in

How To Get Business Grants In 2020

grants for entrepreneurs in nigeria

Last Updated on

Introduction

As entrepreneurs, we face hurdles and challenges trying to start and manage a business most if which involves startup capital.

So many ideas and innovation never see the light of day and the reason been the lack to access seed funding.

Most times the entrepreneur in question do not often have adequate information on how he/she can access grants for the sole purpose of the business.

 

What are business grants?

Business grants are small amounts of seed money that further the goals of federal, state or non-profit organizations.

Unlike a loan, you don’t have to repay it. But you do have to prove you can achieve the goal. 

In the long run, some grant offering organization usually gives you extra funds if you are able to achieve your goal.

Grants can be organized and funded by 

  • Government.

This type of grants is awarded by the government of a specific country or region.

In this type of situation, grants are organised, awarded and disbursed by the government of a particular country or region.

Sadly, not all government are ready to partake in the disbursement of grants and even if they do they are likely not to broadcast it to the hearing of everybody.

  • Non-Governmental Organisations.

This type of grants is organised and awarded by non-governmental body and organisations.

This is by far the most popular form of grants all over the world.

So many philanthropist and organisation choose to give back to their environment by empowering individuals in the form of grants.

grants for entrepreneurs

How do I qualify for business Grants? 

Now You are hearing of grants for the first time or you have probably heard of it once before and you need to know if you are eligible to access one.

here are the few guidelines to follow.

1. Have a new or an existing business idea.

The first thing to know or have in mind is the need to have a business or a startup idea.

In most cases, your business is to be new or existing for not more than 3 years of existing.

2. Have a business plan.

A business plan is necessary for the success of any business.

A business plan should contain.

 
  • Your intended product or service? Is it something the market truly needs, or just something that you’re good at and enjoy?.
  • Your target market (if you answer “everyone,” then you haven’t thought it through. You’ve got to be more specific.
  • Your competition? How is your target market currently getting its needs met?
  • The needed startup capital needed to get your business to life.

3. Become familiar with the process.

Most grants processes are usually very detailed and time-consuming. There is no guarantee if you will receive one.

Always make sure to get familiar with their processes and the only way to do this is to make sure you get connected with previous alumni.

4. Own a website.

Most times you would want to apply for a grant that is not in your location and the only way they can verify and trust your business is the use of a website.

You can have a business that explains in details the information about your business.

Owning a website makes your business authentic.

5. Use Social media platform.

While filling your grant application you would be asked to fill your social media platforms.

This would help them review the latest activity in your businesses.

Even if you have not started full-scale work or production you can anticipate and declare your passion via your social media platform.

 

List of Business Grants Offering Organisations.

You are now aware of some of the major requirements needed to get business grants now is the time to identify business grants offering organisations at your disposal and keep track of them.

Most of them open out their portal once in a year, you should be aware of each and every one of them so that you can pitch your business.

Also, note that you are only allowed to received the business grants only once and can even qualify for more if you are able to develop the business 

Also, don’t forget to also take note that now all of these business grants offering organisations are genuine.

Here are some very few trustworthy ones.

 

1. International Breweries Foundation.

Owned and presided by the international breweries.

This foundation empowers young people from the age of 18 – 35 on business start-up funds.

Funds ranging from 200k to over 3 million are disbursed to either existing businesses not up to three years or new startup businesses.

Application is opened every year to all nationwide applicant to pitch their business Idea and luckily enough to get seed funding to boost their businesses.

Click the link to learn about The international breweries foundation

 

2. The Tony Elumelu Foundation

 
 
 
 
 
View this post on Instagram
 
 
 
 
 
 
 
 
 

Founder, @tonyoelumelu joins Presidents and business leaders to speak at the seventh edition of the largest international conference in Japan—the Tokyo International Conference on African Development (TICAD). TICAD will take place in Yokohama city, Japan on August 28 – 30. Mr. Elumelu will share insights as a thought leader on African entrepreneurship alongside Presidents and business leaders, including H.E. Shinzo Abe, Prime Minister, Japan; H.E. Mr. Abdel-Fattah El-Sisi, Chair, AU, President, Egypt; H.E. Mr. Muhammadu Buhari, President, Nigeria; H.E. Mr. Cyril Ramaphosa, President, South Africa; and H.E. Mr. Amadou Gon Coulibaly, Prime Minister, Cote d’Ivoire. Ifeyinwa Ugochukwu, the CEO of the Foundation, will also speak at the UNDP-sponsored side event themed “Unlocking innovative solutions for the SDGs”. She will join representatives of the United Nations Development Programme (UNDP) and several Japanese private sector leaders on the sidelines of the event. Follow us and #TICAD7 #TEF2019 for live updates on our activities at the Tokyo International Conference on African Development.

A post shared by Tony Elumelu Foundation (@tonyelumelufoundation) on

 

 

The big boy in the game, The Tony Elumelu Foundation Presently presided by Mr Tony Elumelu Himself, the CEO UBA Bank, Heirs Holdings and Transcorp Hilton has empowered over a 3M entrepreneurs in the last ten years of operation.

