Top 12 Funding Platforms For Small Business Owners In Nigeria
There are hundreds of Nigerians who have nice business ideas but are being impeded by a lack of access to financial support. And one of the coolest and cheapest ways to get capital for your business is to have access to grants or low-interest rate financing.
A business-minded undergraduate student can also explore the platforms or check other entrepreneurial means of raising funds on campus, the guide is available at:
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Differences Between Grants And Loan
Most time, the majority are scared of taking a grant all in the name of being scared of paying a return or interest on given money, most people even hear of grants but keep a deaf ear to it all because they see grants as a loan. Some even go as far as thinking grants are a form of a cooperative society form. So many have missed the opportunity that should have benefitted their dreams and career as a result of ignorance.
Grants are quite different from other kinds or types of Federal government financial assistance, grants are non-refundable assistance while other forms of financial assistance are refundable and at times it attracts an additional amount of interest for a specific period of time. The importance of a Federal grant is to help some schools to improve their facilities, help the non-profit organization, and also to help researchers to further on their research, also for the completion of projects. There are different types of Federal government grants with their requirements and also their method or mode of application. Below is a list of some of the federal government grants in Nigeria and how to apply for it.
Major Purpose Of A Grant
Major Challenges Of A Grants
Possible Way Out
They are responsible for handing out the loans, and receiving them back, along with any interests when applicable.
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Finally Words: Nigerian Banks That Will Give You Business Loan Without Collateral
Today, there are so many money lenders and lending platforms in Nigeria that can promise you quick and easy agriculture investment or business loan without collateral education, mortgage loan, salary advance, rent or personal loans within 48hours which you would have to pay later with interest. But if you are really interested in starting or growing your own business, it is most likely that you will have to start with your own savings or borrow some money from your rich friends and family members.
One thing about getting a loan in Nigeria with a promised low interest rate is this commercial banks do ask for collateral and give interest at 20-25% per annum. Micro finance banks like LAPO and other lending houses will ask for guarantors and collect minimum interest at 5% per month or even more. While some of the online quick lenders in Nigeria do not collect collateral or request for guarantors they may give interest at 12.5% with access to your account details like bank verification number which may put you at risk in the future.
Therefore, before you approach any of these banking institutions for a non-collateral loan or so it would be in your best interests to first know more about their services. Open and maintain an account with them for a period of 3 to 6 months before making your business loan proposals. You should also need to arm yourself with a sound business plan and a well thought-out loan repayment plan.
Small Business Administration Grants
The US Small Business Administration is a federal government agency that provides support for small businesses with the goal of strengthening the nations economy. The SBA has Small Business Development Centers across the country and offers a wide variety of federal grants, loans, and other programs helping to connect small business owners with funding from federal, state, and local governments.
- The State Trade Expansion Program offers federal small business grants throughout the US meant to assist existing businesses in expanding globally, offering funds for foreign-market trade shows and expansion opportunities.
- The SBA offers a number of veteran assistance programs that provide funding for veteran-owned businesses.
- The Women-Owned Small Business Federal Contracting Program offers funds specifically to women-owned businesses, with the goal of leveling the playing field for women entrepreneurs.
- The HUBZone program provides assistance to small businesses with the aim of fueling growth in historically underutilized business zones.
- The Natural Resource Sales Assistance program assists small businesses in securing state and federal government contracts through a bidding system that prioritizes them. Eligible industries include timber and forestry products, minerals, coal, oil, gas, and real estate.
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Central Bank Of Nigeria
The Central Bank of Nigeria, through a number of development finance operations, provides a variety of loans to businesses across the country.
Some of the CBN products and services include:
- Anchor Borrowers Programme
- Commercial Agriculture Credit Scheme
- Creative Industry Financing Initiative
- Maize Aggregation Scheme
- Micro, Small, Medium Enterprises Development Fund
- Non-Oil Export Stimulation Facility
- Paddy Aggregation Scheme
- Real Sector Support Facility
Top 7 Business Grants & Funding For Entrepreneurs And Business Owners In Nigeria
Almost everyone starting 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 arent actually that many Nigerian federal or provincial government grants available for small businesses.
Unlike business loans, grants dont need to be repaid, so theres no worry over term length, interest rates, APR, or refinancing. You just need to qualify, and boomfree money. In this post we shared tips about top small business grants in Nigeria organised by government agencies and private individuals.
