Are you a business owner or someone with a bright idea looking to start a small business, but you do not have the capital and are afraid of taking loans, well grants are specifically designed for you.
Business Grant
Business grants are big or sizable sums of money philanthropists, government, non-governmental organisations or corporate firms give to business owners in order to help them grow their business or develop new ones.
Grants are very helpful and attractive for businesses because they do not have to be paid back unlike loans. They come in numerous forms such as: federal grants, state grants, small business grants, and grants from private businesses.
Best Approach To Applying For Grants
As you are applying for a particular grant there is a likely chance that thousands of people are doing same, what it means is that only a handful will be fortunate to get the grant, so you have to stand out to be selected.
There are four key factors to consider before applying for any grant and they have been listed below.
Preparation
When trying to get a loan, you probably have it at the back of your mind that you want to be among the lucky ones to benefit, but the question is do you have luck? It is said that luck is when preparation meets opportunity. So before you apply make sure to prepare adequately.
Ask yourself key questions like ‘Why do I need this grant?’ ‘How do I plan to use it? ‘What are my projected short/longterm objectives? If you can comfortably answer these questions, then you can convince the donors that you deserve it by making them understand how you will use the fund to make a big impact.
Eligibility/Qualification
Just like it is in every sphere of life, career, academics, you have to qualify for something before you can be accepted. You must read through the eligibility clause and be sure you meet the requirements to apply for that grant. It is important to note that so many business grants require you to have an existing business, it could be either in the agricultural field, food processing, tech innovation, production and sales or research field.
Requirement
Some organizations require certain information or personal details from applicants before they can be given the grant. It can be a range of things like proper documentation of your business transactions, proof of not being involved in any criminal activity, years of being active in business, and so on. This aspect depends on the donor and what they are interested in knowing.
Submit Application
When you have checked all the above boxes and met the requirements, the final step is to submit your application. This is not complicated as all you have to do is to visit the official website of the organization providing the grant and fill all necessary forms for your application to be submitted successfully. In some cases you may be required to carry a hard copy to the office and submit it in person.
List Of Grant Donor Organisations
In this article we will let you know 11 organisations you can visit to get grants in Nigeria.
1. International Monetary Fund (IMF)
The International Monetary Fund (IMF) with its headquarters in Washington DC, United States was founded in 1944. IMF gives grants to countries with poor and disadvantaged population struggling to survive as a result of crisis. This covers mostly developing and 3rd world countries.
The average grant award is $10,000.
Anyone interested in applying for IMF grant click HERE
2. Bill & Melinda Gates Foundation
The Bill & Melinda Gates Foundation formerly William H. Gates Foundation is a philanthropic organization founded in 2000 with a goal to improve the quality of life worldwide.
Owned by billionaire, Bill Gates and his wife, Melinda, the BMGF gives grants to non-profits and businesses around the world, but it has heavy presence in Africa.
According to a report in 2017, it was worth US$50.7 billion in assets, making it the largest privately owned philanthropic organization in the world.
The foundation regularly gives grants to organizations in Africa and the US that offer solutions to global problems of hunger and human rights.
To apply, visit their website
3. Ford Foundation
The Ford Foundation is one of the most famous philanthropic organization in the world. Established in 1936, the foundations has given out over $16.3 billion in grants to organizations in the United States, Latin America, Africa, the Middle East, and Asia.
The focus of the Ford Foundation is on initiatives aimed at reducing poverty and injustice; promoting democratic values; and advancing human knowledge.
You can find out how to apply for a Ford Foundation grant through their website
4. The Rockefeller Foundation
The Rockefeller Foundation is a private foundation headquartered in New York, USA. Its primary goal to promote the well-being of humanity throughout the world particularly in the areas of science, data, policy, and innovation to solve global challenges related to health, food, power, and economic mobility.
To learn more about Rockefeller Foundation grant check their website
5. United States African Development Foundation (USADF)
The US African Development Foundation (USADF) is one of the largest federal agency of the U.S established for the purpose of providing financial and technical aid to African enterprises.
It’s target is mainly youth and women and USADF seeks to promote local economic development by increasing incomes, revenues and jobs.
The USADF offers grants of up to $250,000 for operational assistance, enterprise expansion, and market linkage to early-stage agriculture, energy, and youth-led enterprises that benefit under-served communities in Sub-Saharan Africa.
Interested in applying for a USADF grant go to its website.
6. Africa’s Young Entrepreneur Empowerment Nigeria (AYEEN)
AYEEN is an empowerment initiative launched to help young aspiring entrepreneurs to achieve their business dreams. In additin to giving grants, it runs a mentorship program for young entrepreneurs where they are taught business skills essential to starting and expanding a business. This empowerment scheme is a programme that holds every year.
7. Center For International Private Enterprise (CIPE)
The Center for International Private Enterprise (CIPE) is a non-profit, private-sector organization designated in 1983 by the U.S. Congress as the business representative in the bipartisan National Endowment for Democracy program.
CIPE provides grants to business organizations such as chambers of commerce, trade associations, and private enterprise-oriented research groups throughout the world.
An important thing to note about this is that grants are made directly to non-U.S. business organizations without government intervention.
Read how to apply HERE
8. Tony Elumelu Foundation Entrepreneurship Programme
Founded by Nigerian business mogul and CEO Heirs Holding, Tony Elumelu, the foundation empowers young African entrepreneurs. It was launched in 2015 and since then over 7500 bright minded industrious men and woman have benefited from about $25 million worth of grants
A perk of being accepted into the foundation is that you get mentorship which will l help you to find stability in the business world.
For you to be eligible
-You must be legally accepted to work in the country you are applying from which must be African.
-You must reside Legally in any of the 54 African countries and have your business stationed in any of them.
-Your business must not be older than 3 years. -You must have a profitable business idea.
Visit its website if you wish to apply.
9. Bank Of Industry (BOI)
Bank of Industry (BOI) is a federal government initiative set up to support small and large business enterprises with funds to grow and expand. The BOI grants come in form of loans and it is open to all kinds of entrepreneurs.
Requirements
-Your business must be in Nigeria and must be registered.
-Profitable business idea should be submitted.
-You must be the right age to apply.
To Apply you need to visit the nearest BOI office(s).
10. Global Innovation Fund
The Global Innovatin Fund is a program aimed at providing support to innovative minds across African nations.
To benefit from the grants, you:
-Must be 18 years of age and above.
-Must be a citizen of the country you are applying from.
-Must have outstanding business ideas.
To apply for Global Innovative Fund, visit its website
11. African Women’s Development Fund
A gender-centric initiative established for the purpose of supporting the rights of women and funding organizations owned by women anywhere in the world. It gives grants to organizations that focus on tackling women’s economic security and justice, issues of health rights, inclusion and leadership.
The Requirements for an applicant are;
Organization must be owned and led by a woman .
Organization must be registered in an African country.
Organization must be 3 years old.
Must have a sound financial management system.
Must be able to give feedback for projects undertaken.
For steps on how to apply go to the website.
Need business ideas? Checkout these 10 businesses you can start with N100,000 in Nigeria. Find more grant articles at Goldennewsng
