As an entrepreneur, raising capital is no joke. It is a massive part of your business growth, and there’s no running away— except you’re no longer interested in growing your business or plan to drown in a sea of debt. If that’s not the case and you’re thinking of ways to finance your micro-medium business, keep reading.
As part of International Women’s Month and in a bid to help women in business, we are highlighting some of the best funding sources for MSMEs. The criteria you have to meet may differ for different funding sources, but most of the time, if not all, these financial sources lookout for businesses adding value to their immediate community.
One thing to note is that it’s essential to choose the option that best suits your business.
- The Business Hub (TBH)
Designed to help businesses grow, The Business Hub is a community that helps business owners network, build their business and scale it. The Business Hub is an all-inclusive community perfect for new and existing entrepreneurs with free digital marketing training, mentorship support, equipment and office space rentals, and access to loans.
- Benefits: Loans of up to N 5 million, business mentors, business registration, free digital marketing, space and equipment rental.
- Investment type:
- Loan
- Capacity Building
- Application period: Always open
Join the community and access these facilities by visiting their website.
- African Small Business Catalyst (ASBC)
A program under the United States African Development Fund (USADF), the African Small business Catalyst is a business accelerator targeting SMEs in sub-Saharan African countries within the Agriculture, Education, Healthcare sectors, including the Water, Sanitation, and Hygiene (WASH) sector. Special consideration is given to SMEs that tackle climate issues and gender equity.
- Benefits: Loans ranging from USD$100,000 to USD$1 million, Targeted Technical Assistance (TTA), and grant capital of up to USD$100,000.
- Investment type:
- Loan
- Grant
- Capacity Building
- Application period: March 4th – April 15th 2022
If you’re interested, then you don’t want to miss this application deadline! Apply now.
- One Woman
With One Woman, female entrepreneurs can access discounted loans, access to market, business advisory, and other business solutions customised for your business.
- Benefits: You can access up to N 5million naira loans, investment opportunities, discounts, etc.
- Investment type:
- Loan
- Capacity Building
- Application period: Always open
Learn more about this offering by visiting their website.
- Lagos State Employment Trust Fund (LSETF)
LSETF has a loan program that aims to create affordable access to funding for micro/small/medium businesses in Lagos State.
- Benefits: Loans ranging from N 50,000 to N 5 million.
- Investment type:
- Loan
- Capacity Building
- Application period: Always open
So if you’re looking to finance your SME, learn more and apply.
- Tony Elumelu Foundation Entrepreneurship Programme (TEF)
TEF is an entrepreneurship program with its main aim to empower young people across Africa, to help eradicate poverty and drive Africa’s development.
- Benefits: $5000 seed capital, 12-week business training, and mentoring.
- Investment type:
- Grant
- Capacity Building
- Application period: Jan – March 31st 2022
To get more info and apply, visit their website here.
- Bank of Industry (BOI)
BOI has different grants and loans programs created to ease the challenges of financial access that businesses face in Nigeria. Review the various support programs and select the best fit for your business here.