Small businesses form the backbone of Nigeria’s economy, yet they consistently grapple with challenges, notably the perennial obstacle of securing vital funding. According to the World Bank, African SMBs face a staggering financial gap of $330 billion. Additionally, only 25 percent of SMBs in Africa have access to bank loans, a percentage that sharply contrasts the 50% observed in developed economies.
This initiative, offering five to 15 Nigerian small business owners, cements Google’s unwavering commitment to cultivating entrepreneurial growth in Nigeria.
Google’s Hustle Academy, introduced in 2022, provides SMEs with business and management education, mentoring, and networking, with a particular emphasis on preparing them to package their businesses in order to raise the necessary capital to take their businesses to the next level. Since its inception, the program has graduated over 4,000 SMBs in Nigeria, with a notable 74% from the first year reporting marked business growth.
Building on the success and impact of the Hustle Academy initiative, the Hustle Academy Fund earmarks a N75 Million pool exclusively for Nigeria to support 15 investor-ready SMBs through non-dilutive funding. This commitment is further enriched with tailored mentorship, ensuring these businesses are primed for success.
To ensure impactful allocation, the Fund invites applications from visionary, investor-ready SMEs operating within Nigeria, emphasizing businesses that have shown commitment to scalable and sustainable growth.
The Eligibility and Criteria for selection are listed below;
1. Must be an SME formally registered and operating in Nigeria.
2. Business should be between 1-7 years old.
3. Businesses must have digital-enabled scalable products or services.
4. Be a graduate of the Hustle Academy Program.
5. Businesses should employ no more than 15 employees.
6. Businesses must have a clear growth plan and the ability to leverage the fund to achieve it.
7. Show willingness to engage in mentorship and utilize Google’s suite of tools and platforms.
We have prepared this brief questionnaire to better assess your eligibility for the Fund. It should only take 15 minutes of your time to complete.
Please provide your honest response to the questions and be as detailed as possible. Only businesses that meet the eligibility and criteria above will be contacted for further information.
Deadline: October 12, 2023.
Click HERE To Apply