BusinessHABTop 10 Grant Providers: BoI Funds, Tony Elumelu Fund, GroFin Fund, Shell Live Wire, Lagos State Employment Trust Fund are some of the top 10 grant providers for Businesses in Nigeria. But that is not all.
Other top 10 grant providers for Businesses in Nigeria include Social Intervention Fund of FG and Oxfam.
You Win, African women development Fund and The Next Titan Show are also among the lists of top 10 grant providers for Businesses in Nigeria.
So, in this article, I will bring you incisive information on these top 10 grant providers for Businesses in Nigeria. Clear indices on how you can be a beneficiary would be highlighted.
What Is Grant? Beneficiaries.
A grant is an amount of money that a government or other institution gives to an individual. Some grants are returned to the donor, some are not. Grants differ from loans, in that loans are repaid with interests while grants are not.
Grants may also be given by/or to an organization for a particular purpose such as education. Other causes for provisions of grants are for home improvements or for business setup. Today in this article we are going to discuss about top 10 grant providers for businesses in Nigeria.
Suitable Condition For Getting Grant In Nigeria
The general measure for getting grant in Nigeria is the ability to showcase a bankable, feasible and tangible business proposal (Business plan). The business person who is looking for this grant should also be sure of what business he is doing. Products offered or services rendered should be a buyable one. Let us now take a look at Top 10 Grant Providers in Nigeria today.
The Top 10 Business Grant Providers in Nigeria
- BoI Funds
- Tony Elumelu Fund
- GroFin Fund
- Shell Live Wire
- Lagos State Employment Trust Fund
- Social Intervention Fund of FG
- Oxfam
- You Win
- African women development Fund
- The Next Titan Show
1. The Bank Of Industry Fund (BoI Funds)
Bank of industry is one of the places an individual should eye for grant. Reason is simple. The BOI gives grants at nine percent loaning rate.
BOI fund foundation (DFI) has been recommended by numerous agencies globally. As one of the best banks on the around the world, locally and internationally.
Bank of industry has various grants for various entrepreneurs. One of them is called “Graduate Entrepreneurship Fund (GEF)”, which is granted for serving individuals from the National Youth Service Corps (NYSC).
And they are required to apply by presenting their documented business thoughts. Which are then evaluated by a group of specialists. The NYSC individuals whose thoughts are ideal, has the capacity to be marketed, bankable are then chosen. Then they are prepared with the space of four weeks and after that given about N500,000 to N2 million respectively to begin.
Other Opportunities by The BoI
Bank of industry also offers Cottage Agro Processing (CAP) Fund for little and medium agro processors. For people in this category; Nollywood business fund, also known as the “nolly fund”. And also offer grant for entrepreneurs going into the fashion industry as fashion designers.
Truth be told, the bank of industry also have grants the car and other automobile business. Bank of industry (BOI) has over 122 trained business specialists that can assist them in the job. There is a well design web platform for people to get necessary information about their grants.
One of the Africa’s wealthiest man Aliko Dangote has invested over N5 billion naira to fund the business in collaboration with BOI to fund the SMEs service.
“Our aim is to support, encourage and keep on creating open doors for Nigerian business people. And also support the government by creating this job opportunities through this medium”. This was a remark by Waheed Olagunju, acting CEO and MD of Bank of Africa (BOA), at a gathering in Lagos in 2016.
2.Top 10 Grant Providers: Tony Elumelu Fund Foundation
This funding foundation is owned and managed by Mr. Tony Elumelu. He has invested over a hundred million dollars ($100 million) for over 10,000 business entrepreneurs in Nigeria and other part of Africa. It will keep on being accessible for another seven to eight years. People in the below categories are eligible to apply for the grant
- agribusiness,
- light assembling,
- ICT,
- Designing (Fashion & Designer)
- Mining of minerals, among others.
You could be the lucky one among the one thousand (1,000) business people to be shortlisted for grant.
Chief executive officer (CEO) of “Tropingo Foods” in The Gambia got $5,000 capital in 2015. Through the Elumelu finance scheme, the story has changed for Momarr Mass Taal. As the business has transformed into a $1.2 million income business.
3.Top 10 Grant Providers: GroFin Fund
GroFin fund, is an income lender. He has invested over $500 million in financing Nigerian small business enterprise, (MSMEs) across the nation.
Types Of Fund Offered By Grofin:
Basically there are five types of fund offered by GroFin such as;
- the Aspire Nigeria Fund,
- the Growth Africa Fund,
- the Small Growing Business Fund,
- the Aspire Small Business Fund and the Aspire Growth Fund.
The above funding system offered by GroFin has put food on the table of lots of Nigerians. Aside from Niger Delta areas.
The Aspire Small Business Fund grants at least a minimum amount of $100,000 and a greater amount of about $1.5 million to SMEs in Nigeria.
They also give $10,000 to $100,000 to entrepreneurs in the oil-rich environment. Then the Aspire Growth Fund grant between $100,000 and $3 million to business organizations expand growth in the region. GroFin gives its fund to entrepreneur for about 6 years.
