Showing posts with label SME Funding & Grants. Show all posts
Showing posts with label SME Funding & Grants. Show all posts

Thursday, 27 February 2020

Keywords and hashtags arrived for Social Media Optimization - which when attached to your posts on social media, makes your post go viral.

Copy the keywords and hashtags here and attach to your post to see it go viral.

Here are some of the trending keywords today:

Boko Haram

RIP Dolapo
Arewa Twitter
Real Madrid
The trending hashtags are

Wednesday, 26 February 2020

Countdown: Apply for FCMB SheVentures Zero Percent Loan

Countdown: Apply for FCMB SheVentures Zero Percent Loan

From now until February 27, 2020, you can apply to be one of 40 lucky female business owners to get a loan of between N500,000 and N5,000,000 absolutely interest free!

Simply click here to apply. The application link will close on February 27th, 2020.

For further enquiries and clarification, please send an email to [email protected] .

Wednesday, 19 February 2020

FCMB: Get A Business Loan Of Up To N5 Million With Zero Percent Interest.

FCMB: Get A Business Loan Of Up To N5 Million With Zero Percent Interest.

Seeing your business grow is of great importance to FCMB, and their zero percent interest loan is one of the ways through which they can help you accomplish this without stress.

From now until February 27th, 2020, you stand a chance to be one of 40 female entrepreneurs to get a business loan of up to N5 million without any interest.

Since they launched this unique proposition in 2019, 120 female entrepreneurs have gotten loans ranging from N500,000 to N5 million at 0% interest to support their businesses. You could be next!

Please note that the maximum loan tenor is 3 months and you can only access 50% of your monthly turnover.

Benefits of the Offer
  1. Zero interest on loan
  2. Training
  3. Capacity building
  4. Mentoring
  5. Networking.
You could be one of the 40 women who will qualify to get access to 5million at 0% interest rate; and get training and mentorship for a quarter. Applications close on the 27th of Feb 2020.
Please note that applications after deadline will not be considered

Click here to apply.

Monday, 6 January 2020



How do I apply for the programme?
All Applications must be submitted ONLINE through the APPLICATION PORTAL. You must complete an application form by answering a series of mandatory questions and uploading additional documents and identification materials. After submission, you will receive a confirmation email of receipt within 1 working day.
What if my company is a partnership?
Only one nominated person from the business or the partnership is able to join the programme.
Can I apply offline?
No. All Applications must be submitted online through the application portal.
How is the Programme Selection Process?
1.     1- How are selected applicants chosen to join the programme?
Selection of the applicants will take place from the close of the Application on March 1st, by the Tony Elumelu Foundation and an independent Selection Committee appointed by the Foundation, against the specified selection criteria.
2.     2- By what criteria are the applicants to be judged?
All applications will be judged on 5 core criteria, which are:
1.     – Feasibility of the business idea.
2.     – Market Opportunity: Knowledge and understanding of the market, customers and competitors for their idea/business.
3.     – Financial Understanding: Understanding of the basic financial requirements of running a business, costs and revenues.
4.     – Scalability: Demonstrates potential for replication and growth of their product or service to create jobs and wealth.
5.     – Leadership Potential and Entrepreneurial Skills: Demonstrate leadership potential, capable of attracting people, customers and resources.
4.     3- The Tony Elumelu Foundation itself is located in Nigeria, does this give preference to Nigerian entrepreneurs?
No. The TEF Entrepreneurship Programme is a Pan-African programme and open to business ideas from all the 54 African countries from which we will select the best business ideas for the programme.
4.     4- If my start-up is selected to join the programme, when and how will I be informed?
Successful applicants will be notified on the 22nd of March, via the email address designated in the initial application.  The list of selected entrepreneurs will also be posted on the TEF Website.
5- What additional information must I supply once my business is selected?
If Applicants are offered a place in the Programme, Applicants will be expected to:
–complete a self-declaration form,
-provide proof of valid ID,
-provide a personal bank statement from the past 6 months,
1.     -provide a statement of current personal debts.
3.     -provide a reference from an employer, bank and/or academic institutions;
5.     -Provide business bank account details (For UBA present countries, it must be a UBA account)

6.     6- Why was my application unsuccessful?
Since inception we have received over 65,000 applications for the limited spaces on the programme, while we can only accept 1000 entrepreneurs each year. Here are a few possible reasons why your application was not successful:
·        -You did not complete the application
·        -Your business or idea is more than 3 years old
·        -Your business or idea is not based in Africa
·        -Your descriptions in one or more sections of the application was not clearly described
·        -Your application did not meet other eligibility criteria
·        -You scored low in one or more of the selection criteria.

7.     7- How can I improve my chances next year?
Ensure that you review the selection criteria in the next programme cycle and be sure to describe your business plan or idea such that every aspect of the business or idea (i.e. description, market, customer acquisition, financials etc.) is fully covered.

8.     8- Is there a waiting list for Applicants who could join the programme?
Yes there is a waiting list.  If any of the selected 1000 do not claim their places by the set deadline, the next best entrepreneur from the waiting list will be chosen before commencement of the programme cycle.

