Access to international grants for small businesses is a dream come true for many Nigerian entrepreneurs. Lack of funding is one of the major reasons small businesses don’t thrive. To get the ball rolling, you need to source ways of raising capital for your small business.
Irrespective of whatever small business you have, there’s always a funding option for your business. All you need to do is make proper research, choose the one that works best for you, ensure you meet the required criteria, and apply. Hopefully, you’ll get the funding to expand your business.
International Grants for Small Businesses in Nigeria 2022
One of the best ways to finance and promote your business is getting a loan or grant. A loan requires you to pay it back after a particular time. On the other hand, you don’t have to pay back a grant making it a better option. There are many organizations worldwide that offer grants to support small businesses.
This article will show you 5 international grants for small businesses in Nigeria in 2022. Check them out below:
- World Bank grants
- International monetary fund (IMF) grants
- United States African Development Foundation (USADF)
- GroFin fund
- Africa Netpreneur Prize Initiative (ANPI)
World Bank Grants
World Bank is an international finance body that provides grants to businesses and business owners around the world. They partner with the governments of developing countries to provide support to businesses, education, health, agriculture, and so on.
You could consider checking their website on how to apply and also see if you meet the required criteria. However, there are a few tips on how to apply for the World Bank grants;
- Go to their website, check through the list of grants they offer, and carefully choose the one that works best for you.
- Write a very good business proposal or plan that will impress the grant providers and make them award you the grant.
- Carry out proper research and consult other business owners who have benefitted from the grant to get more information concerning the grant.
- Access yourself and be sure you are qualified, and then you can work on your grant application.
- Look through your grant application carefully, make sure you meet, and fill in all the required information. You should also keep a copy of your response. After this, you can now finally submit your grant application and await their response.
International Monetary Fund
The International Monetary Fund (IMF) is an international financial institution that gives grants to NGOs or non-profit organizations to help them support business owners and also help those that are in need or disadvantaged.
Nigeria has been with the IMF after its independence and has been benefiting a lot from the IMF. Many small business owners have benefitted from the IMF. All you need to do is research, apply, and ensure to meet their criteria. You can visit their website to apply or learn more about the IMF grant.
United States African Development Foundation (USADF)
The USADF was established to provide financial and technical support to African businesses or enterprises. It is an independent agency that offers grants up to $250,000 for expansion of enterprises, early-stage agriculture, operational assistance, and so on. The USADF grant is open to individuals, businesses, and organizations making an impact in their community.
It also focuses on agriculture so, if you are a business owner who is into agriculture, wants to go into agriculture, or sell agricultural produce then you should consider applying for this grant. It’s open to small businesses in Nigeria and other African countries. You can visit their website for more information.
GroFin Fund
GroFin is a financial institution that helps SMEs succeed by providing them with business support and grants to promote and grow their business. They believe that a small and medium scale enterprise that creates jobs is the most powerful driver of social and economic development that reduces the rate of unemployment and improves people’s lives.
It was established in 2004, and since its inception, it has invested in over 700 SMEs, sustained nearly 90,000 jobs, and is present in 14 African countries and the Middle East. It has committed to about $500,000 to fund small and medium businesses across Nigeria. To support small businesses in Nigeria, it gives out a minimum of $100,000 and a maximum of $100,500 and they give out these funds most times for six years.
To apply, visit their website.
Africa Netpreneur Prize Initiative
The Africa Netpreneur Prize was founded by Jack Ma of Alibaba group. The Jack Ma foundation was established with the sole aim of supporting small businesses across the 54 countries in Africa. The grant seeks to celebrate entrepreneurs who have what it takes to contribute positively to the local community and economy at large.
A small business owner who has what it takes to provide a solution to a particular problem should consider applying for this grant as it will help to grow and promote your business. The Jack Ma Foundation is open to all entrepreneurs regardless of their gender, age, or race. The prize money is $1 million and this is shared among 10 winners. You could be lucky enough to be part of the winners. You can visit their website to apply online and also learn more about the grant.
There are also other business grants in Nigeria that you can look into to help promote your small business this New Year.
Conclusion
Applying for business grants will go a long way towards becoming a successful entrepreneur or business owner because it will help to promote and grow your business. All you need to do is carry out a proper research, check for eligibility, and finally apply. Note that not all grants are eligible for Nigerian business owners so make sure to check well before applying. Meanwhile, check out SME360 for other articles on raising funds for your business.