How to get startup funding for small business

startup funding for small business
startup funding for small business

How to get startup funding for small business. Starting a business of your own is the way to go, self reliant is the only true means to achieving your financial laid down goals within a reasonable time.

Most employees will like to start a business of their own, but as usual the capital will always be a limiting factor, thus killing a lot of entrepreneurial dreams at nascent stages.

This guide will address the issue of startup funding for small business, how to source the funds, managing and harnessing the funds for better efficiency and viable result in advanced African setting citing Nigeria as a case study.

I will specifically show you available grants in Nigeria, Africa and how to source them for your small business funding. This is not business loan, the differences between business grant and business loan is that you will not have to return the former while the latter is returned after initiating procedures.

Simply put, business grant is for free while business loan is not free, you need to return this fund some day with interest accrued.

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STARTUP FUNDING FOR SMALL BUSINESS: YOUWIN CONNECT NIGERIA- Youwin Connect is one of the business grants in Nigeria, a yearly youth enterprise program aimed at encouraging the youths to develop an entrepreneurial mindset to come up with business ideas.  It’s a weapon against massive unemployment, this allows young stars to create jobs and employments themselves than depend on the government for non existing jobs.

YouWin Application Requirements:

  1. You must have a sound business idea, aimed to kick start in Nigeria to as well provide employment for Nigerians at large.
  2. You should be a graduate from any of the accredited Nigerian higher institutions of learning.
  3. You must be a Nigerian between 18 to 45 years of age.

 

STARTUP FUNDING FOR SMALL BUSINESS: How to apply for YouWin business grant:

  1. Go to https://www.youwin.org.ng   applicant and register for a log in details that you’ll be reorganized with as a returning applicant at any time
  2. A confirmation e-mail will be sent to your registered e-mail containing your log in details.
  3. Log in and complete the new business application.
  4. Remember to save your applicant form for further visiting and review.
  5. Submit your application once done properly
  6. Expect an e-mail for successful selection if you made it to the next stage of the competition.

 

To apply kindly note the following as well:

  1. You must be a Nigerian, residence in Nigeria
  2. You must have a valid ID card which include any of the following; International passport, Driver’s License, National ID card or Permanent voter’s card.
  3. The business should residence in Nigeria
  4. The business must not have anything to do with production or distribution of fire arms, alcoholic beverages, tobacco, gambling as restricted by the authority. Youwin is a good idea for your startup funding for small business.

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STARTUP FUNDING FOR SMALL BUSINESS: Bank Of Industry (BOI)-

This platform launched a youth empowerment program for young and talented entrepreneurs aiming to venture into various sectors of the nation’s economy in good faith. This program is BOI’s effort to address the worrisome unemployment rate in Nigeria, by building the capacity of these youths and funding their business ideas.

The “YES” program has these activities to marshal out during the period.

  1. Eight weeks intensive online entrepreneurship and business management training which will as well test the participants understanding of the project aim as well track their respective progress within same period.
  2. Five days in class Entrepreneurship and Business Management training.
  3. Technical skills training in partnership with various technical training and vocational institutes in the country.

Eligibility:

  1. You must a Nigerian resident in Nigeria
  2. You must have had a viable business idea
  3. You must fall within the age bracket of 18 to 35 years.
  4. You must have an ID card such as Driver’s License, International passport, National ID card and Permanent voter’s card.
  5. You must have at least (OND) Ordinary National Diploma. To access this you can visithttps://www.boi.ng  startup funding for small businessis achievable with bank of industry, it has proved to be a source of entrepreneurship funding in Nigeria.

 

STARTUP FUNDING FOR SMALL BUSINESS: GroFin Fund-

This is a new development financier which specializes in financing funding and supporting Small and Growing Businesses across Africa. It’s a reliable source of startup funding for small business grants for African Entrepreneurs. GroFin has fund size of US $100+ Million to funding Nigerian micro, small and medium business across Nigeria.

Eligibility:

  1. Your business must be operating in Nigeria, Ghana, Zambia, Egypt, South Africa, Kenya, Tanzania, Rwanda and Uganda.
  2. The business should have a turn over around $15 Million and assets less than $6 million
  3. You as the owner must be involved in running the business. You can access it here https://www.grofin.com

 

STARTUP FUNDING FOR SMALL BUSINESS: Tony Elumelu Entrepreneurship Program

This program is owned by Tony Elumelu of the UBA group. This program is aimed at providing 10,000 USD seed funding for entrepreneurs across Africa. The program selects 1,000 entrepreneurs across Africa from a pull of over 50,000 applicants.

Eligibility:

  1. Your business must be based in Africa
  2. Your business should be 0-3 year old
  3. Applicant should be at least 18 years and a citizen of any African country. Access it at https://www.tonyelumelufoundation.org

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Conclusion:

It’s a serious business, not a joke, if you’re actually in search of grant/startup funding for small business in Nigeria or anywhere in Africa then try your luck in any of the aforementioned, keep in mind the eligibilities outlined. In all you must have a viable business idea it should be far compelling and convincing.

Mostly, these grants will require you have a registered business name with the corporate affairs commission, it gives you an edge over competitors for the same fund. Kindly do yourself a favor by getting your business name registered, it will increase your chances for these grants/accessing startup funding for small business.

Raphael Orji

Raphael is a seasoned and dynamic writer, with interest in Banking, personal finance, entrepreneurship development. A councillor and motivational speaker.

Raphael Orji
About admin 163 Articles
Raphael is a seasoned and dynamic writer, with interest in Banking, personal finance, entrepreneurship development. A councillor and motivational speaker.

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