Four Ways To Access Funds As A Young Business Owner In Nigeria
Funding is an essential resource for any enterprise, it is a crucial aspect of building and sustaining a business for growth and maximum profitability. There are many ways entrepreneurs can access funds to grow their business, here are four of them below:
The Nigerian Government has partnered with several institutions and has also put in place initiatives to help micro, small and medium enterprises access funds to grow their business. Some of these funding initiatives and institutions include; Bank of Industry (BOI), Development Bank of Nigeria (DBN) and Nigerian Economic Summit Group (NESG) Startup Pitch Competition.
Private organization/individual funding programs
A number of private organizations and wealthy Nigerians have created several funding opportunities to provide grants to business owners. These grants help small business owners scale their businesses. Eligibility criteria and requirements are set down to streamline the process. Some of these include; the Tony Elumelu Entrepreneurship Program, Flourish Africa Grant, Google for startups accelerator program.
Crowdfunding is another popular way of sourcing for funds and depends on a system of generating small investments from a large number of sources. Equity crowdfunding is getting investors to give money to the business in exchange for a percentage of ownership of the company. It affords the entrepreneur the opportunity to raise a larger sum of money from different investors.
The fifth phase of the MTN Foundation ICT and business skill training recently commenced, with a 40 million naira equipment grant available to 200 young people. Entrepreneurs aged between 18-35 years who own or manage a Micro, Small and Medium Enterprise (MSME) for at least two years can register at http://www.mtnonline.com/MTNF-ICT/ to be a part of the training before the deadline by January 30, 2022.