Top 7 loans and grants available for SMEs in Nigeria plus tutorial videos

Top 7 loans and grants available for SMEs – Everyone wishing to start any new business idea will look for a means of getting a capital to startup the business. One of the easiest and cheapest ways to get funds for your business in Nigeria is by applying for grants. Unlike loans, grants are not required to be paid back and as so, there is no worry over term length, interest rates, APR, or refinancing.

top 7 loans & grants

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Top 7 loans and grants Schemes in Nigeria

Here is top 7 loans & grants in Nigeria for business starters and entrepreneurs.

Tony Elumelu Entrepreneurship Programme (TEEP)

The Tony Elumelu Entrepreneurship Programme (TEEP) is a yearly programme launched by one of Nigeria’s business tycoon Mr. Tony Elumelu via Tony Elumelu Foundation (TEF). The program was launched in 2015 and is aimed at providing $10,000 funding for entrepreneurs across Africa.

Every year, 1,000 entrepreneurs across Africa are selected by the programme out of 50,000 applicants. Each application is carefully reviewed by business experts in the industry and winners are selected based on a strong market feasibility. Each program cycle begins with an application process  opened from January 1st until March 1st.

Eligibility

  • Business must be based and established in Africa;
  • Business must be for profit;
  • Business must be 0-3 years old;
  • Applicants must be at least 18 years and a legal resident or citizen of any African country.

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YouWIN Connect Nigeria

YouWiN! Connect is a multimedia programme of the Federal Ministry of Finance. The programme aims at promoting entrepreneurship, job creation and wealth creation via enterprise education for young Nigerians. Nigerian entrepreneurs will enhance their productivity through relevant SME development tools. These ventures are promoted by young Nigerians in target sectors that align with the government’s objective of diversifying the economy and promoting competition and transparency.

Eligibility

  • Applicants must be a graduate from a higher institution;
  • Applicants must be between the ages of 18 and 40;
  • Applicants must be a Nigerian citizen and lives in Nigeria;
  • Applicants’ businesses must be located in Nigeria;
  • Applicants must possess good communication, writing and reading skills. And also speaks English fluently;
  • Applicants must be willing to attend all training and mentoring exercises organised by YouWin;
  • Applicants must not be an employee of the Nigerian Civil Service;
  • Previous YouWiN awardees are not eligible to apply again.

APPLY NOW

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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) Programme 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 programme 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 Programme comprises of:

  1. Eight weeks intensive online Entrepreneurship and Business Management training which has the ability to test participants’ understanding and track their progress;
  2. Five 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.

Eligibility

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

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AYE-EN Financial Grants

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

AYE-EN is looking to finance small business in various sectors of the economy. Winners would be awarded their respective prizes without any stake for the organizers. Although, the business owners and businesses will be duly monitored for a period of one year. 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.

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GroFin Fund

GroFin is a pioneering development financier specializing in financing and supporting small and growing businesses (SGBs) across Africa and the Middle East.

GroFin Focus on Small and Growing Businesses (SGBs) that are grossly undeserved by other funds or financiers. 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 fund size of $100 + Million to funding Nigerian micro, small and medium business (MSMEs) across the country.

Eligibility

  • Your business operates in one of the following countries: Nigeria, Ghana, Zambia, Egypt, South Africa, Kenya, Tanzania, Rwanda, Uganda;
  • Your business has a turnover of less than $15 million and assets less than $6 million;
  • You require financing between $100,000 and $1.5 million;
  • The business should be operated by a sole proprietor and/or the owner is substantially involved in running the business.

APPLY NOW

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Diamond Bank BET Programme

The Building Entrepreneurs Today (BET) is a programme designed to support young entrepreneurs. Every year, 50 entrepreneurs are selected from numerous applications received and these entrepreneurs undergo a six months intensive entrepreneurial/business training. At the end of the training period, the top five entrepreneurs are awarded financial grants as seed capital for taking their business to the next level.

The BET 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.

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Lagos State Entrepreneurs Trust Fund (LSETF)

The Lagos State Employment Trust Fund (LSETF), was established by The Lagos State Employment Trust Fund Law 2016 to provide financial support to residents of Lagos State, for job, wealth creation and to tackle unemployment. LSETF serves as an instrument 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 ₦25 billion in helping Lagos residents grow and scale their Micro Small and Medium Enterprises (MSMEs) or acquire skills to get better jobs.

As the brainchild of Governor Akinwunmi Ambode, the LSETF is committed to financially support a target of 100,000 MSMEs by 2019, creating 300,000 direct and 600,000 indirect jobs as a result. The mission is well underway with a total of 705 beneficiaries who have received support to date.

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