Grants for small businesses in Nigeria are gift capital given to entrepreneurs or individuals with business in Nigeria without repayment. Different sources can fund this grant like government agencies, non-profit organisations, or private foundations.
The aim of this grant is to help small businesses to grow, develop, and contribute to the economy by funding some projects, training or operational expenses. These grants can be a good value of resource for entrepreneurs looking to start or expand their businesses in Nigeria.
Here are eight (8) Grants for small businesses in Nigeria.
1. Tony Elumelu Foundation(TEF)
TheTony Elumelu Foundation is one of the leading entrepreneurship in Africa. Their aim is to empower small business owners across the continents, fostering economic growth, providing jobs, and eradicating poverty. Training, mentorship, and funding are provided to selected entrepreneurs from across Africa, new start-ups, and existing young businesses operating in any sector. Selected businesses are awarded $5,000 non-refundable seed capital to scale their business.
Requirement
- To be eligible, you must live legally in any of the 54 African countries and have their businesses in any of them.
- Your business must be 3 years old or less and you must have a profitable business idea.
2. Lagos State Entrepreneur Trust Fund
The Lagos state entrepreneur trust fund (LSETF) is a government initiative in Lagos Nigeria that is aimed at furnishing financial and business support to small and medium-sized enterprises in the state. If you are looking to develop your business, you can apply because the funding is committed to providing necessary financial aid.
Requirement
- 18 years and above.
- Business must be in any of this sectors: Health care, entertainment, hospitality and tourism, manufacturing and garment timber, and construction.
- Business should be in Lagos state.
3. GroFin Fund
GroFin fund is a development finance institution that provides financing and business support to small and medium-sized enterprises (SMEs) in rising markets. GroFin focus on small and growing business that are grossly underserved by finances, and delivers a unique integrated solution for patient risk capital and end to end support to start-up and growing businesses at the SME base.
Requirement
- Grants applied must be $100,000 to $1,500,000.
- The business is owner operated or the owner is substantially involved in running the business.
- Business must be profitable.
4. Africa’s Young Entrepreneur Empowerment Nigeria(AYEEN)
Africa young entrepreneur empowerment Nigeria is a non- profit organisation that it’s objective is to empower youthful entrepreneurs in Nigeria by providing them with access to funding, mentorship, training, and other resources to help them start and grow their businesses. This empowerment program takes place yearly as it attracts huge application from young entrepreneurs across the country.
Requirement
- Must be 18 years and above.
- Must have a great business idea or run a business.
- You must be a Nigerian and the businesses must be located in any of the 33 states of the country.
5. United States African Development Foundation(USADF)
The United States African Development Foundation (USADF) is an independent federal agency in the U.S. it was created primarily to provide financial support for businesses ( especially for Africans). USDAF offers small business grants of up to $250,000.
Requirement
- It must be 100 percent African owned.
- Must in operation and legally registered for at least three years.
- The business should be located and operates in a designated USADF program country.
- Proposal for use of grant money.
- Business owners should not be government employees.
- You should have an income generating entity.
6. Africa Netpreneur Prize initiative
The Africa netpreneur prize initiative was established with the purpose of supporting small businesses across the 54 countries in Africa. The grants seeks to celebrate entrepreneurs who have what it takes to contribute positively to the local community and economy at large.
Requirement
- Applicant must be the founder or co-Founder of the company.
- Applicant has African citizenship or is the child or grandchild of an African citizen.
- The company should be African based.
7. Shell LiveWIRE
Shell liveWIRE is a global entrepreneurship program that provides support to young entrepreneurs who have innovative ideas for sustainable business ventures. The program offers a range of services including business training, mentoring, networking, and funding opportunities. It is open to youths from the Niger Delta region in Nigeria who is interested in starting a business and is not less than 18 years and above 30 years.
Requirement
- Aspirants should fall between the ages of 18 and 30.
- Must be a native of one of the Niger Delta states.
- Must have a profitable and great business idea that is innovative, sustainable, and has the potential for growth.
8. Bank of Industry
The bank of industry main objective 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 different kinds of subventions for all kinds of entrepreneurs
Requirement
- The applicant must be a Nigerian.
- Must have a visible business idea within the 40 link clusters that are operated in Nigeria.
- Must be within the age limit of 18 and 35
- Must have attained a minimum educational qualification of Ordinary National Diploma (OND).
- Aspirants must be able to carry out the operation process online.
These grants are available for Small and Medium Scale Enterprises (SMEs) in Nigeria.