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Where Can I Get Startup Business Loans In Nigeria
There are several institutions and individuals that offer startup business loans in Nigeria, which you can benefit from. However, many of these investors secure collateral at first, or not, depending on their mode of operation. Generally, you can get a startup business loan in Nigeria through any of the following means:
Capital Investors For Small Businesses
Capital investors refer to both angel investors and venture capital funds. Accredited investors can help provide funding for your business startup in return for equity ownership or convertible debt .
The biggest benefit to capital investors is that they can provide you with large sums of money in a relatively short amount of time. At times, they can also provide valuable mentorship as you work to grow your own business.
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What Is A Grant
Grants are described as a means of funding a proposed project either by cooperate body or an individual, it can also be seen in the light of aid given to the able body and right-thinking business models to implement or support their business so as to provide cushion to such an individual, this fund is majorly targeted at the upcoming entrepreneur as a means of showing support by the government to such person. Federal Government grants are the amount of money given out as a form of assistance to an individual, organization small-scale business, etc. for a particular purpose or usage.
Business Loans In Nigeria You Can Apply For In 2022
If you are a Nigerian entrepreneur or business owner, there are several Federal Government Loan programs you can to apply for, to help you grow your brand in 2022.
Through intervention loan programs, the Buhari-led government is trying diligently to revitalise the economy following the detrimental impact of the COVID-19 pandemic on the revenue of Small and Medium Enterprise owners in the country last year.
These financing programs, which the Federal Government started and which have already assisted thousands of people, areaimed at youths and SMEs.
Lets have a look at some of the best Federal Government Loan Programs you can apply for in 2022.
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The Streetshares Foundation Veteran Business Grant
Good for: Veterans
The StreetShares Veteran Small Business Award is open to veterans, active-duty members, or the spouse of a military veteran or active duty member. Applicants can receive up to $15,000 and will be judged based on their business idea, their expected use of funds, product-market fit, team, and the influence the business will have on the veteran or military community.
Happy Customers Of Finserv Markets
Getting a loan to take care of my wedding and relieving my parents to enjoy the occasion was the best decision I ever made. Easy-to-apply, amazing interest rate and quick disbursal, what more can one ask for!
I am passionate about the vehicle I drive. I want to protect it with the best available option. What amazed me was the full transparency, quick quotes and the attractive discount on the premium while choosing the annual payment option!
My husband and I will finally move into our own house this Diwali. All thanks to Bajaj Finserv, with competitive interest rates, minimal processing fees and easy to repay EMIs, our dream saw the light of reality in no time!
Kids grow up fast and to fulfill their dream trip to Disneyland I had everything but instant funds. With no collateral or guarantor required and a hassle-free processing, I gifted my family a memorable trip to Orlando with just a click!
The best way to start looking for health insurance is to do a close study of the coverage needs and checking the insurance companys claim ratio. No unnecessary jargons, easy to apply claims process and choice of premia!
I bought my first iPhone using my Bajaj Finserv EMI Network Card. Zero downpayment with a No cost EMI on Bajaj Finserv EMI store just made my day!
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How To Start A Hospital In Nigeria
How to Start a Hospital in Nigeria The establishing and running of hospitals in Nigeria are stringently regulated by the government agencies. The following are some measures and requirements for setting up a clinic in Nigeria:
To get this sample hospital business plan, pay N10,000 to:
BANK NAME: GUARANTY TRUST BANK
ACCOUNT NAME: CHIBUZOR TOCHI ONYEMENAM
ACCOUNT NUMBER: 0044056891
Requirement for Opening a Clinic in Nigeria
Primarily, you must start by registering with the Corporate Affairs Commission . After achieving the registration status with the CAC, registering with the Federal Ministry of Health is also required. Having the expected qualifications that will give you the legal powers to run a Hospital. It is a very serious crime to operate a Hospital in Nigeria without performing all the need accreditations. The establishing and managing of Hospitals in Nigeria is strictly regulated by the government.
Requirements for Hospital Registration
In Nigeria, there are organizations that have been set up to control the activities of private Hospitals inside each state. These organizations are set up to guarantee that Hospitals adhere to a laid down model and to prevent the increase of quacks.
Accompanying the above-listed provisions, the following documents have to be presented:
Finance plays an important role when starting up a hospital considering the fact that the kind of equipment you have in mind wont come cheap.
Management and Human Resources
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Pradhan Mantri Mudra Yojana
Launched in 2015, this scheme is headed by the Micro Units Development and Refinance Agency and it aims at offering loans to all kinds of manufacturing, trading, and service sector activities. The scheme offers loan under three categories Shishu, Kishor, and Tarun in amounts ranging between Rs.50,000 and Rs.10 lakh. The Mudra loan can be availed by artisans, shopkeepers, vegetable vendors, machine operators, repair shops, etc.
