BUSINESS: Business Grants Available For Propesctive And Existing Business Owners In Nigeria | MarvelTvUpdates

Money.
Funding.
Capital.
Without any of it; your dreams. Your entrepreneurial aspirations will not happen.
Harsh reality. But, true.
So, what do you do to raise capital?
Dip your hands into your savings? Take out a loan? Chase after investors?
Or,
you can apply and get grants for your business.

In this post we will be sharing various funding opportunities available to businesses in Nigeria, We hope you find it helpful

  1. The National Youth Entrepreneurship Empowerment Summit (NYEES) is a Federal government-led initiative focused on equipping entrepreneurial youths with the necessary skills and mentorships they need to contribute to national development.
    Launched in May 2019, as part of the Democracy Day celebration the first edition was held in Abuja. With the second cohort slated to hold in Oct as part of the Independence Day celebration.
    Participants undergo entrepreneurship and empowerment seminars, plenary sessions, lectures, open forums, skills acquisition training and pitching of business ideas for start-up grants.

Prize Money

1 million naira cash prize for 10 winners

Eligibility

Must be a Nigerian Youth aged 18-35

Must reside in Nigeria and your business operational in the country

Your business must be in one of the following, Art, Dance, Theater, New Media, ICT, Hands and Craft, Culture, Fashion and Design, Film and Entertainment, and Architecture.

Your business idea must contribute to any of the 9 FG’s top priority areas.

How to apply

Make a 1-minute video showcasing your innovative idea

Upload video on social media

Use relevant hashtags: #NYEES2 #NYEES #NYEESCREATIVES

Follow and tag @NYEESummit

  1. CBN Creative Industry Financing Initiative

The Central Bank of Nigeria in partnership with the Banker’s committee 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, Movie and Music.

Target Market

Designers – seed funds of N4.0 billion

Information Technology – N5.5 billion

Student Software development – N1.0 billion

Movie Production – N3.0 billion

Movie Distribution – N4.0 billion

Prize money

The maximum amount an individual beneficiary can access.

Fashion – N3 Million payable in 3 years at 9% interest with 36 months moratorium.

Student Software development – N3 Million payable in 3 years at 9% interest with 18 months moratorium.

Information Technology – N50.0 million payable in 10 years at 9% interest with 36 months moratorium.

Movie Production – N50.0 Million payable in 10 years at 9% interest with 24 months of moratorium.

Movie Distribution – N500.0 million payable in 10 years at 9% interest with 24 months of moratorium

Music – N500.0 million payable in 10 years at 9% interest with 36 months of moratorium

Eligibility

Must b a Nigerian with business domiciled in the country.

Must have an existing business in the creative industry.

Or a tech company engaged in the creative industry

Or a student of higher learning engaged in Software development.

The business must be in any of the verticals: Fashion, IT, Movie production and distribution and Music.

How to apply

Visit the CBN website to learn about the application process.

  1. Bank of Industry Youth Entrepreneurship Support Program

The Youth Entrepreneurship Support Program of the Bank of Industry was launched in an effort to help address the alarming rate of unemployment among the Nigerian youth.
The YES-P initiative aims to ignite the spirit of entrepreneurship in the youths by training, mentoring and funding viable business ideas. Participants will undergo an 8-weeks extensive online entrepreneurship and business training.

Prize money

Up to N5.0 million in loan

Eligibility

Applicant must be a Nigerian aged 18-35

A viable business idea which will be located in Nigeria.

Minimum education qualification of OND

How to apply

Registration is online. Visit the registration portal to apply.

PS: This funding might not be currently available as of the time of this post but you can always visit the website to stay updated

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