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How to Access Business loans and Grants in Nigeria.
June 17, 2020
Your business idea remains an idea till you get financed.
Many ideas couldn't see daylight because of a lack of funds. So let's show you how you can access business loans and grants in Nigeria!
Important Notice; the only difference between a loan and a grant is that the former has to be repaid while the latter is what you can call 'free money.
While there aren't many business grants or loans in Nigeria, there are a few concrete ones that with the right energy you could access.
Today, we will look at grants and some other time, loans.
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1. TONY ELUMELU FOUNDATION: About 8,000 businesses have benefited from Mr. Tony Elumelu's foundation. This foundation started in 2015 and every year since then a selected number of entrepreneurs are chosen after evaluation and training to receive a $5,000 seed capital. Visit @tonyelumelufoundation to know more. #TEF2022
2. Africa’s Young Entrepreneur Empowerment Nigeria (AYEEN): Are you a young entrepreneur with a dynamic business idea? Well, you should take a look at this. This is a yearly grant to empower NIGERIAN entrepreneurs. NB: You must be a NIGERIAN that resides in the country to be eligible. Visit https://ayeonline.org/join/ to register.
3. African Women Innovation & Entrepreneurship: This is solely for African women with scalable business ideas. Interested participants should visit https://awief.awardsplatform.com/ for more information
4. Bank of Industry (BOI): This is not a typical grant but it's what you can call a 'soft loan' from the federal government to empower Entrepreneurs within the country. To qualify for this program, you must have a registered business. To apply, visit any BOI branch near you to submit an application.
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