Having a business idea is not enough, you still need the required funding to kick start your business, especially one that you will not have to pay back as we will be walking you through the list of federal government grants you can apply for this year.
It’s no longer news that the President Buhari-led administration is working effortlessly to resuscitate the economy of the country after the negative impact of the COVID-19 Pandemic last year on the income of Small and Medium Enterprise owners in the country through intervention Grants.
These grants are focused fully on MSMEs in which the Federal Government has initiated and thousands of beneficiaries have already benefited with many more beneficiaries to emerge.
Grant is simply a fund given to an individual to support his/her business growth without the individual necessarily having to pay back which also means it does not attract collateral. Grants are given by Large organizations, governments, Nongovernmental organizations, and wealthy individuals for various purposes. Unlike loans, you do not have to pay back.
Most times, people mistake grants for loans but we know the below explanation will give you a better understanding of both.
A Grant is simply a subsidy that is given to either organization or to individuals, which usually comes in the form of money or in the form of support, which cannot be returned. that is to say, a grant cannot be repaid, it is not like a loan that you will have to repay after some months which may attract you to lose your property or whatever you used for collateral.
A loan is money given to you which is meant to be repaid and in most cases, it attracts an interest rate and also collateral which the lender will hold in case you did not payback.
The CBN is in collaboration with the Bankers’ Committee as part of efforts to boost job creation in Nigeria, particularly among the youth, has developed a Creative Industry Financing Initiative (CIFI).
More so, The Central Bank of Nigeria is in partnership with the Banker’s committee which recently launched Creative Industry Financing Initiative (CIFI) aimed at improving access to low-cost sustainable funding for entrepreneurs in the creative/IT sector.
The program, though not a grant, offers one of the lowest interest rates in the country at 9%. And it is open to youths with business ideas in Fashion, IT, Movies, and Music.
The Government Enterprise & Empowerment Programme (GEEP) is a direct effort of the Federal Government of Nigeria through the Bank of Industry to break a multi-decade jinx of economic growth without shared prosperity. It is an initiative by the Federal Government of Nigeria to provide financial inclusion and access to micro-credit for Nigerians at the bottom of the economic pyramid.
For More information on how to apply click here Apply Here
You can also apply using the USSD code which was recently introduced by the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development for the GEEP 2.0
How to Register for GEEP 2.0
1. Dial *4255*21#
2. Set up 6 digit withdrawal pin
3. Enter your Trade Name, e.g. Muhammed and Sons Enterprise
4. Enter Type of Business/Trade e.g., Rice, Maize or cassava Processing, Tailoring, etc
5. Proceed to provide Answers to all the USSD code queries and Submit
When successful, a pop-up message will indicate that the Registration was a success.
Kindly note that due to network glitches resulting from a large number of Nigerians trying to use the USSD code, error messages may occur at intervals. Applicants are advised to continue trying until it is successful.
The Lagos State MSME Recovery Fund (LSETF) 2.0 is a funding programme that is designed to help MSMEs in Lagos recover from the effects of the Covid-19 pandemic and it is fully backed by the Lagos State Employment Trust Fund (LSETF).
The LSETF helps to promote entrepreneurship through enhancing access to capital, strengthening MSMEs’ institutional ability, and developing policies to improve the business climate in Lagos State. It will also develop programmes to train and place unemployed Lagos citizens in jobs, as well as programs to promote innovation in the Lagos ecosystem.
The Lagos State Government will contribute the majority of the fund in financing the programme which has been disclosed to be up to N25 billion over four years but will also seek additional funds from other sources such as donor partners, development agencies, business organizations, and individuals.
For More information on how to apply click here Apply Here
NIFA is a federal-owned agency under the umbrella of the USDA (United States Department of Agriculture). This grant, however, focuses on nonprofit organizations, larger businesses, and leadership that tries to advance agriculture.
Furthermore, the agency disburses federal funds to tackle agriculture-related issues affecting the nation. Also, NIFA spins throughout the year, offering different grants to foster healthy competition in the agricultural sector.
For More information on how to apply click here Apply Here
GroFin is a specialist, impact-driven financier. We help entrepreneurs succeed by providing them expert advice, continuous guidance, and financing to grow their businesses.
They believe that SMEs need more than finance to succeed. And that growing small businesses to create sustainable jobs is the most powerful driver of social and economic development that truly improves people’s lives.
For More information on how to apply click here Apply Here
The African Women’s Development Fund is the first pan-African foundation to support the work of women’s rights organizations in Africa
The African Women Development Fund empowerment initiative is aimed at developing African women in businesses. It is a female-only grant that runs through the continent in empowering women.
It gives grants to associations handling the issues of body and health rights, ladies monetary security, equity, leadership, investment business that concerns women.
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