For those who wish to invest in business, but do not have sufficient capital, there are organisations that are willing to offer funds to support sustainable businesses.
Research has shown that the ability to manage a business with the available funds is also a great challenge for start-ups.
As a result, some Nigerian companies and international organisations are giving financial support to people with innovative business ideas as part of their corporate social responsibility.
Available business funding opportunities for start-ups and enterprises that require expansion are highlighted below:
BoI’s N10bn fund
The Youth Entrepreneurship Support Programme of the Bank of Industry, aimed at addressing youth unemployment, is at its second stage.
According to the information on the BoI website, young aspiring entrepreneurs between the ages of 18 and 35 years, that have viable business ideas can benefit from the programme created to empower them.
The initiative, whose applications will close on July 17, 2016, will engage participants in eight weeks intensive online entrepreneurship and business management five-day in-class training.
The bank states that successful applicants can get financial support of up to N5m to start up their business. According to the BoI, other benefits are technical skills, training opportunities with vocational institutions and insight on sales and marketing.
Highlighting the criteria for eligibility, the bank says, “The applicant must be a Nigerian; must have a viable business idea within the 40 identified clusters that are in operation, or will operate in Nigeria; must be within the age limits of 18 and 35; and must possess a minimum educational qualification of Ordinary National Diploma. The applicant must be able to carry out the application process online.”
To support creativity in logistics, the DHL is receiving applications from people who will benefit from its €5,000 fund.
According to information on its website, applicants must have a business idea centred on the use of global transportation networks to provide fair access in developing remote regions.
“It could be about applying the latest technologies to create transparency in the supply chain, or alternative ways for logistics to accelerate fair production and trade. Your concept could be a new product, a service solution, or even a great packaging concept. Just make sure that your idea demonstrates value to the business, as well as to society and/or the environment,” it adds.
For the competition whose entry will close in September 28, 2016, DHL says applicants must submit an essay describing the business concept in about 1,000 words and a short video outlining the problem, explaining the solution and its contribution to fair and responsible logistics.
Varkey Foundation’s £20,000
In order to promote qualitative education globally, Varkey Foundation is offering fellowship opportunities for recent post-graduates with a passion for making a difference in education and contributing to its annual Global Education and Skills Forum in Dubai.
The foundation, on its website, says that successful applicants will enjoy seven months paid fellowship, which will start in September.
In addition it says, “Fellows will receive continuous support and guidance from the team, with constant communication. The fellowship will involve a trip to Dubai for up to four weeks in the lead-up to the GESF conference. This opening provides fellows with an intensive learning opportunity to deepen their understanding of the education and philanthropy sector.”