HOW TO ACCESS FUNDS TO START OR BOOST YOUR BUSINESS
INTERNATIONAL FUNDS
* International NGOs and Foundations:
Bill and Melinda Gates foundation
Ford foundation
* Diplomatic Corp:
US embassy and consulate in Nigeria (Ambassador’s small grant program)
Australian High Commission (Abuja direct aid program)
* Multilateral agencies: Shell etc
* Department For International Development (DFID)
*Japan International Cooperation Agency (JICA)
* World Bank
African Development Bank (ADB)
NATIONAL FUNDS (LOCAL AND FEDERAL)
* Trade or sell something that you have but don’t need.
* Personal savings (Daily or monthly, in actual bank or piggy bank)
* Ask family members, the community or public
* From wealthy individuals or celebrities
* Go to suppliers and get goods on credit (provided you can meet up with pay back time)
* Join a cooperative society
* Religious associations (that you are active in)
* Get investors to buy shares in your business
* Sell part of the business
* Government agencies and programs ie: Abuja Enterprise Agency, YouWIN connect Nigeria etc
* Local NGO’s and Foundations eg: Tony Elumelu Entrepreneurship Program (TEEP), Africa’s Young Entrepreneurs (AYEEN) financial grants
* Write/Apply to companies
* Bank loan
I) Bank of Industry (BOI)
II) Bank of Agric (BOA)
III) Nexim Bank
IV) Central Bank of Nigeria (CBN)
V) Development Bank of Nigeria (DBN)
VI) Commercial Banks
VII) Microfinance Bank
Important note:
-You don’t pay back grants but you pay back loans.
-You need to know how to apply for grants and loans
-Before you consider embarking on a fundraising journey, you need to have answered these questions:
a) Why you you actually need the fund?
b) How do you intend to spend the fund? (legal structure, business model/plan etc)
c) How and when do you intend to pay back (if applicable)
d) what do I have on ground (advance savings)
e) Do I have an equity (be it landed properties or anything else)
