Business Grants are financial awards given by government agencies, nonprofit organizations, or private foundations to businesses to help them start, expand, improve or maintain their Business. These grants can be used for different purposes, such as purchasing inventory, hiring employees, and developing new websites or new products. They also help small businesses access resources like training, mentoring, and networking opportunities that can help them succeed.

Business grants are typically awarded based on the type, location, and potential economic impact of the business. Grants are quite different from loans as they are given with no expectation of return, although some grants require the business to meet certain standards or provide reports on how the funds were used.

Funds are awarded on the basis of a competitive process, and businesses must submit an application outlining their business plan and how the funds will be used.

To apply for a business grant, your business must;

• Be registered with the Corporate Affairs Commission (CAC) in Nigeria.
• Have a valid Tax Identification Number (TIN).
• Have a valid business plan.
• Have a good performance record.
• Have a good relationship with the local community and the local banks.

Once the application is approved, the business will receive the funds and it must be used for the specified purpose stated.

Note that you can be requested to refund the money if you end up using it for another purpose asides from the one stated during the application.

HOW TO FIND SMALL BUSINESS & ENTREPRENEURSHIP GRANTS IN NIGERIA

1. RESEARCH GOVERNMENT GRANTS:

The Nigerian government offers a variety of grants for small businesses and entrepreneurs.

Some of them are;

– Nigerian Small Business Agency (NSBA): offers grants in the form of financial assistance, technical support, and business development services. They majorly provide grants to small businesses in the manufacturing, processing, marketing, and distribution of products and services. The agency also offers business advice and business networking services. To apply for a grant from the NSBA, you must submit a completed application form, a business plan, and other required documents.

– Lagos State Entrepreneurship Trust Fund: provided by the Lagos state government to assist small business owners and entrepreneurs to start or expand their businesses. To qualify for this, you must be a citizen of the state, also residing in the state, you must be between the ages of 18 and 35, and your business must either be in the health, construction, manufacturing, entertainment, or hospitality/tourism sector.

– Bank of Industry: provides a youth empowerment program that offers online and in-class entrepreneurship and business management training, technical skills training, and financing of business for young entrepreneurs. The application process is online. To be eligible, you must be between the age of 18 and 35 and you must own at least Ordinary National Diploma (OND).

Others include; the Federal Ministry of Industry, Trade, and Investment, the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), the Central Bank of Nigeria, the Nigerian Export-Import Bank, etc.

2. LOOK FOR PRIVATE GRANTS:

So many private foundations and organizations such as banks, foundations, and non-profit organizations offer grants to small businesses and entrepreneurs in Nigeria. These grants are often specific to certain industries or business types.

Some of them are:

– Tony Elumelu Foundation: provides $10,000 in seed capital, access to mentors, training, and a network of African entrepreneurs. Applications are accepted on a yearly basis. To be eligible, your business has to be for profit, and no older than 3 years.

– Unilever Young Entrepreneurs Award: provides funds to young entrepreneurs to grow their businesses. To qualify, you must be between the age of 18 and 35, and your business must be in the health sector.

– GroFin Fund: is an empowerment program that gives grants to small and medium enterprises(SMEs) in the agriculture, education, sanitation, water, energy, or health sector.

Others include; Africa’s Young Entrepreneur Empowerment Nigeria (AYEEN), Nigerian Women’s Trust Fund, Leventis Foundation Agricultural Training Programme, Leventis Foundation Agricultural Training Programme, etc. Visit their websites to learn more.

Also, research foundations and organizations that are relevant to your business to see if they offer grants.

3. NETWORK WITH OTHER BUSINESSES:

Networking with other businesses in your industry can be a great way to find out about grants that may be available. Talk to other entrepreneurs and business owners in your area to find out if they know of any grants that you may be eligible for.

4. EMPLOY SOCIAL MEDIA:

Several organizations and foundations advertise their grants on their social media pages. Follow their pages and watch out for new opportunities.

5. USE ONLINE RESOURCES:

Many online websites such as GrantWatch, Grants.gov, and Grants4Nigeria provide a list of available grants for small businesses and entrepreneurs in Nigeria.

6. ATTEND EVENTS:

Attending business events like conferences, seminars, and workshops provides you with more exposure and access to networking opportunities with other business owners, grantmakers, and other professionals who may know about grant opportunities. Additionally, you may have the opportunity to ask questions and get advice from experienced grant writers.

7. REACH OUT TO ORGANIZATIONS:

Local organizations such as chambers of commerce and business associations often have information on grants and other resources available to small businesses and entrepreneurs. So do national organizations like the Nigerian Investment Promotion Commission (NIPC), Nigerian Export Promotion Council (NEPC), Nigerian Export-Import Bank (NEXIM), Nigerian Industrial Development Bank (NIDB), and the Nigerian Export Processing Zones Authority (NEPZA).

8. VISIT THE NIGERIAN FEDERAL MINISTRY OF FINANCE WEBSITE:

The Ministry of Finance provides legit information on government grants and other financial assistance programs available to small businesses and entrepreneurs in Nigeria.

CONCLUSION

Collecting business grants can be a great way to get the financial support you need to launch, expand or maintain your business. There are several resources available for small business and entrepreneurship grants in Nigeria. Provided with information on the best ways to find these grants, you should take up the opportunity and find funding for your business. No more letting business ideas waste, or businesses close down due to lack of funding.