Top Business Funding in Nigeria: This is Where & How to get business funding In Nigeria

Biz Start-up

July 27, 2022

Top Business Funding in Nigeria: This is Where & How to get business funding In Nigeria

Top Business Funding in Nigeria: This is Where & How to Get Business Funding In Nigeria. In fact, the question is how and where can I get funding for my business in Nigeria. Relevant to this post are international grants for small business start-ups in Nigeria and World Bank grant for small businesses in Nigeria. Others include grants for female entrepreneurs in Nigeria, government loans to start businesses and covid-19 grants for small businesses in Nigeria. This is Top Business Funding in Nigeria: This is Where & How to get business funding In Nigeria

On this post are the reference links and processes for obtaining these loans and grants. We have highlighted here also their various requirements and application portals. However, we are taking a general approach to this topic. Therefore, we shall be covering every other aspect of business funding in Nigeria.

Contents

1 The Need for Business Funding:

The Need for Business Funding:

As a matter of fact, nearly everyone starting a new business venture requires a source for funding the business. Naturally in Nigeria, one of the easiest and cheapest ways to get funds for business is to make savings ahead of time or to ask friends and relatives. The next approach is to apply for a small business loan elsewhere. Currently, there are some openings for this both at the federal and state government levels.

For such loans, we will let you know how to get them in this post. Top Business Funding in Nigeria: This is Where & How to get business funding In Nigeria

Sources of business funding in Nigeria:

To start with, here are several means of raising fund for your business. Cessummi.com expects you to go through them and master how to go about each one. It’s expected that you will let cessummit.com know where you’ve challenges. Cesummit.com Business Support Programs & Services are available on how to Overcome Business Start-up Challenges in Nigeria. They form part of cessummit.com corporate goals for Empowering Entrepreneurs with Modern Entrepreneurship Empowerment Strategies.

In fact, our Business Planning Consultant and Corporate Documentation to Legalize Your Businesses are available for Modern Entrepreneurship Empowerment; Empowering Entrepreneurs for Economic Growth and Development in Nigeria. This is Top Business Funding in Nigeria: This is Where & How to get business funding In Nigeria

Go for Friends and Family members:

You may consider this a daunting task, in Africa this is always our first step for everything; asking friends and family members. This is because it’s often a good first step before getting external funding. And in most cases, it works. In fact, it has always worked for many of us.

But then, before asking your friends and family members for money, we suggest you have your business plan handy. This way, you can explain to them exactly what you’re buying or selling. Then, explain how the business will run and make money. Make it also clear what you want and how much. So, explain whether you’re asking for a loan, an investment, or a gift. For whatever type you get remember that there must be a condition attached to it. Once I gave a relation money for business, my condition was a proof for success after 5 years of operation. So, you see that there is a condition for each of the types of fund you want from a friend or relation.

Explore External Funding Sources:

Cessummit.com Strategic Planning Business Consultants will provide training and a Mentorship Scheme for you in Nigeria for this group of business funding. In fact, our Business Planning Consultants provide for you with Strategic Planning for Brand Awareness and Marketing Research for startups. These re followed by a well-structured Training and Mentorship Scheme for Youths in Nigeria. Read more about Top Business Funding in Nigeria: This is Where & How to get business funding In Nigeria

In fact, for non-accountant entrepreneurs, we offer Tips and Tricks for Non-Accountant Entrepreneurs in Nigeria. These are to enable them to understand their business financial records. There are also Tips to quickly grow your Business in Nigeria and make available Business Information at your Fingertips. Get a business plan from us today for these loan facilities.

Tony Elumelu Entrepreneurship Program (TEEP):

This is a good one for you. This program (TEEP) is a yearly one launched by one of Nigeria’s business tycoons Mr. Tony Elumelu. He owns and runs Tony Elumelu Foundation (TEF). The program’s launched since 2015. Its aim is to provide 10,000 USD seed funding for entrepreneurs across Africa. So, Every year, the program selects 1,000 entrepreneurs across Africa from a pull of in most cases over 50,000 applicants.

Each application is carefully reviewed by business experts in the industry. Therefore, the winners are selected based on clear market feasibility, financial models, and a capable team to run the business. The program cycle begins with an application process opened from January 1st until March 1st.

Eligibility: Top Business Funding in Nigeria: This is Where & How to get business funding In Nigeria

Now, look at these eligibility criteria.

Applicant’s business must be based in Africa
And the business must be for profit
Then, must at least be 3 years’ old
And, applicants must be at least 18
Applicant must also be a legal resident or citizen of an African country.

