Question: How can I get a grant to finance my business idea?
Ahmed Ismaila, Kaduna
There are a number of grants which you can access to finance your business idea. These include, but are not limited to, the following:
1. YouWin Connect Programme. YouWiN Connect is a Federal Government initiative that assists young entrepreneurs to plan, start and grow their businesses. It aims to promote entrepreneurship and job/wealth creation via enterprise education and empowerment.
The preferred sectors for the master class phase are:
- Information and Communication Technology.
- Agriculture and Agro-Processing
- Manufacturing and Retail
Participants receive certification on completion of their training. They are required to submit business plans. Each successful candidate receives N10,000,000.00 grant to start, grow and expand their businesses.
For more information, visit: https://www.youwinconnect.org.ng/
- SMEDAN MSME Development Programme
Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) is a pioneer institution for the sustainable development of Micro, Small and Medium Enterprises (MSMEs) in Nigeria.
SMEDAN recently unveiled a Credit Information Portal to facilitate access to funding for the Micro, Small and Medium Enterprises.
For more information, visit: https://www.smedan.gov.ng/
3. Bank of Industry (BoI) Youth Entrepreneurship Support (YES) Programme
The Youth Entrepreneurship Support Programme is an empowerment initiative of the Bank of Industry. The programme provides aspiring and young entrepreneurs the opportunity to access concessionary loans to start and expand their businesses.
Candidates must be between ages 18 and 35, and possess an Ordinary national Diploma (OND) or higher. They must also undergo the BoI Entrepreneurship Capacity Building Programme.
National Youth Service Corps (NYSC) members who have< completed the NYSC Skills Acquisition and Entrepreneurship Development Programme are also elegible.
For more information about this YES Scheme, visit: http://www.boi.ng/yes/
4. Tony Elumelu Entrepreneurs Empowerment Fund
The Tony Elumelu Foundation (TEF) offers $100 million for 10,000 African entrepreneurs.
If you are interested in agriculture, fashion and design, light manufacturing, information technology, and solid minerals, among others, you can apply for the annual Tony Elumelu Foundation Fund.
For more information about the application process, visit: www.tonyelumelufoundation.org