9.     9- If not selected, can I reapply in another programme cycle?
Yes.  We will open the platform for applications on January 1 every year. Each applicant will be required to put in a fresh application. We believe the elapsed time should serve to refresh your interest in your entrepreneurial objectives, and there might be new developments to include in the application.
What if English is not my first language?
The application portal will have functionality in English, French and Portuguese.
What information/identification do I need to provide in my application?
You must answer all the mandatory questions in the application form.
How many applicants will be chosen to join the programme?
There are 1,000 places available annually for the applications that are selected by the Selection Committee for a placement in the programme.
Are there application/associated fees?
No. The Tony Elumelu Foundation does not charge any applicants a fee for applying to the programme.

Subscribe to this blog for update on when the application will begin.

Thursday, 2 January 2020

Apply for Equator Initiative and the Equator Prize 2020 (USD 10,000)

Apply for Equator Initiative and the Equator Prize 2020 (USD 10,000)

About the Equator Initiative and the Equator Prize
The Equator Initiative is a United Nations-led partnership that brings together governments, civil society, grassroots organizations, and businesses to foster resilient communities by recognizing and advancing local nature-based solutions for sustainable development. The Equator Initiative creates opportunities and platforms to share knowledge and good practices, develops capacities of local communities and indigenous peoples, informs policy through convening multi-stakeholder dialogues, and fosters enabling environments to replicate and scale up community action.
The Equator Prize 2020 will be awarded to outstanding local community and indigenous peoples initiatives that advance innovative nature-based solutions for sustainable development. The winners will join a prestigious network of 245 leading community-based organizations from 81 countries that have been awarded the Equator Prize since 2002. Each Equator Prize winner will receive USD 10,000 and will be supported to participate in a series of policy dialogues and special events during the IUCN World Conservation Congress in Marseille, France, in June 2020.
Equator Prize 2020 Theme: Nature for Life
This year’s Equator Prize will recognize innovative initiatives from local communities and indigenous peoples that demonstrate exceptional achievements in the area of nature-based solutions for local sustainable development. Winning initiatives will be honored for their successes in protecting, restoring and/or sustainably managing biodiversity for positive development outcomes. Thematic priorities include:
  • Nature for Prosperity. Protection, restoration and/or sustainable management of terrestrial or marine ecosystems, biodiversity, and/or wildlife that enables sustainable and green livelihoods, enterprises and jobs; including indigenous economies.
  • Nature for Water. Protection, restoration and/or sustainable management of ecosystems for water security.
  • Nature for Climate. Protection, restoration and/or sustainable management of ecosystems that help mitigate greenhouse gas emissions, and/or help communities adapt to the impacts of climate change.
In addition, the activities of successful nominees should ideally deliver on several Sustainable Development Goals simultaneously. For example, initiatives may improve food security, reduce poverty and inequality, or provide access to clean water. Special consideration will be given to nominees working onecosystem intactness and integrity, advocacy for land and water rights, social and environmental justice, and gender equality.
Local nature-based solutions for sustainable development
The Equator Prize 2020 nomination process will offer community-based initiatives the opportunity to share their work on the Equator Initiative’sweb portal of local nature-based solutions for sustainable development. The platform connects communities around the world and shares local solutions that work for people and planet. Participation in this platform is optional when submitting nominations for the Equator Prize

Monday, 28 October 2019

Apply for FCMB Women in Business Zero-Interest Rate Loan for SMEs

Apply for FCMB Women in Business Zero-Interest Rate Loan for SMEs

Women entrepreneurs in Nigeria who desire affordable and convenient funding to boost their respective businesses can now do so. This is because of Women in Business at First City Monument Bank Limited (FCMB) is set to launch a proposition that offers zero-interest-rate on loans to Small and Medium Scale Enterprises (SMEs).

The development is in line with the commitment of the Bank to empower women-owned SMEs (existing and start-ups), through financial support, advisory and value-added products, to enhance customer experience and overall contribution to the growth of the country and its economy. FCMB has established a dedicated desk for women-owned businesses, under its Business Banking Group and equipped this unit with highly professional personnel to meet the needs of this segment.

In a statement, the Bank explained the zero-interest rate product which is for an initial period of three months is designed as an all-round programme structured to prepare and equip the Bank’s female-owned SME customers to take their business to greater heights. This product comes with additional benefits, such as capacity building programmes through trainings and financial advisory services., 80 women every quarter, will have access to mentorship and training and 40 of these women will benefit from the loan. This means that by the end of the year, we would have mentored 320 women and 160 women would have enjoyed the facility.

Commenting on the product, the Executive Director, Business Development of FCMB, Mrs. Bukola Smith, said women have become important assets for social and economic growth, going by their business undertakings and exploits in the establishment and management of SMEs.