Top Business Funding in Nigeria: This is Where & How to get business funding In Nigeria

NIRSAL MFB CBN sponsored facilities:

At NIRSAL Microfinance Bank you can access loans for Your small businesses for as low as 9%. This will actually help you get up to 3 Million Credit Facility to Grow Your Business · Other forms are;

AGRIC SMALL MEDIUM ENTERPRISE SCHEME (AGSMEIS) – With this, you can access up to N3M at 9% per annum from the Agric, Small and Medium Enterprise Scheme (AGSMEIS), an initiative from Central Bank of Nigeria (CBN). Top Business Funding in Nigeria: This is Where & How to get business funding In Nigeria

ANCHOR BORROWERS’ PROGRAM (ABP) – This will enable you to access the CBN’s Anchor Borrowers Program intended to create a linkage between anchor companies involved in the processing and smallholder farmers(SHFs) of the required key agricultural commodities.

Furthermore, is the Non-Interest Targeted Credit Facility [Household]. This will also assist you in the process of building a business or expanding an existing business. In fact, this will help you maintain your lifestyle in the end. Read more about Top Business Funding in Nigeria: This is Where & How to get business funding In Nigeria

NON-INTEREST TCF CREDIT APPLICATION [SMEs] – This Non-Interest Facilities is for SMEs and will assist you in the process of building your businesses or expanding an existing business.

Nigeria Youth Investment Fund – This is dedicated to investing in the innovative ideas, skills, and talents of Nigerian youths. This will assist in turning them into entrepreneurs, wealth creators, and employers of labor.

Cessummit.com will help you access this loan. In fact, it will let you know how to check NIRSAL loan with BVN.
It will assist you with NIRSAL portal login and login id. It will also train you for this facility, profile and admit you on the portal, prepare your business plan, take the application test for you, and complete your loan application. Contact us here.

Bank Of Industry (BOI): Top Business Funding in Nigeria: This is Where & How to get business funding In Nigeria

This bank recently launched a youth empowerment program for young and talented entrepreneurs. This is for those looking to venture into various sectors of Nigeria’s economy. The Youth Entrepreneurship Support (YES) Program is BOI’s effort to address the worrisome phenomenon of youth unemployment in Nigeria. This helps build the capacity of the youths and fund their business ideas

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

Eight (8) weeks of intensive online Entrepreneurship and Business Management training which has the ability to test participants’ understanding and track their progress.
Five (5) days of in-class Entrepreneurship and Business Management training.
Technical skills training in partnership with the various technical training and vocational institutes in the country.
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.
Top Business Funding in Nigeria: This is Where & How to get business funding In Nigeria

To be eligible:

The applicant must be a Nigerian.
With 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. with proof of identity as International passport/Drivers License/National ID/Voters card required.
Must possess a minimum educational qualification of Ordinary National Diploma (OND).
Applicants must be able to carry out the application process online.

Top Business Funding in Nigeria: This is Where & How to get business funding In Nigeria

YouWIN Connect Nigeria:

This is a multimedia program of the Federal Ministry of Finance. The program’s aim is to promote entrepreneurship, job creation, and wealth via enterprise education for young Nigerians. This is to enable Nigerian entrepreneurs to enhance their productivity through relevant SME development tools. These ventures are those being promoted by young Nigerians in target sectors. These sectors are those that align with the government’s objective of diversifying the economy and promoting competition and transparency

As a matter of fact, the first edition tagged YouWin!1, was initiated to sensitize aspiring youth entrepreneurs on job creation by funding their business plans. The second edition (YouWin!2) was a Mono-gender version. This was for Women below the age of 45 years as the target participants. It rewarded over 1200 youths. The third edition (YouWin!3) was Poly-gender, with a record number of awardees (over 2500 Youth). Read more about Top Business Funding in Nigeria: This is Where & How to get business funding In Nigeria

Eligibility Criteria

Applicants must be;

a graduate from a higher institution.
between the ages of 18 and 40.
Nigerians and residents in Nigeria.
resident in Nigeria.
able to communicate effectively – speaking and writing – in English.
willing to attend all training and mentoring exercises organized by the program.
And, applicants must not be an employee of the Nigerian Civil Service.
Previous YouWiN awardees are not eligible to apply.
Top Business Funding in Nigeria: This is Where & How to get business funding In Nigeria

What Cessummit.com does:

Cessummit.com ensures you have your desired Business Information at your Fingertips. This it does with its business support services designed to empower start-up and existing entrepreneurs with modern entrepreneurship empowerment strategies and information. Our aim is to engender Economic Growth and Development in Nigeria. Therefore, check out the following related topics to increase your business knowledge horizon.

GroFin Fund: Top Business Funding in Nigeria: This is Where & How to get business funding In Nigeria

GroFin is a pioneering development financier. It specializes in financing and supporting small and growing businesses (SGBs) across Africa and the Middle East. As a matter of fact, it combines patient capital and specialized business support to grow emerging market enterprises.

