve your business.