According to her, ‘’at FCMB, we recognise and appreciate the noble efforts of women entrepreneurs in the areas of job and wealth creation, poverty reduction, empowerment and the overall socio-economic development of Nigeria. Our zero-interest loan product is tailored to offer sustainable benefits and increase the productivity and contributions of women-owned SMEs. It will further unravel and unleash the true potential of women in entrepreneurship so they can take their respective businesses to greater heights and compete favourably in the global environment. We have also put in place, structures and processes to ensure transparent selection of the beneficiaries. We will hopefully increase the number of beneficiaries on a yearly basis and will keep enriching the other value-added advisory services to cater for emerging and pressing challenges women face in their businesses”.

In the same vein, the Group Head, Business Banking and SMEs of FCMB, George Ogbonnaya, said, ‘’we understand certain factors including lack of access to prompt funding, access to market and other support systems which combine to determine the success or failure of an SME. We will continue to support our customers operating in the SMEs segment to overcome these challenges. We want to be part of their success story’’.

Reports show that women make up 49.2% of Nigeria’s adult population. However, only 42.6% of them have access to formal financial services. Moreover, 42.7% of Nigerian women are business owners out of which only 2% have access to capital and loans to grow their businesses. It is also reported that an estimated 7 million businesses will be set-up by Nigerian women in the year 2021 with the potential to create 8.9 million jobs and unlocking N19.7 billion in terms of revenue for the country.

In recognition of the current and emerging realities and the commitment to build a strong SME base, FCMB offers several cutting-edge products, services and solutions to meet and satisfy the needs of businesses in this segment. The lender is one of the top participating Banks in the various intervention funds from CBN and local development institutions. So far, the Bank has disbursed several billions of naira to SMEs across Nigeria, with a significant portion going to women-owned businesses. It has also partnered international development finance institutions to provide funding, guarantees and grants to women entrepreneurs, while offering free banking transactions for a period of three months to new to FCMB SME customers as well as free training and other capacity training programmes for businesses operating in this segment.

The lender recently organised a promotion tagged, ‘’SME Race to China Promo’’ for its SME customers. Three winners of the star prize of an all-expense-paid trip (return flight tickets to Guangzhou, China and hotel accommodation for 7 nights), 8 winners of $500 preloaded shopping cards and 36 winners of consolation gifts, emerged and were rewarded.

Engaging in these developmental ventures have continued to fetch FCMB accolades. The Bank recently won ‘’The Best Bank in SME Financing’’ at the BusinessDay Banking and Financial Institutions Award 2018. Also, the financial institution was last year honoured by Sustainability, Enterprise and Responsibility Awards (SERAS) as the ‘’Best Company in Support of SMEs’’. In addition, FCMB was rated as the 3rd most customer-focused bank in the SMEs space in the 2018 report of the KPMG Banking Industry Customer Satisfaction Survey (BICSS).

Central Bank of Nigeria CBN Micro, Small and Medium Enterprises Development Fund (MSMEDF)

Central Bank of Nigeria CBN Micro, Small and Medium Enterprises Development Fund (MSMEDF)

 Frequently Asked Questions on MSMEDF
    I.             How Can I (Or My Company) Access The MSMEDF?
Prospective borrowers should approach Participating Financial Institutions (PFIs) of their choice and apply for the Fund.
  II.             What categories of entrepreneurs can apply for the Fund?
(a) Micro entrepreneurs (i. e. borrowers seeking loans of less than N500,000) are to approach any of the four institutions:
* Microfinance Banks          * NGO/Microfinance Institutions
* Financial Cooperatives    * Finance Companies
(b) Small and Medium Enterprises (SMEs) (i.e. prospective borrowers seeking between N500, 000 and N50million) are to approach any of these institutions:
  o              Deposit Money Banks
  o              Bank of Industry (BOI)
  o              Bank of Agriculture)
III.             Who are the Participating Financial Institutions?
The PFIs under the Fund are as follows:
Micro borrowers (N500,000 to N5,000,000) would approach:
·                              Microfinance Banks
·                              NGO-Microfinance Institutions
·                              Finance Companies
·                              Financial Cooperatives
SME borrowers (N5,000,000 to N50,000,000) would approach:
·                              Deposit Money Banks and Development Finance Institutions (Bank of Agric and Bank of Industry)
IV.             What are the activities that can be financed under the Fund?
·                              Agricultural value chain activities,
·                              Manufacturing & Cottage Industries,
·                              Artisans,
·                               Services,
·                              Trade and general commerce,
·                              Renewable energy or energy-efficient products and technologies, and
·                              Any other income-generating projects as may be prescribed by the CBN.

Further Information:
·          Prospective borrowers shall provide the requisite documents including collateral for SME loans;
·          PFIs will appraise loan applications, approve and forward loan requests of borrowers to the CBN for the release of funds;
·          MSMEDF will only release funds to borrowers through the PFIs;
·          The account of benefitting  borrower’s shall be credited by the PFIs within 5 working days upon the release of Funds by MSMEDF to the PFI;
·          Loans shall be granted at an interest rate of 9.0% per annum (all charges inclusive) irrespective of the type of eligible activity financed;
·          Borrowers shall be expected to payback all loans as and when due inclusive of any accrued interest to the PFI; and
·          The MSMEDF/CBN will recycle all fully repaid loans transferred to it by the PFIs.