- 1 Here are the available grants in Nigeria for 2021
- 1.1 Africa’s Young Entrepreneur Empowerment Nigeria (AYEEN) Financial Grants
- 1.2 African Women Development Fund
- 1.3 Bank Of Industry (BOI) Grants
- 1.4 BEST Robotics Grant: Hub’s Teacher
- 1.5 GroFin Fund
- 1.6 Shell LiveWire Funding
- 1.7 Tony Elumelu Entrepreneurship Program (TEEP)
- 1.8 Small Business Innovation Research Program (SBIR) Phase II
- 1.9 Lagos State Entrepreneurs Trust Fund (LSETF)
- 1.10 Expanding Micro Small and Medium
- 1.11 YouWin Connect Nigeria
- 1.12 USADF Grant
- 2 How to Apply For Business Grants in Nigeria (2021)
- 3 Conclusion
There are numerous grant programs in Nigeria that entrepreneurs, small business owners and individuals can apply for to start up or expand their business as there are many young entrepreneurs out there with great business ideas but they lack the actual funding to start up the business. Also, many businesses have had to close up because of lack of money to continue. Here are the available grants in Nigeria for 2021.
Grant is a financial award given to organisations or individuals for a beneficial project. It is effectively a transfer payment. A grant does not include technical assistance or other financial assistance, such as a loan or loan guarantee, an interest rate subsidy, direct appropriation, or revenue sharing. The grantee is not expected to repay the money but is expected to use the funds from the grant for their stated purpose, which typically serves some larger good. Grants may also support critical recovery initiatives, agricultural projects, and innovative research in all sorts of fields.
There are many young entrepreneurs out there with great business ideas but they lack the actual funding to start up the business. Many businesses have had to close up because of a lack of money to continue.
When we talk about Grants, it is actually a great initiative put up by the government or private organizations or investors to bring the business dreams of young entrepreneurs to reality. There are numerous grant programs in Nigeria that entrepreneurs, small business owners and individuals can apply for to start up or expand their business.
Grants are more preferable to loans in the sense that the money received don’t have to be repaid. Getting grants in Nigeria is not difficult as long as you meet up to the requirements then you can go ahead and apply and luckily you might be among the candidates/applicants chosen to get the grants.
Here are the available grants in Nigeria for 2021
Africa’s Young Entrepreneur Empowerment Nigeria (AYEEN) Financial Grants
This is a youth development program that is focused on engaging young entrepreneurs from Africa to be trained and given Grant to develop a business. Those who make it through are awarded grants as prizes, and with no stake in the business for the coordinators. After collecting the grant, it is being scrutinised and checked how it’s being used. Which means that the organizers of the program will be all around for a one year time frame to check on how you implement the fund.
African Women Development Fund
This is an empowerment initiative that is aimed at developing African women in businesses. It is a female-only grant that runs through the continent in empowering women. The African Women Development Fund gives grants to associations handling the issues of body and health rights, ladies’ monetary security, equity, leadership, investment business which concerns women.
Bank Of Industry (BOI) Grants
Youth Entrepreneurship Support (YES) is a youth empowerment program set up by the Bank of Industry (BOI) to offers grants to youth so they can develop their business. The empowerment grants program is aimed at tending to the troubling issue of youth joblessness in the country by aiding these young people to develop their business setups and also improve their business ideas.
Equiping the youths with information and grants to set them up to be able to utilize and maintain their own outfits is the objective of the Empowerment Support program. About two months of escalated online Entrepreneurship and Business Management training is always organised for those under this support program.
BEST Robotics Grant: Hub’s Teacher
Professional Development (HTPD) 2021
The Best (Boosting Engineering, Science and Technology) Robotics Grant is a funding opportunity endorsed by the Missile Defense Agency. This government grant provides financial support for professional development to teachers within the first three years on the BEST Robotics teaching team.
GroFin Fund is an independent organisations that offers business grants to African entrepreneurs. The Fund program centers around Small and Growing Businesses (SGBs) and they aim at supporting independent venture through monetary grants. GroFin finance supplies to help the development of developing business sector, both subsidizing and concentrated business.
