Starting a small business rests on the foundation of a great idea, innovation or plan but, what lifts it off the ground to become a blooming outlet is the funding.
There are several ways to acquire funds, which you probably already know about, and one of this is by getting a grant for your start up business.
A grant is a form of seedfund which is contributed to the growth and development of a business. In getting one for your startup, you can start by researching into your industry, getting details of potential affiliates and finessing your work/business plan and budget.
Next step is to send out as many detailed and uniquely tailored applications to any, and every, possible grant avenue. The top are;
There are organizations which have special packages for small business which help you get started for development.
Some of the organizations include;
- Tony Elumelu Entrepreneurship Programme (TEEP) -Offers grant of 10,000 USD seed funding to entrepreneurs across Africa, after eligibility and application.
- GroFin -Focused on financing and supporting small and growing businesses (SGBs) across Africa and the Middle East which require funds between US$ 100,000 and US$ 1.5 million.
- Africa’s Young Entrepreneurs (A.Y.E) – Commonly referred to as AYEEN, this organization finances small business by young Nigerian entrepreneurs in various sectors of the economy.
You can visit their websites, and other organizations, for more information on how to access these packages through due procedures.
There are government parastatals which issue grants to businesses in certain industries.
- Lagos State Employment Trust Fund (LSETF) – Established in 2016 with the aim to directly invest ₦25 Billion in helping residents of Lagos to grow their Micro Small and Medium Enterprises (“MSMEs”).
- YouWiN! Connect Nigeria -Set up by the ministry of Finance to promote entrepreneurship, job creation and wealth via enterprise education for young Nigerians and has awarded over 5000 citizens.
Conduct more research and ensure to send in applications.
You can get a loan from a bank or other financial institution to kickstart the business.
- Bank of Industry (BOI) -Set up a Youth Entrepreneurship Support (YES) Programme aimed at equipping young people with the skills and knowledge to start and managing their own businesses, with funding from the Bank of Industry.
- Diamond Bank Building Entrepreneurs Today (BET) Programme -Designed to support budding entrepreneurs with as high as Three Million Naira (N3,000,000) in grants.
After successful application, you can follow-up and if you meet the requirements you may get selected and provided with a grant to kick off your business.
Take the first step towards wealth-creation and business growth today!