Equity Crowdfunding For Small Businesses
Equity crowdfunding is similar, but a little different from ordinary crowdfunding. With equity crowdfunding, everyday people commit smaller sums of money to your business in exchange for equity.
Until recently, new businesses could only sell shares to accredited investors, meaning that there was strict net worth criteria that kept members of the public from being able to invest. The restriction also acted as a huge barrier to entrepreneurship, since newer merchants are less likely to have built a network of wealthy investors.
With equity crowdfunding, investment and entrepreneurship have become more accessible than ever.
Learn more: Equity Crowdfunding: Is It Right For You?
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Tony Elumelu Foundation Entrepreneurship Programme
This empowerment program is sponsored by the CEO of Heirs Holding to empower young African entrepreneurs. It was launched in 2015 and since then it has been a yearly commitment.
Over 7500 entrepreneurs has benefited from the $25 million worth of grants since its launch. You can become a successful business entrepreneur once accepted into the foundation as you get mentorship that will help you greatly business wise.
-You must be legally accepted to work in the country you are applying from which must be African.
-You must reside Legally in any of the 54 African countries and have your business stationed in any of them.
-Your business must not be older than 3 years. -You must have a profitable business idea.
How to Apply
-Complete the necessary form and submit
List Of Federal Government Loan To Start Your Business With In Nigeria 2022
List of Federal Government loan to start your business with in Nigeria 2022
Ever wondered how to a business loan or financing ?
With this article you be able to Fund or start your business with a Federal Government loan.
Federal Government business loans may be a viable option for Nigerian entrepreneurs looking to start, or grow and develop a business.
The Nigerian government has several different initiatives in place, that assist both small and large businesses with funds although focus is placed on smaller businesses.
The government concentrates on small and medium-sized enterprises for a number of reasons. One of the main reasons being, that the SME sector is a key ingredient for a healthy market economy. SMEs make up the vast majority of the total number of businesses in Nigeria. Accordingly, they make big contributions to value added and employment.
The FGN helps fund businesses through a variety of government-backed organizations or agencies including:
- Bank of Agriculture
- Central Bank of Nigeria
- Development Bank of Nigeria
- Nigerian Export-Import Bank
- Small and Medium Enterprises Development Agency of Nigeria
Based on the agency and loan product on offer, FGN loans come with a variety of different interest rates and repayment plans.
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Federal Government Grants In Nigeria 2022 List How To Apply
The federal government grants in Nigeria are important intervention projects aimed at supporting the economy by providing funds directly to the people who need them. Some of these grants are designed to alleviate the suffering caused by poverty, and others are aimed at injecting funds into micro, small and medium scale enterprises.
When these businesses are buoyed by federal funds, they can expand their operations. Expanding their operations benefits the country because it usually means employing more people, and ensuring the supply of necessary commodities.
This shows that the federal government of Nigeria is alive to its responsibilities of supporting the economy, and ensuring the survival of small businesses because they have the most impact on the people directly. The federal government of Nigeria has graciously provided several non or low-interest loans, so as to keep all sectors of the economy productive.
National Youth Entrepreneurship Empowerment Summit
This is an empowerment initiative by the federal government to equip young Nigerian entrepreneurs with the necessary skills and training needed to contribute to the development of the nations economy.
-Age range: 18 to 35 years.
-Must live and have a business in Nigeria.
-Must have a business idea that contributes to any of the 9 FG top areas in the country.
-Must have a business in: ICT, Dance, Art, Theater, Fashion and Design, New Media, Hands and Craft, Film and Entertainment, Architecture and Culture.
How to Apply
-Make and upload a one minute video showcasing your innovative idea on social media.
-Hashtags: #NYEES #NYEESCREATIVES.
-Tag and follow @NYEEsummit.
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The Complete List Of Federal Government Grants To Apply Now In 2022 Can Be Accessed Here On Ejes Gist News
List of Federal Government Grants / Loans Are you really a successful business person or a woman looking for a loan in Nigeria? Do you want to learn more about the federal governments loan programs for farmers, youths, businesspeople, and households?
If you are among those who are interested in applying for federal government loans, this post is specially for you.
Take your time to read the entire post.In this post, well go over the entire list of federal government loans available in 2021 and 2022, as well as how to apply for each of them.
Please keep in mind that some loans are interest-free, while others have extremely low interest rates. All of the government loans listed here have a no-fee application process.
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