The Grant program finance Nigerian smaller scale, little and medium business (MSMEs) with their budgetary size of $100 million to develop small scale business outfits in the nation.
Shell LiveWire Funding
Shell Petroleum Ddevelopment Company offers this Grant for young entrepreneurs. This funding is meant to empower, train, and give subsidizing aids to youths so they can begin a business. However, a training program will be conducted to sucessful candidates so as to guide them in utilizing the grants in their business.
The program is available for business people whose age fall in the range of 18-30.
In line with the company’s plan to develop Nigeria’s oil and gas hub. All aplicants must be from Niger-Delta region or even the oil producing states in the country – Abia, Akwa Ibom, Imo, Edo, Rivers, Bayelsa, and Delta states, to be considered.
Tony Elumelu Entrepreneurship Program (TEEP)
The Tony Elumelu Entrepreneurship Program (TEEP) is the most popular available business grant and a yearly empowerment program that is backed by a business tycoon Tony Elumelu, to offer grants to businesses in Nigeria. The program was incepted in 2015 and it aims to giving $10,000 to about 1000 business men/women to develop their enterprise. These number of people are chosen yearly from all over Africa with primary focus in Nigeria. The business must not be older than 3 years and candidate must be a lawful indigene or resident of any nation in Africa.
Small Business Innovation Research Program (SBIR) Phase II
The Small Business Innovation Research Program (SBIR) was initiated to foster and stimulate technological innovations in the private sector. It aims at strengthening the role of small businesses in meeting the needs of Federal research or research and development.
This is in a bid to intensify the commercial use of research to yield development results. Also, it tries to improve the return-on-investment from development and research, which in turn improves the lives of beneficiaries, especially those with disabilities.
Funding obligations for SBIR projects are made by the National Institute on Disability, Independent Living, and Rehabilitation Research (NIDILRR) to effectively address the needs of disabled individuals (their health, community living, function, and employment). However, the intention of phase II is to intensify the results of Phase I.
The official closing date for this Federal government grant in 2021 is June 10. However, note that all applicants are to submit their proposals no later than 11:59 p.m. E.T on the above listed due date.
Lagos State Entrepreneurs Trust Fund (LSETF)
The Lagos State Government set up the Employment Trust Fund (LSETF) in 2016, so as to mitigate the agonizing issue of unemployment in the State. The Grant is aimed at furnishing money related guides and also in help wealth creation for the citizens of the State.
Expanding Micro Small and Medium
Enterprises (MSMEs) is equally the objective of this grant as a budgeted total of ₦25 billion is put into aiding Lagosians in their businesses and also help them with the business ideas they should employ to augment their Enterprise.
YouWin Connect Nigeria
This program provides funding for young Nigerian entrepreneurs who lack funds to start up a business. YouWin Connect also provide a forum for young entrepreneurs to connect with industry experts in other to nurture their ideas thereby enhancing job creation as well as ensuring business growth. Participants get grants for their business when they win the competition organized by YouWin.
The U.S. African Development Foundation (USADF) is an independent American government agency that is committed to empowering African countries by providing grants to Nigerian entrepreneurs and other entrepreneurs in several other African countries in order to improve their lives and livelihoods.
How to Apply For Business Grants in Nigeria (2021)
Here is guide to lead you on applying for a business grant in any of the afore mentioned grants givers this 2021;
Step 1: Draw Up A Professional Business Plan
This is the first thing you should have for your business. This means you need to draw an excellent marketable strategy for the enterprise. This is an important record that you will use to offer your business to the Grant body, so as to increase your chances of being accepted.
Step 2: Define The Motive of Collecting Grant
Next for you is to know and have the direction for the business. Attempt to decide the thought process behind them giving you the grant, by asking yourself what reason they will grant you the Grant. Through this puzzling question, it will help you to set a motive for your business.
Step 3: Do The Application Procedure
After all is done, go through your application, ensure to make an additional duplicate for your own record and present the application through the predetermined medium by the grant body, and anticipate a favourable outcome.
These are the business grants that are currently available in Nigeria and how to apply for them.