GroFin focuses on Small and Growing Businesses (SGBs) that are grossly underserved by other funds or financiers. Therefore, it delivers a unique integrated solution for patient risk capital and end-to-end business support to start-up and growing businesses at the SME base. GroFin has a fund size of US $100+ Million to fund Nigerian micro, small and medium businesses (MSMEs) across the country.

To be eligible:

To qualify for this fund, applicants must ensure that;

Their business operates in one of the following countries: Nigeria, Ghana, Zambia, Egypt, South Africa, Kenya, Tanzania, Rwanda, and Uganda.
And that the business is for profit.
Again, the business has a turnover of less than US$ 15 million and assets of less than US$ 6 million.
And that the finance required is between US$ 100,000 and US$ 1.5 million.
In addition, is that the business is owner-operated. Or that the owner is substantially involved in running the business.
Top Business Funding in Nigeria: This is Where & How to get business funding In Nigeria

Diamond Bank BET Program:

This Diamond bank Building Entrepreneurs Today (BET) is a program designed to supportbudding entrepreneurs. Yearly 50 entrepreneurs are selected from the pool of the numerous applications received. Then these selected entrepreneurs undergo a six (6) months intensive entrepreneurial/business training.

So, at the end of the training period, the Top Five (5) Entrepreneurs are awarded financial grants as seed capital for taking their business to the next level. Read more about Top Business Funding in Nigeria: This is Where & How to get business funding In Nigeria

This Program has witnessed 6 editions with over 25 winners and over 150 business supports. The sixth edition of the program awarded Three Million Naira (N3,000,000) grants to the top 5 finalists to take their businesses to the next level.

AYEEN Financial Grants

Furthermore, this is Africa’s Young Entrepreneurs (A.Y.E). It’s committed to empowering young entrepreneurs across Africa. This is done by creating-platforms that facilitate intra-trade on the continent. AYE is dedicated to developing the next generation of outstandingAfrican entrepreneurs, who will shape the economies and political landscapes of their home countries.

AYEEN is interested in financing small business in various sectors of the economy. Winners would be awarded their respective prizes without any stake for the organizers. As a matter of fact, the business owners and businesses will be duly monitored for a period of one year.

Furthermore, is the criteria for this program. In fact, the only criteria for the program are that the applicant must be a Nigerian and the business must be located in any of the 36 states of the country.

Top Business Funding in Nigeria: This is Where & How to get business funding In Nigeria

Lagos State Entrepreneurs Trust Fund (LSETF):

This particular one is called Lagos State Employment Trust Fund (LSETF), It was established by The Lagos State Employment Trust Fund Law 2016 toprovide financial support to residents of Lagos State, And it’s for job and wealth creation and totackle unemployment. In fact, this program, LSETF, serves as a tool to inspire the creative and innovative energies of all Lagos residents and reduce unemployment across the State. The Fund has the mandate to directly invest N25Billion in helping Lagos residents grow and scaleup their Micro, Small and Medium Enterprises (“MSMEs”) or acquire skills to get better jobs.

As a matter of fact, this is the brainchild of Governor Akinwunmi Ambode. In fact, LSETF is committed to financiallysupport a target of 100,000 MSMEs by 2022/23 – creating 300,000 direct and 600,000 indirect jobs. The mission is well underway with over 1,000 beneficiaries who have received support to date.

Top Business Funding in Nigeria: This is Where & How to get business funding In Nigeria

Read Also:

As a matter of fact, read also these related Contents on Top Business Funding in Nigeria: This is Where & How to get business funding In Nigeria. These are for some of cessummit.com business support services, so, check out the following posts.

Do you need help:

If you do need help, here are some of our SMEs Business support Service offerings. So, check out these roles. You may have need of them, then se our contacts bellow.

C.A.C incorporation documentations
How to apply and obtain SCUML certificate for your banking purposes
To apply and obtain contract bidding compliance certificates for you – PENCOM, NSITF, ITF, BPP IRR, Tax Clearance certificate
Auditing Services and Tax management services
Apply and obtain regulatory certificates – Import/Export licenses, NCC licenses, NAFDAC certificates etc.
And other consultancy services
Get a bankable Business Plan for all scope of operation from us.

Summing Up:

At this point, did cessummit.com meet your needs on this Top Business Funding in Nigeria: This is Where & How to get business funding In Nigeria? In fact, did you get the essential awareness for your business funding? And, do you need any of the services?

Highlighted above are some of business funding support services the SME’s in Nigeria need to thrive. As a matter of fact, cessummit.com business support segment explains how these funds canbe accessed by the SMEs in Nigeria in this post. So ask for startup funding strategy framework for most profitable service business from us today.

As a matter of fact, you may need reach us on +234 9053130518/08034347851 or emailing via [email protected]. And, to get more information on this website, use our search button on this page. Just type in whatever you want, and this site will give you that. And, If you want to be come a professional, click here

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Top Business Funding in Nigeria: This is Where & How to get business funding In Nigeria