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4.Top 10 Grant Providers:Shell Live-Wire
It is good to know that, The Shell Petroleum Development Company of Nigeria Limited. Has various type of funds for youthful business people, including ladies.
Basically, program offered by Shell has help, prepare business, direct business, and also gives business mentorship to the young business entrepreneur and potential business individual between the age bracket of eighteen and thirty-five (18 and 35) respectively.
This shell live wire program is commonly found in the Niger Delta region and their intention is to move young entrepreneur establish their own organizations through the arrangement, and planning by Shell company.
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5.Top 10 Grant Providers: Lagos State Employment Trust Fund
Lagos State Employment Trust Fund has invested over N25 billion in SMEs. The Lagos state employment trust fund is divided into two categories;
- The micro scale business and
- The small scale business
N500, 000 could be given to the micro scale business enterprise foe like a period of one year. N5 million naira could be granted or more to the small medium scale business for a space of 3 years.
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Legibility /Conditions Needed To Get The Lagos State Employment Trust Fund Grant
1.) You must become a registered member of the organization
2.) Members should have been in the organization for at most 6 months and
3.) Must have a Lagos state residency card. Processing could take about 3 weeks.
Femi Egbesola, national president, Association of Small Business Owners (ASBON). Speaking to businesshab he said “Various business ventures have their own funding concept. Being a member of this organization will grant you access to government Social Intervention Fund, Lagos State Employment Trust Fund and the Bank of Industry funds as well.
6. The Federal Government Social Intervention Fund
During the 2017 budget plan. The sum of N6 billion naira was assigned in the Social Intervention Fund of the 2017 spending plan. The criteria for getting to the reserve incorporate enrollment of a business association. The fund is for craftsman, and business entrepreneurs and also owners of small scale enterprise. Grants is being granted at the sum of N100,000 at 3% interest rate annually.
7.Top 10 Grant Providers:The Oxfam Fund
This is another form of funds for Nigerian entrepreneurs in Oxfam. Oxfam is also a charity association aim at alleviating poverty worldwide Just of recent the organization has dispensed the sum of €100 million to Small scale medium enterprise (SMEs) through Nextzon.
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8.Top 10 Grant Providers: YouWin
What is YouWin Fund? Let’s use the acronym YouWin to get the full meaning of the term .
You: Youth Enterprise
W: With
I: Innovation in
N: Nigeria.
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YouWin is a collaboration of three sectors to assist entrepreneur in various fields of endeavor and they are the ministry of finance, the ministry of youth development and finally the ministry communication technology respectively.
Top 10 Grant Providers:Main Objective Of Youwin
The main objective of YouWin is to help create job opportunity. This happens by supporting and encouraging entrepreneurial skills in developing their ideas and turn it into wealth
The objective is also to create over 80,000 new jobs to the unemployed youths.
They help in the training of youths with entrepreneurial skills to about 6,000 youths across the country.
Take Note:
YouWin don’t give loan but rather give grants. Before funds are distributed or granted YouWin must seek permission from some appropriate quarters. Note also that they are a legal cooperation licensed by the federal government of Nigeria.
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Criteria Needed Before Applying For Grant In The YouWin Organization
Before applying for the YouWin grant fund there are some necessary steps you need to follow and they are;
- You must be a Nigerian citizen and not above forty (40) years of age.
- You must have either a valid National ID Card, Voters Card, an International Passport, or a Driver License
- Business to be established must be located within the country and must as a matter of must, employ Nigerian workers first before any other consideration
- The applicant seeking for the YouWin grant must ensure he/she will not deal with drugs, alcohol, tobacco, Indian hemp and other toxic products so as not to breach the code of conducts of the government.
- You must have little experience in the field you are about to move into.
How You Can Apply For The YouWin Grant Fund
After satisfying the above criteria’s here is how you can apply for the YouWin grant
Visit the YouWin websites here >> http://www.youwin.org.ng/registerp.php
9.Top 10 Grant Providers:African women development Fund
African development fund [AWDF] Is A Grant Lending Foundation aim at empowering women. It also supports local, national and regional entrepreneurs in Africa.
Vision: To bring about social justice to the women. Respect for their fundamental human right through the rule of law.
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10. Top 10 Grant Providers:The Next Titan Show
The next titan show is a reality television show owned by a Nigerian. Min focus is to enhance and boost entrepreneurial skills and businesses in Nigeria. At the end of the day winners who have completed their round and come out as winner will be given some funds for their business startup.
Conditions For Obtaining Grant In The Next Titan Show
- Open to all but its only meant for Nigerians
- Must be at least 18 years of age to participate in the next titan how (NO GENDER DESCRIMINATION)
- To be part of the contestant applying you must accept to leave inside the academy. It last for 13 weeks.
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How To Apply For The Next Titan Show For Grant Fund
Visit here to apply >> http://thenexttitan.com/register.php
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