Top 4 Best Business Grant In Nigeria

 

Whether you’re just starting out or looking to expand your being business, having access to extra funds can make all the difference.

Grants refer to a funding opportunity that is made available by a government agency, foundation, corporation, or other organization for individuals, businesses, or nonprofits to apply for and potentially receive financial support for a specific project or initiative.

Obtaining a grant is one of the most effective methods to fund a business or an idea in Nigeria as it allows you to focus on developing and growing your business.

Almost everyone trying to start a new business needs money to get started. Small business grants are one of the simplest and cheapest methods to receive funding for your business in Nigeria. One great piece of news is that Grants do not need payback, unlike corporate loans. All you have to do is to meet the requirements.

So, if you’re ready to take the next step and turn your business dreams into reality, we are here to provide all the information you need to determine a better opportunity for your business.

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BANK OF INDUSTRY (BOI)

The Bank of Industry (BOI) is a development finance institution, it is both the largest and oldest development backing institution in Nigeria. The Bank’s main aim is to give long-term funding to the Nigeria Economy and give credit to small and medium-sized enterprises (SMEs) and other large businesses. The scheme provides colorful kinds of subventions for all kinds of entrepreneurs.

Generally, you’re only suitable to apply for a minimum of a 5 million Naira loan. Loan requests of 5 million Naira and above, can be accommodated through the BOI’s matching fund platform and its Bottom of the Pyramid (BOP) scheme.

REQUIREMENTS

The applicant must be a Nigerian.

Must have a visible business idea within the 40 linked clusters that are operated, or will work in Nigeria.

Must be within the age limits of 18 and 35. (evidence of identity, international passport, motorist’s license, National ID).

Must retain a minimum educational qualification of Ordinary National Diploma (OND).

Aspirants must be suitable to carry out the operation process online  Here

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Tony Elumelu Foundation (TEF) Entrepreneurship Programme

The Tony Elumelu Foundation (TEF) is the leading champion of entrepreneurship in Africa. Their objective is to empower women and men across our continent, catalyzing economic growth, driving poverty eradication, and icing job creation.

The programme provides training, mentorship, and funding to selected entrepreneurs from across Africa, new start-ups, and existing young businesses operating in any sector.

The programme was launched in 2015 and has empowered 15,847 entrepreneurs with a nonrefundable capital of $5,000 each.

REQUIREMENTS.

Eligible aspirants must live Legally in any of the 54 African countries and have their business stationed in any of them.

Your business must be 3 years old or less and must have a profitable business idea.

Visit Here and click

on apply now button on the official website to sign up and submit your application

Check  explore-top-scholarships-in-nigerian

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 3rd we have on our list is GroFin Fund

GroFin Focus on Small and Growing Businesses (SGBs) that are grossly underserved by other funds or financiers. Delivers a unique integrated solution for patient risk capital and end-to-end business support to start-up and growing businesses at the SME base. GroFin has fund size of US $100+ Million to funding Nigerian micro, small and medium business (MSMEs) across the country.

To be eligible:

Your business operates in one of the following countries: Nigeria, Ghana, Zambia, Egypt, South Africa, Kenya, Tanzania, Rwanda, Uganda.

Your business is for profit.

Your business has a turnover of less than US$ 15 million and assets less than US$ 6 million.

You require financing between US$ 100,000 and US$ 1.5 million.

The business is owner-operated and/or the owner is substantially involved in running the business.

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Africa’s Young Entrepreneur Empowerment Nigeria (AYEEN)

One of the foremost entrepreneurial empowerment and funding platforms launched to mentor, guide, and provide funding for smart business ideas in Nigeria.

The AYEEN program annually attracts over 25,000 applications from young Nigerian entrepreneurs across 36 states.

However, its unique model means you can get funding for your business idea or be accepted into the mentorship program where you network, learn, and master key business skills essential to starting, running, and expanding your business.

Prize Money

Varying amounts of funding as deemed fit by the panelists. It can range from a couple of hundred thousand nairas to tens of millions.

Eligibility

Must be running a business or has a viable business idea

Open to all Nigerian entrepreneurs aged 18 and above.

Must reside in Nigeria

How to apply

Visit AYEEN for more and processing

See the big bright button at the top right-hand side with “AYEEN 2023 Register Now”

Click on it.

On the new page, complete the form.

Submit.n financing and supporting small and growing businesses (SGBs) across Africa and the Middle East. GroFin combines patient capital and specialized business support to grow emerging market enterprises.

You may like to read How to gain admission with simple easy steps

Conclusion:

Benefits of Business Grants in Nigeria

Business grants have several benefits, and they include:

Access to quick money: Of course, business grants provide quick money to help scale your business. You can get huge amounts from grants, provided you have a dependable business idea.

Access to future benefits: When you receive a grant and perform well with the funds, you become eligible for future grants. Think of it as getting a higher credit score by making good use of your finances.

Flexible terms: Business grants differ from loans because you don’t have to repay. With this, you typically get longer deadlines and more suitable terms to present returns. In fact, some donors will let you set the deadline.

Boosts credibility: A business grant can expand your customer base in Nigeria. For instance, you win a grant from the government or a top private company. It shows the government/company trusts your business. In turn, customers, too, will trust you.

Ready Best and disadvantages-of-loan-apps 

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