Almost every small scale entrepreneur seeking to start a new business venture is looking for money to get started. In Nigeria, one of the easiest and cheapest ways to get funds for your business is by applying for small business grants. But unfortunately, there aren’t that many Nigerian federal or provincial government grants available for small businesses.

One of the benefits of Grant, unlike business loans is that they don’t need to be repaid, so there’s no worry over term length, interest rates, APR, or refinancing. You just need to apply and qualify and surprisingly... Free money.

Most Grant offering organization charge as little as NGN 2,000 to NGN 0 as their application fee. In this article we shared tips about top small business grants in Nigeria organised by government agencies and private individuals.

1. 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 launched in 2015 is aimed at providing 10,000 USD seed funding for entrepreneurs across Africa. Every year, the programme selects 1,000 entrepreneurs across Africa from a pull of over 50,000 applicants.

Every year, the programme selects 1,000 entrepreneurs across Africa from a pull of over 50,000 applicants. Each application is carefully reviewed by business experts in the industry and winners are selected based on market feasibility, clear financial models and a capable team to run the business. Each program cycle begins with an application process opened from January 1st until March 1st.

To be eligible:

• Business must be based in Africa

• Business must be for profit

• Business must be 0-3 years’ old

• Applicants must be at least 18 and a legal resident or citizen of an African country.

2. SoloGrant Low income earners/Entrepreneural Programme

SoloGrant is a non-profit NGO that is currently assisting low income earners and small scale entrepreneurs with a non-refundable Grant fund ranging from a minimum of NGN 100,000 to NGN 500,000 maximum.

To be eligible:

• Applicants must be able to write a short summary as to why the Grant is needed and how it will be used.

• Applicants must be above the age of 18.

• Applicants must be Nigerians and resident in Nigeria.

• Applicants businesses must be resident in Nigeria.

• Applicants must be able to communicate effectively – speaking and writing – in English.

• Applicants must not be an employee of the Nigerian Civil Service.

• Previous SoloGrant beneficiaries are not eligible for the Grant.

• Applicant must complete their application process to successfully enroll for the Grant.

Visit http://www.sologrant.com and click on the apply button to enroll for their ongoing grant Programme.

3. 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 combines patient capital and specialized business support to grow emerging market enterprises.

GroFin Focus on Small and Growing Businesses (SGBs) that are grossly underserved 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 US $100+ Million to funding Nigerian micro, small and medium business (MSMEs) across the country.

Visit https://www.grofin.com

To be eligible:

• Your business operates in one of the following countries: Nigeria, Ghana, Zambia, Egypt, South Africa, Kenya, Tanzania, Rwanda, Uganda.

• Your business is for profit.

• Your business has a turnover of less than US$ 15 million and assets less than US$ 6 million.

• You require financing between US$ 100,000 and US$ 1.5 million.

• The business is owner-operated and/or the owner is substantially involved in running the business.

4. AYEEN 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.

AYEEN 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.

Visit https://www.ayeonline.org