Are you a budding entrepreneur and looking for Business Grants Funding for Entrepreneurs that you can apply to? Read on..
Applying for small business grants is one of the simplest and least expensive methods to receive funding for your company in Nigeria. Regretfully, though, there aren’t really that many federal or local government incentives for small enterprises in Nigeria.
Grants don’t have to be returned, unlike company loans, so you don’t have to worry about term length, interest rates, annual percentage rate, or refinancing. Simply meet the requirements, and presto—free money. In this article, we provide advice on the best small business grants available in Nigeria, which are given out by both public and commercial organisations
1.Tony Elumelu Entrepreneurship Programme (TEEP)
Through the Tony Elumelu Foundation (TEF), one of Nigeria’s commercial moguls, Mr. Tony Elumelu, launches the annual Tony Elumelu Entrepreneurship Programme (TEEP). The programme, which was introduced in 2015, aims to give African businesses initial investment of $10,000 USD. From a pool of more than 50,000 applications, the project chooses 1,000 entrepreneurs annually from around Africa. This is one of the best Business Grants Funding for Entrepreneurs.
From a pool of more than 50,000 applications, the project chooses 1,000 entrepreneurs annually from around Africa. Industry experts thoroughly evaluate each application, and the winners are chosen based on factors such as market viability, transparent financial models, and a strong team to manage the firm. The application period for each programme cycle opens on January 1 and runs until March 1.
To be eligible:
- Business must be based in Africa
- Business must be for profit
- Business must be 0-3 years’ old
- Applicants must be at least 18 and a legal resident or citizen of an African country.
2. Bank Of Industry (BOI)
A youth empowerment programme for young and gifted entrepreneurs wishing to enter several sectors of Nigeria’s economy has been introduced by the Bank of Industry (BOI). Through the Youth Entrepreneurship Support (YES) Programme, BOI aims to address the concerning issue of youth unemployment in Nigeria by assisting young people in developing their entrepreneurial ideas and enhancing their capabilities.
The goal of the YES project is to give young people the necessary abilities and information to launch and run their own enterprises and become self-employed. The YES Programme includes:
This eight-week online course covers business management and entrepreneurship and is designed to assess participants’ knowledge and monitor their development.
Five (5) days of classroom instruction in business management and entrepreneurship.
Technical skill development in collaboration with the nation’s numerous technical training and vocational institutions.
financing the companies through BOI’s SME Cluster programme in accordance with the Commodity-based Industrialization Strategy of the United Nations Economic Commission for Africa.
To be qualified:
- The candidate needs to be from Nigeria.
- Within the 40 specified clusters that currently or will function in Nigeria, one must have a workable business plan.
- Needs must be between the ages of 18 and 35. (proof of identity: International passport/Drivers License/National ID/Voters card necessary).
- Must hold an Ordinary National Diploma (OND) as a minimum level of schooling.
- The applicant has to be proficient in completing the online application procedure.
3. GroFin Fund
Leading development financier GroFin specialises in funding and assisting small and developing enterprises (SGBs) in the Middle East and Africa. GroFin helps developing market companies expand by combining patient finance with expert business assistance.
Small & Growing Businesses (SGBs) that are glaringly neglected by other funds or lenders are the focus of GroFin. provides start-up and expanding SMEs with a distinctive integrated solution for patient risk capital and full-service business assistance. GroFin has over $100 million in funds to support micro, small, and medium-sized enterprises (MSMEs) in Nigeria.
To be qualified:
- The following nations are where your company is active: South Africa, Kenya, Tanzania, Rwanda, Uganda, Nigeria, Ghana, Zambia, and Egypt.
- Your company exists to make money.
- Your company’s assets are less than US$ 6 million, and its turnover is less than US$ 15 million.
- You need to raise between $100,000 and $1.55 million in funding.
- The company is run by the owner, or the owner is heavily involved in its operations.
4. AYEEN Financial Grants
By developing venues that promote intra-African commerce, Africa’s Young Entrepreneurs (A.Y.E) is dedicated to empowering young entrepreneurs throughout the continent. Our goal is to cultivate the next wave of exceptional African businesspeople who will influence their home nations’ political and economic environments. This is one of the best Business Grants Funding for Entrepreneurs.
AYEEN is seeking to provide small businesses in a range of economic areas with funding. The winners would get their rewards without the organisers having any financial interest. However, for a whole year, the company owners and enterprises will be properly observed. The applicant must be a Nigerian citizen, and the firm must be situated in one of the 36 states in Nigeria. These are the only requirements for the programme.
5. Lagos State Entrepreneurs Trust Fund (LSETF).
The Lagos State Employment Trust Fund Law of 2016 established the Lagos State Employment Trust Fund (LSETF) to offer financial assistance to Lagos State citizens in order to create jobs, wealth, and address unemployment. The LSETF is a tool used to encourage the inventive and creative spirit of every Lagosian and lower unemployment rates throughout the State. The Fund’s mandate is to spend ₦25 billion directly in order to support Lagos people in expanding their Micro, Small, and Medium-Sized Enterprises (MSMEs) or in developing their skills in order to obtain better jobs. This is one of the best Business Grants Funding for Entrepreneurs.
Ready to download a business for your rare idea?
Look at these below and download what suits your business.
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How To Download A Comprehensive Business Plan Sample
Follow the procedures to download it.
Pay the sum of N8000 (Five thousand naira only) to the account detail below:
Bank: GTBank
Name: Oyewole Abidemi (I am putting my name and not our company account so you know we are real people and you can trust us)
Ac/No: 0238933625
Type: Saving
Thereafter, send us your email address through text message to +234 701 754 2853. The text must contain the title of the business plan you want and also your email address. Immediately after the confirmation of your payment, we will send the business plan in Nigeria to your email address where you can easily download it.
