A lot of people venturing into new businesses need money to get it running, while others already have their businesses running but need funds for expansion.
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Applying for grants is an easy way to get funds for your business in Nigeria, especially when you meet the criterion stated by the providers of these grants, be it private individuals or government agencies.
We bring to you Nigerian websites for accessing grants:
Tony Elumelu Foundation
First on our list is the largest African philanthropic initiative launched by Mr Tony Elumelu in 2015, via the Tony Elumelu Foundation(TEF). This program aims at giving 10,000 USD as seed funding for entrepreneurs across Africa, by selecting 1,000 entrepreneurs yearly from over 50,000 applicants, and this selection is made after each application has been carefully reviewed by business experts. Application is usually opened from January 1st to March 1st. You can apply here
Bank of Industries – BOI
The bank of the industry allows entrepreneurs to access funding for their businesses. They have different funding schemes for different categories of people. BOI aims to address the troubling fact of youth unemployment in Nigeria, by building the capacity of the youths and funding their business ideas. SMEs in the Agricultural field or any social projects can apply to get this grant. There is also a Graduate Entrepreneurship Fund available for members of the National Youth Service Corps. The funds received for the grant is usually between #500,000-#2,000,000
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YouWIN Connect Nigeria
This is a multimedia program of the Federal Ministry of Finance aimed at increasing job creation and promoting entrepreneurship. YouWIN is designed to help youths between ages 18 to 45 further expand their businesses or establish a business plan. Youths with good and convincing business plans stand a chance of winning 1 million to 2 million Naira.
GroFin Fund
GroFin is focused on small and growing businesses that operate in Nigeria or across Africa as a whole. It specializes in financing and giving support to small and medium enterprises. Giving about 80-100 investments yearly with an average of USD $100,000 – USD $1.5million. Applications can be made at any time of the year.
Diamond Bank BET Program
Building Entrepreneurs Today is a programme designed to support 50 selected applicants who are intensively trained for 6 months, at the end of which the top 5 entrepreneurs who emerge best receive an award of a seed capital meant to expand their businesses. BET believes in reiterating the value of quality education and healthcare systems and also seek alternative ways in the value these systems can be utilized.
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