Looking for loans or grants to establish your business or you want to use it for something urgent?. This article is for you. Almost everybody preferred federal or state government. However, here is a compiled list of some you can apply for right away if you can meet up with the minimum requirements.
CBN Creative Industry Financing Initiative
The Central Bank Of Nigeria CBN is in collaboration with the Bankers’ Committee as part of efforts to boost job creation in Nigeria, particularly among the youth, has developed a Creative Industry Financing Initiative (CIFI).
Creative Industry Financing Initiative (CIFI) is 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, Movies, and Music.
Government Enterprise and Empowerment Program (GEEP)
The Government Enterprise & Empowerment Programme (GEEP) is a direct effort of the Federal Government of Nigeria through the Bank of Industry to break a multi-decade jinx of economic growth without shared prosperity.
It is an initiative by the Federal Government of Nigeria to provide financial inclusion or loans and access to micro-credit for Nigerians at the bottom of the economic pyramid.
Register and Apply Via USSD Below
1. Dial *4255*21#
2. Set up 6 digit withdrawal pin
3. Enter your Trade Name
4. Enter Type of Business/Trade e.g., Rice, Maize or cassava Processing, Tailoring, etc
5. Proceed to provide Answers to all the USSD code queries and Submit
When successful, a pop-up message will indicate that the Registration was a success.
National Institute of Food and Agriculture (NIFA) Grants.
NIFA is a federal-owned agency under the umbrella of the USDA (United States Department of Agriculture). This grant, however, focuses on nonprofit organizations, larger businesses, and leadership that tries to advance agriculture.
GroFin is a specialist, impact-driven financier. That helps entrepreneurs succeed by providing them expert advice, continuous guidance, and financing to grow their businesses.
They believe that SMEs need more than finance to succeed. And that growing small businesses to create sustainable jobs is the most powerful driver of social and economic development that truly improves people’s lives.
Furthermore, the agency disburses federal funds to tackle agriculture-related issues affecting the nation. Also, NIFA spins throughout the year, offering different grants to foster healthy competition in the agricultural sector.
The NYIF application is opened to Nigerian Youths from the age of 18- 35 years.
See details here
Lagos State MSME Recovery Fund 2.0
The Lagos State MSME Recovery Fund (LSETF) 2.0 is a funding program that is designed to help MSMEs in Lagos recover from the effects of the Covid-19 pandemic and it is fully backed by the Lagos State Employment Trust Fund (LSETF).
The LSETF helps to promote entrepreneurship through enhancing access to capital, strengthening MSMEs’ institutional ability, and developing policies to improve the business climate in Lagos State. It will also develop programs to train and place unemployed Lagos citizens in jobs, as well as programs to promote innovation in the Lagos ecosystem.
Which ever fits your category, make sure you apply for one. You can share your thoughts with us via the comment box below.