There are a number of business grants available for African entrepreneurs and start-ups, and this is awesome, as business grants are an ideal way to get funds to improve and expand your start-ups as an entrepreneur and business owner. The best thing about grants is that they are non refundable, unlike loans, which are usually paid back with interests.
In this article we will look at the definition of grants, what grant providers expect from you and the top three grants available to you as an African business owner.
What is a business grant?
A business grant is money that is given to entrepreneurs to help them fund or grow their business. They are usually provided by corporations, governments, foundations or trusts.
What grant providers expect from you
Grant providers usually expect applicants to meet some basic requirements. The requirements below are for applicants who want to fund their start-up ideas or entrepreneurs with already existing businesses that want to upscale their businesses. Therefore, not all the requirements given below will be applicable to you based on the category that you are in. Here are the requirements.
- Have a business plan with a convincing business idea, and the required fund to start it
- Have an existing business
- Your business idea or existing business should be one that will yield a turnover in a short duration
- Provide business registration with CAC
- Financial records of business
- Record of staff salaries if the business is in existence
The top three business grants for African Entrepreneurs and Start-ups
- Tony Elumelu Foundation Entrepreneurship Program
The Tony Elumelu foundation provides finance to innovative African business owners or startups with innovative ideas. They offer a $100 million grant, to be used in creating 1,000,000 jobs and to contribute $10 billion in annual revenues to Africa’s economy. Visit their website for more details.
- MEST Africa challenge
This grant is for entrepreneurs who are in the tech business. The organization offers an annual pitch competition for everyone in Africa with a business fund of $50,000 in equity investment for startups. Visit here for more details.
- She Leads Africa Accelerator Grants
This grant is offered yearly, to female entrepreneurs in Nigeria, who are between the age of 18-35 and have an established business that needs funding. They provide an investment capital of 2 million naira, as well as media coverage to boost the profile of entrepreneurs. Visit here for more details.
What other top business grants for Africans are you aware off? Please mention them in the comment section.