Disbursement of seed funding to over 5K entrepreneurs across West Africa is carried out annually.

Application opens in late December and closes early February of every year.

Winner or qualified applicants are issued the sum of $5,000 USD for the sole purpose of their business and it carries no interest, you are not paying back, its free Money.

Here is an in-depth article on how you can win the Tony Elumelu Foundation Grants.

 

3. Bank Of Industry (BOI).

The Bank of Industry (BOI) recently launched a youth empowerment program for young and talented entrepreneurs looking to venture into various sectors of Nigeria’s economy.

The Youth Entrepreneurship Support (YES) Program is BOI’s effort at addressing the worrisome phenomenon of youth unemployment in Nigeria by building the capacity of the youths and funding their business ideas.

The YES program is aimed at equipping young people with the requisite skills and knowledge to be self-employed by starting and managing their own businesses. The YES Program comprises of;

  1. Eight (8) weeks intensive online Entrepreneurship and Business Management training which has the ability to test participants’ understanding and track their progress.
  2. Five (5) days in-class Entrepreneurship and Business Management training.
  3. Technical skills training in partnership with the various technical training and vocational institutes in the country.
  4. Financing the businesses by BOI under its SME Cluster initiative in consonance with the United Nations Economic Commission for Africa’s commodity-based Industrialization Strategy.

To be eligible:

  • The applicant must be a Nigerian.
  • Must have a viable business idea within the 40 identified clusters that is operated, or will operate in Nigeria.
  • Must be within the age limits of 18 and 35. (proof of identity: International passport/Drivers License/National ID/Voters card required).
  • Must possess a minimum educational qualification of Ordinary National Diploma (OND).
  • Applicant must be able to carry out the application process online.

4. The Pollination Project.

Founded in 2013, The Pollination Project (TPP) is an international nonprofit organization whose mission is to spark goodness and compassion in every person through a daily practice of generosity and grant-making.

The founder of pollination project is called Ajay he was born in Surrey, England, to a working-class immigrant family.

Growing up in a diverse and disparate environment he enjoyed a childhood which immersed him in a variety of cultures.

From early on in his life, Ajay felt a great need for inner transformation.

While in pursuit of this deep spiritual calling Ajay became ordained as a monk.

Also, take note that the creators of the pollination projects are strictly vegan and will not approve or fund any business that has to do with killing animals.

So don’t pitch for poultry or any form of animal rearing because it would be rejected.

just thought to let you know.

The Pollination Project is a grant award organisation based in the United States.

It has a mission to empowers startup and businesses all over the world with just $1K.

The most interesting part of it is that they are open throughout the year except for holidays like Christmas.

They take an application from all over the world and review for over six to eight weeks.

Approved applicants thereby receive funds via PayPal.

Here is an in-depth guide article on how to apply for the Pollination Project.

My Personal Experience.


Before moving on to the next section of this article I would like to take a little space to talk about my personal experience with a very few business grant organization here in Nigeria.


Most organization camouflage that they offer business grants and in the end, they do not.


You must have noticed that I did not mention some very popular grant organization and I decided to omit them because of my personal experiences with just a very few of them.

1. The A.Y.E. (Africa’s Young Entrepreneurs).


The A.Y.E is a very popular non-governmental organization here in Nigeria.
They are quite popular with their advert on television and radio but they are not what they claim to be and here is my personal experience with them.


I came across the A.Y.E organization for the first time in 2014 on television.


I was attracted by the name and show of personalities that their portfolio carried and i was actually tempted to give them a trial.


Afterwards, I did not follow them up till I saw their commercials on television again in April 2019 while I was In the bank trying to sort out something.


I was actually convinced this time to give their platform a trial this time so I logged on to their website and signed up, I was then asked to submit a business plan which I did.


After seven days I received an email stating that my business plan was not valid and did not meet their standard and I should resubmit in 7 days from the time I received that email or I should refer to a business plan consulting firm them affiliated to them.


I eventually tried consulting one and I was shocked when I got a response to pay a sum of N25,000 equivalent to $100 to get a business plan then I started suspecting something fishy.


I ignored and decided to move on. But in no distant time from that time, I got a call from the administration asking me that I previously applied that I should submit a business plan.

For the first time in my life I felt something coming, I geared up and went on to meet a mentor of mine to help me with a business plan.

Eventually, I was able to get one about three months later and resubmitted. I actually thought I was very late and I had lost hope.

it was very shocking when I got an email that my business plan had been accepted and I should watch out for subsequent emails.

Sequel to this period I started getting calls upon calls telling me to show up at their convention in Ondo State, Nigeria which is like 150 Kilometers to where reside in Lagos, Nigeria.

I tried to ignore this but I kept on receiving emails that my business have been shortlisted for the business grant awards.

I went reluctantly to the venue from Ibadan, Nigeria where I was at a camp meeting for one week.
It became a drama when I arrived there after over 6 hours on the road.

On arrival I met a queue of over 5k people from all over Nigeria, I even met with visitors from as far as northern Nigeria who had managed to converge at the venue because of constant distress call and emails they received from the foundation.

