Looking for ways to fund your small business in Nigeria? This blog post offers a comprehensive guide on how to get business grants in Nigeria. Learn the steps you need to take, the resources available to you, and the tips to increase your chances of success.
So you want to start a business in Nigeria? That’s a good decision.
With a population of over 200 million people, Nigeria has a large market of potential customers.
But there’s a problem you should know about. 80% of SMEs in Nigeria close their doors within the first three years of operation.
To get a clearer picture, that’s 4 out of every 5 businesses. Disheartening, that’s one way to describe it.
Most of these businesses shut down due to a lack of funds. But avoiding such is possible.
You can sail through the stubborn waves of cash shortage as an SME with helpful business grants. And there are many such grants available in Nigeria.
In this post, you’ll learn how to get business grants in Nigeria to fund and grow your SME.
Let’s look at the benefits first.
Need a Business Grant? Find the best business grants in Nigeria. Join hundreds of successful entrepreneurs using our grant application resource to secure their dream funding. Download the resource.
Benefits of Business Grants in Nigeria
Business grants have several benefits, and they include:
- Access to quick money: Of course, business grants provide quick money to help scale your business. You can get huge amounts from grants, provided you have a dependable business idea.
- Access to future benefits: When you receive a grant and perform well with the funds, you become eligible for future grants. Think of it as getting a higher credit score by making good use of your finances.
- Flexible terms: Business grants differ from loans because you don’t have to repay. With this, you typically get longer deadlines and more suitable terms to present returns. In fact, some donors will let you set the deadline.
- Boosts credibility: A business grant can expand your customer base in Nigeria. For instance, you win a grant from the government or a top private company. It shows the government/company trusts your business. In turn, customers, too, will trust you.
Business grants have all the above benefits, but there are also some downsides. Notably, there’s serious competition – you’re not the only one in need of a grant, of course.
Also, it can be time-consuming. Time-consuming because you need to research and process paperwork to identify the right grant and present a worthwhile business proposal.
But there’s Good News.
You can use our resource at Smart Entrepreneur Blog to quickly find and easily win small business grants in Nigeria.
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Our Online Resource to Win Business Grants In Nigeria
We aim to help small businesses grow and succeed. And our online small business grants resource is a testament to that.
The resource brings you the best business grants from all corners of Nigeria and beyond. These grants are from federal and state governments, private companies, and international organizations.
More than 380 SME owners in Nigeria are already using our resource. You should too.
Regardless of your industry and vertical, there is something for you. Also, grants to expand your business, launch a new product, or invest in new tech are available. Additionally, you will gain access to gender-specific grants specially designed for female-owned businesses.
Besides these, the resource includes tips to help you win applications.
Getting Small Business Grants In 2023
In five simple steps, you can use our online resource to get small business grants in Nigeria. Check them out below:
Download the resource
The first step is to download the resource. And for that, you’ll have to pay – guess the amount – just N1,999.
You’ll agree that it’s affordable, considering N1,999 is less than the price of a decent meal in Genesis Restaurant.
Making the payment is easy, and you can do so using your debit card, USSD, or bank transfer.
We use Paystack, which means you can pay with your VISA, MasterCard, Verve, or American Express card. Apple Pay is also an option.
Once payment is confirmed, you’ll be automatically redirected to a page where you can download the resource.
Pick your preferred funding option
After downloading the resource, next is to select a funding option.
As mentioned before, there are different grant funding options available. You may want a federal government grant, state government grant, local company grant, or international company grant. It’s up to you to decide.
Also, you can select grants specific to your industry.
Some top industries with available funding options include information technology, education, manufacturing, social entrepreneurship, and agriculture.
These are clearly laid out, so picking an ideal funding option will be seamless.
Check the eligibility criteria.
Different business grants have different eligibility criteria.
You must confirm you meet these criteria. Failure to meet the criteria automatically voids your application. We don’t want that to happen, so our resource includes all the eligibility information you should know.
Usually, the eligibility requirements center on your business proposal idea and size.
For example, if you identify as an SME, you must meet the size standards of SMEs in Nigeria.
For the business idea, it pays to have an innovative proposal. That way, you stand out from the competition. And your chances of winning the grant are higher.
Apply for grants
So you’ve found your preferred grant, and you meet the eligibility requirements. Now, you can proceed to apply for the grant.
Our resource includes tips for crafting a winning grant application. However, hiring a professional grant writing service is still a good idea.
These services have the experience and expertise to land your preferred business grant.
There are many such professional grants writing services in Nigeria. Pick one based on qualifications, history, and price. We can also connect you to one.
Once your grant application is ready, submit it following the instructions by the fund-providing body.
Scale your business funding
If your grant application is successful, you’ll receive the funds in the stipulated time. Then, you can start working towards growing your business.
Additionally, you explore other funding sources to inject more capital into your business and scale your funding. We recommend low-risk funding options like term loans, debt for equity financing, angel investors, and crowdfunding.
Related Post: 4 Super-Smart Instant Funding Options to Grow Your Business Fast
Why you should use this business grant resource
Using our online resource gives you an advantage in finding grants for your SME business. Here’s why you should use it:
- It saves your time: Traditionally, you’ll need to search the web — and even offline publications — searching for loan grants. Doing so will take a lot of time. With our resource, you get many grant funding options in a single location.
- It gives you limitless options: With our resource, there’s no limit on the grant options you can apply for. There are grants from the Nigerian federal and state governments. There are also grants from companies within and outside the country.
- It helps you select the best grant option: Not all grant funding options are favorable. Some may put your business in a bad light if you fail to make returns. That’s why our resource only curates the best grant options. Grant options with favorable eligibility requirements that any SME can cope with. You can choose grant options particular to your business industry.
SME Grants In Nigeria: Now, What Next?
Getting business grants to fund your SME in Nigeria is easy with our online resource. And all of it is for an affordable N1,999 price.
However, the resource can only help you win grants. What you do with the funds — whether your business grows or not — is up to you.
Therefore, ensure you have a strategic business plan to put the funds to good use.
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Nigerian Business Grants Frequently Asked Questions
Are business grants a good funding source?
Yes, business grants are a good funding source. This is because they are essentially free money — money that you don’t have to pay back.
But you must do something productive with the grants you receive. If not, grantors will see your business as wasteful. Thus, getting future funding will be difficult.
Does the CBN offer business grants in Nigeria?
The CBN offers many small and medium enterprises development funds and schemes. These schemes provide direct and indirect funding to businesses in Nigeria.
However, some of them are loans and require repayment. Also, note that most CBN grants are not periodical.
What is the best business grant for small businesses in Nigeria?
Some of the best business grants for small businesses in Nigeria include:
- Tony Elumelu Entrepreneurship Programme (TEEP)
- GroFin Fund
- AYEEN Financial Grants
- SMEDAN Grant For Entrepreneurs
We advise you to use our online resource to find the best business grant particular to your business type.
Are international business grants good for me?
International business grants are a good option for Nigerian businesses. Grants like those from the World Bank, GroFin, International Monetary Fund, and USADF are helpful.
However, international business grants usually have stricter eligibility criteria than their local counterparts. This is because they command more competition.
Grants or Loans? Which is best for me?
Grants are better than loans. The primary reason is that you don’t repay grants, but you repay loans.
Nevertheless, a loan can still be a good option if you can’t get a grant. Ensure you trust your business plan to generate income to repay the loan on time.
