From experience, funding is the most difficult part of starting a business. Whether the aim is to acquire a property, rent or buy machineries or tools, capital is the most important thing. Many potential businesses have remained ideas in the minds of young entrepreneurs because of lack of capital. That shouldn’t be you. Are you looking for funds to start your business or expand your already set up businesses? This article is just for you.
What is a grant?
A grant is defined as a money or capital given to an individual or business for a specific reason. It differs from a loan, in the sense that you do not have to refund the money at all.
By inference, a business grant is an amount of money given to an individual who runs a business for the purpose of expanding or augmenting the enterprise.
There are many types of business grant open to entrepreneurs yearly in Nigeria. This article will look at a few of them and how you can apply for them.
1. Tony Elumelu Entrepreneurship Program.
The Tony Elumelu Entrepreneurship Program otherwise know as TEEP is the most popular available grant available in Nigeria, coupled with a yearly empowerment program sponsored by Tony Elumelu. The program was launched in 2015 with the aim of giving $10000 to 1000 business men/women to develop their business. The primary focus of the grant is Africa and Nigeria especially.
To qualify for this grant, your business must not be older than 3 years, and candidate must be a law abiding citizen of any African State.
Bank of Industry Grant.
The Bank of Industry set up a yearly youth empowerment program tagged ‘Youth Entrepreneurship Support’ (YES) the aim of this program is to offer grants to youth so they can develop their businesses. The empowerment grant program is aimed at addressing issues of unemployment im the country by equipping the youths with information and grant necessary for starting a business.
To qualify for this grant, applicant must be a Nigerian citizen with a valid means of identification. Age range must be between 18-35, and the lowest educational qualification is OND.
This program was launched by diamond bank with the intent of helping already established business expand. The program shortlists about 50 candidates out of the thousands of applicants each year and puts them through an intensive business management training. At the end of the training, the best 5 are awarded a grant they are to utilize as capital for growing their businesses.
African Women Development Fund.
This is a female only grant, available to women all over the continent. It is an empowerment initiative targeted at developing and motivating African women in businesses.
How to apply for a business grant in Nigeria.
1. Draw up an impressive business plan.
Your business plan is the manual guide for your business. Every potential investor or anyone offering you a loan will always request for your business plan. If you cannot write out a business plan yourself, get a professional to write it out for you.
2. Clearly define the motive for setting up your business.
Business are either profit or non-profit organization. So you much clearly define the category yours falls into.
3. Do the application.
The application of all the business grants available above are all online. Do your research, gather up your documents and apply.
Advice. Not all business ends up receiving the grant they apply for, so do not get too comfortable, while it’s important to be optimistic, you also have to be realistic.