funding

Funding Opportunities For Nigeria Businesses This May

There is a constant quest for funding opportunities for Nigeria businesses. This May, I wish to bring to your knowledge 3 more opportunities.

In the past, I have introduced Grofin. They help entrepreneurs and business owners at the bottom of the SME pyramid to access tailored finance and experienced business support. If your business does not fall within primary agriculture, not-for-profit organizations (NGO’s), informal or micro-enterprise, on-lending (fund-of-fund) activities, self-help groups, co-operatives, proof-of-concept or R&D programs, then you can be eligible to raise between $100,000 – $1,500,000. To learn more about Grofin click here.

At this time I wish to introduce to you 3 more opportunities. Theses are

  1. The Pollination Project
  2. Lagos State Employment Trust Fund
  3. Growth Capital Fund

The Pollination Project

The Pollination Project is a grant-making foundation focusing on seed grants to individual social change makers around the world. They offer grants of $1000 to 30 seed stage applicants every month. In addition, they also make larger impact grants of up to $5000 to projects that have demonstrated impact and success. Apart from the grants, the pollination project also  offer $1000, zero-interest loans to social entrepreneurs working on triple bottom line solutions (People, Planet & Profit). Payback begins only when it is viable for the business.

However, they do not support the following projects

  1. Projects which directly conflict with their mission and values, such as those which involve the farming of any animals.
  2. They do not support projects that have well established funding sources, or that have any paid staff.
  3. Projects where the primary benefit is to the grantee or to any one individual.
  4. Projects that influence the outcome of any specific election for candidates to public office, inducing or encouraging violations of law or public policy or causing any improper private benefit to occur.
  5. Grants that require grant payments via Moneygram, Western Union or any other cash-based payment system.
  6. They do not fund the following specific costs:
    • Scholarships, training fees or travel fees for one person to attend a training
    • Computers, tablets, or other technology where the primary benefit is for one person, or where the project only needs the equipment for short term use
    • Animal products of any kind – including, but not limited to, meat, dairy, leather, and wool
    • T-shirts
    • Food for meetings, training sessions, or gatherings
    • Items which are to be donated to others on a one time basis (such as clothing, medical supplies, and textbooks)
    • Payments to the grantee or a member of the grantee’s family for their time or services
    • One time use or disposable items
    • Paper products which do not make use of either 100% recycled materials, or the most ecologically sound alternative if recycled is not available
    • GMO seeds, synthetic/chemical fertilizers, pesticides, fungicides, and other similar products which are harmful to the environment and to those who use them

Among their Nigerian beneficiaries are Nuela Ononiwu (STEM Club) -Portharcourt and Joy Oleabhie (Cajoy African Fashion Home) -Warri. To learn more about the pollination project, follow the links below

https://thepollinationproject.org/

Lagos State Employment Trust Fund

The Lagos State Employment Trust Fund (“LSETF” or “the Fund”), 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 ₦25Billion in helping Lagos residents grow and scale their Micro Small and Medium Enterprises (“MSMEs”) or acquire skills to get better jobs.

There are 3 categories in the loan.

  1. The Small and medium Scale Enterprise loan: This is for existing businesses that has been in existence for more than 12 months. under this scheme, qualified businesses can access loan amount of up to NGN5,000,000 to be repaid back in not more than 36 months.
  2. The Micro Enterprise Loan: The fund limit here is NGN500,000 to be repaid over 12 months. Target beneficiaries here are micro enterprises with business as major source of livelihood. The business should also have been in existence for over 1 year  otherwise the applicant should have a certification in a trade and reference from the certifying body.
  3. Micro Enterprise Start-up: This is for new/startup businesses. Entrepreneurs looking to start a new business can access a maximum loan amount of NGN250,000 under this scheme.

All the loan schemes come at 5% annual interest rate and a moratorium of 6 months. For more information and to apply, visit the following link

http://lsetf.ng/

Growth Capital Fund

This is a creation of CCHub Nigeria.

They fund early stage social enterprises building next generation infrastructure for Nigeria.

They are looking for great teams with innovative technology products that make public services smarter and connects them to more citizens for richer experiences

Investment ranges from ₦10 million – ₦30 million to support early growth, team consolidation and market expansion and  are happy to lead funding rounds if they like you.

Ventures should be able to show the following:

  • A solution that applies tech to make public services smarter and connect them to more citizens for richer experiences
  • Evidence of revenue for the preceding 12 months
  • A strong team with experience and track
  • Potential for impact
  • Fair Valuation

For more information or to apply visit the following link

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Should you require assistance with your applications or your business, kindly contact us. We will be glad to sit with you

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