Looks like we have been scammed cos I wondered how he was going to take care of this huge crowd.

Outside the queue we where all left in the sun for over four hours before we were eventually let in and got the door to the gate shot out for people not to go out of the venue again.

It became a drama when we were authorized to buy from the accredited organization’s vendor who sold at very crazy and ridiculous prices.

It became very obvious that we have been marked out for extortion.
A bottle of water was sold at triple the prices.

I became very uncomfortable throughout the program eventually started and finally the governor of the state was ushered into our midst to join us.

During the program, the founder of the foundation in the name of Sumy Francis boasted of how big he has impacted the environment and requested that he needed land to build his entrepreneur village.

I kept calm till the whole drama ended It became obvious that everything was staged to receive popularity and Fame he needed and also request for a piece of land from the government.

Not only this, but I also had an opportunity to meet someone whose name was included in the list since 2018 and up until data was never awarded any sort of business grant or support.

Well documented on their website is a list of ghost grantees with Fake names.
I counsel you not to believe the lies or scam forged by this organization.

In addition to the above-mentioned proofs, I also had to finally ask a mentor of mine who initially gave me the business plan about what he felt about the A.Y.E and to my surprise, the A.Y.E is a scam.

He also told me that he was included in their program in 2016 and it was a scam.

After this event, a whole lot of entrepreneurs that were deceitfully invited all left angrily and how disappointed they fell.

I am not angry because I was not given the grant but the bottom line is that I felt Used and intimidated.

that’s my point here, I counsel you to make your personal findings.

It is such a disappointment that the so-called Nigerian leaders of tomorrow are seeking ways to extort the little that has been painfully gathered by poor Nigerians.

 

Business Grants For Tech Startups.

It has been discovered that the tech industry is the least most funded industry with little or no access to funds.

Most tech startups founders do not know how to access startups.

They simply try to bootstrap their ideas by themselves this sometimes leads to inadequacy and inability to sustain tech startups and innovations.


In order to curb this, there are a platform that provides tech enthusiast with no interest Funds, Mentorship and technical support.

Here are top 5 grants, accelerators and mentorship programs you should apply for.

1. Injini.co.za.


Injini is the first & only education technology (EdTech) dedicated incubator & the largest seed-investor for EdTech companies on the African continent.

It is the only opportunity for EdTech entrepreneurs based anywhere in Africa to get industry specialist mentoring, support, scale-up and funding introductions, and early-stage funding.

Website – Injini.vo.za

2. Google LaunchPad.


Google Launchpad is a global acceleration program that helps startups build and scale great products by matching them with the best of Google.

Google Launchpad simply connects you with mentors, funds and workspace provided you are working on something great.


Google Launchpad provides you

  • Equity-free support
  • Access to Google engineers and intensive mentoring from 20+ teams
  • Access to silicon valley experts and top local mentors
  • PR training and global media opportunities
  • Close partnership with Google for three months


website – Googlelaunchpad

3. Fb Start Accelerator.


Just like the Google LaunchPad, FbStart is a new program from Facebook designed to help early-stage mobile startups build and grow their apps.
FbStart provides startups with an exclusive community, worldwide events, mentorship from Facebook, and up to $60,000 in free tools and services.


Website – Fb Start Accelerator.


4. Y Combinator.


Just like Google LaunchPad and Facebook Accelerator, Y Combinator has been in the business of empowering startups and connecting with potential markets.

Y Combinator interviews and selects two or more batches of companies per year.
The companies receive seed money, advice, and connections in exchange for 7% equity of the company.
The program includes “office hours”, where startup founders meet individually and group meetings.
Founders also participate in weekly dinners where guests from the Silicon Valley ecosystem (successful entrepreneurs, venture capitalists, etc.) speak to the founders.

The program teaches founders to market their product, team and market, refining their business model, achieving product/market fit, and scaling the startup into a high growth business, etc. The program ends with Demo Day, where startups present their business and sometimes technology to potential investors.

Y Combinator is responsible for funding great startups like Stripe and Paystack

Website – Y Combinator

Conclusion.

They are over thousand of business grants offering organisations both home and abroad, i only touched a very few legit ones that know.

Please note all are really good as they claim to make sure to be extremely careful.

 

Here is an article I recommend that you read in order to help you get started with raising capital for your business.

 

 

 

 

What do you think?

Written by Udemezue John

Web developer| Digital Marketer| Entrepreneur.

I love sharing great things

You can connect with me on twitter @_udemezue

Comments

Leave a Reply
    • various organizations open their application once in a year.. I’ll recommend you stay tuned to this blog. I will constantly post updates..but the closest application opening very soon is the Tony Elumelu foundation which will open its portal In december

6 Pings & Trackbacks

  1. Pingback:

  2. Pingback:

  3. Pingback:

  4. Pingback:

  5. Pingback:

  6. Pingback:

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading…

0

How To Start A Successful Online Business In 2020

20+ Jobs That Pay Well Without A Degree In 2020