Funds has always been a major setback for most startups especially in African countries coupled with the realization of poor amenities and this has really made most startups shut down their business operations. The truth is, without cash flow, businesses find it difficult to operate and achieve their goals and as you may rightly know, every new business needs sustainability with expenses ranging from logistics, promotions/marketing, inventory, salaries, etc. How can this be achieved with little or no financial resources! But here is the good news.
There are organizations who have millions of dollars set aside for the funding small business enterprise. You might have come across some and maybe just ignore or you don’t believe they are for real. These organizations range from personal foundations, corporate CSR, government grants and other special grants. Some of the grants can fund any kind of business enterprise,while others are meant to encourage investment in certain sectors of the economy. For instance, some grants are for small businesses interested in green renewable energy or in ecological conservation projects. Some grants are also meant for NGOs , Women or social enterprises.
Let’s take a lot at few of these organisations.
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The Tony Elumelu Foundation Entrepreneurship Programme
The $100 Million Tony Elumelu Foundation Entrepreneurship Programme was established by Mr Tony Elumelu, the Chairman of UBA bank and Heirs Holdings. It is an annual programme, designed to empower the next generation of African entrepreneurs.
The $100 million programme, announced at the Tony Elumelu Foundation headquarters in Lagos, Nigeria, will identify and support 1,000 entrepreneurs from across the continent each year over the next 10 years.
The 10,000 start-ups and young businesses selected from across Africa will ultimately create one million new jobs and add $10 billion in annual revenues to Africas economy.
The Tony Elumelu Foundation Entrepreneurship Programme is open to citizens and legal residents of all 54 African countries.
Applications can be made by any for-profit business based in Africa in existence for less than three years, including new business ideas.
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