How to access funding for start ups and businesses in Nigeria

Are you an entrepreneur with a burning desire to set up local business/businesses in Nigeria but lacking funds for start ups? This article will guide you through various ways you could access funds for your business/businesses. You do not essentially need a lot of funds to make your business/businesses thrive. What is primarily required of you for start up/start ups is a high-quality idea along side with suitable preparation and planning.

There are many ways you can access funding for the start up/start ups of your business / businesses  within Nigeria like: Personal savings, borrowing from Friends and Family ,banks, Investment Bankers, You Win entrepreneurial scheme, Entrepreneurship Supporting Banks and Institutions, Tony Elumelu Foundation (TEF), Group Contributions, from customers, suppliers, NGOs and not-for-profit organizations, Angel etc but in this article, I am only going to discuss 5 top ways to access funding for local business/businesses.

You Win! Entrepreneurial government scheme:

Nigerian government recently introduced you win scheme as a means of helping Nigerian Youths with innovations but who have no funds for start up / start ups of their business/businesses. You can make your application via Https://www.youwin.org.ng/howapply

Tony Elumelu Foundation (TEF):

Tony Elumelu Foundation (TEF) is an organization devoted to the encouragement and celebration of distinction in business management and entrepreneurship across Africa to give start up/start ups funding to 20 technological business enterprises. Nigeria’s top technology innovation hub, Co-Creation hub of late joined with the Tony Elumelu Foundation (TEF). Three business start ups that will be recipients of the start up funds include the start ups below: * Efiko * Efiko and Varsoft .You could visit the two website below for detailed information.www.tonyelumelufoundation.org. and www.cchubnigeria.com.

Entrepreneurship Supporting Banks and Institutions:

The funding for your business start ups can also be obtained with funds by entrepreneurship supporting banks or institution. Some banks and institutions frequently make available funds to support entrepreneurship. Their conditions are generally bendable; these institutions or banks habitually demand a bet in the new business and whereby a bet is not demanded, they may allow the business  start up a longer pay back time.

NGOs and Not For Profit Organizations:

NGOs and Not-for- Profit- Organizations may not straightforwardly provide funds for your business start ups .What they could do is link you up with personal shareholders and big organizations that would provide you with the funds for your business.

Angels:

Angels are well to do Nigerians that have decided to use a fraction of their affluence to assist young entrepreneurs and minute business start ups  All that is required of you is to fulfill the requirement set by the angel investor and your start up will be funded, so long as you have a good business idea supported by a concrete plan.