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Five (5) Federal Government Business Grants That Application is Currently Ongoing in 2021

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Five (5) Federal Government Business Grants

Five (5) Federal Government Business Grants That Application is Currently Ongoing in 2021

Are you an entrepreneur and you are looking for Federal Government Business Grants to apply for in order to boost your business? if your answer is yes, then you are at the right place, because we will be walking you through five Federal Government Business Grants in Nigeria that application is currently ongoing in 2021 and how to apply.

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Before we continue, if you want to know the Federal Government Loan programmes that are currently ongoing, kindly HERE

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It’s no longer news that the President Buhari-led administration is working effortlessly to resuscitate the economy of the country after the negative impact of the COVID-19 Pandemic last year on the income of Small and Medium Enterprise owners in the country through intervention Grants.

These grants are focused fully on MSMEs in which the Federal Government has initiated and thousands of beneficiaries have already benefited with many more beneficiaries to emerge.

Before we dive into the business of the day, let’s understand what Grant is all about.

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What Is A Grant?

Grant is simply a fund given to an individual to support his/her business growth without the individual necessarily having to pay back which also means it does not attract collateral.  Grants are given by Large organizations, governments, Nongovernmental organizations, and wealthy individuals for various purposes. Unlike loans, you do not have to pay back.

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Five (5) Federal Government Business Grants That Application is Currently Ongoing in 2021

1. Government Enterprise and Empowerment Program (GEEP)

The Government Enterprise & Empowerment Programme (GEEP) is a direct effort of the Federal Government of Nigeria through the Bank of Industry to break a multi-decade jinx of economic growth without shared prosperity. It is an initiative by the Federal Government of Nigeria to provide financial inclusion and access to micro-credit for Nigerians at the bottom of the economic pyramid.

For More information on how to apply click here Apply Here

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You can also apply using the USSD code which was recently introduced by the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development for the GEEP 2.0

How to Register for GEEP 2.0

1. Dial *4255*21#
2. Set up 6 digit withdrawal pin
3. Enter your Trade Name, e.g. Muhammed and Sons Enterprise
4. Enter Type of Business/Trade e.g., Rice, Maize or cassava Processing, Tailoring, etc
5.  Proceed to provide Answers to all the USSD code queries and Submit
When successful, a pop-up message will indicate that the Registration was a success.
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Kindly note that due to network glitches resulting from a large number of Nigerians trying to use the USSD code, error messages may occur at intervals. Applicants are advised to continue trying until it is successful.

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2. CBN Creative Industry Financing Initiative

The CBN is in collaboration with the Bankers’ Committee as part of efforts to boost job creation in Nigeria, particularly among the youth, has developed a Creative Industry Financing Initiative (CIFI).

More so, The Central Bank of Nigeria is in partnership with the Banker’s committee which recently launched Creative Industry Financing Initiative (CIFI) aimed at improving access to low-cost sustainable funding for entrepreneurs in the creative/IT sector.

The program, though not a grant, offers one of the lowest interest rates in the country at 9%. And it is open to youths with business ideas in Fashion, IT, Movies, and Music.

For More information on how to apply click here Apply Here

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3. Lagos State MSME Recovery Fund 2.0

The Lagos State MSME Recovery Fund (LSETF) 2.0 is a funding programme that is designed to help MSMEs in Lagos recover from the effects of the Covid-19 pandemic and it is fully backed by the Lagos State Employment Trust Fund (LSETF).

The LSETF helps to promote entrepreneurship through enhancing access to capital, strengthening MSMEs’ institutional ability, and developing policies to improve the business climate in Lagos State. It will also develop programmes to train and place unemployed Lagos citizens in jobs, as well as programs to promote innovation in the Lagos ecosystem.

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The Lagos State Government will contribute the majority of the fund in financing the programme which has been disclosed to be up to N25 billion over four years but will also seek additional funds from other sources such as donor partners, development agencies, business organizations, and individuals.

For More information on how to apply click here Apply Here

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4. National Institute of Food and Agriculture (NIFA) Grants.

NIFA is a federal-owned agency under the umbrella of the USDA (United States Department of Agriculture). This grant, however, focuses on nonprofit organizations, larger businesses, and leadership that tries to advance agriculture.

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Furthermore, the agency disburses federal funds to tackle agriculture-related issues affecting the nation. Also, NIFA spins throughout the year, offering different grants to foster healthy competition in the agricultural sector.

For More information on how to apply click here Apply Here

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5. GroFin Fund

GroFin is a specialist, impact-driven financier. We help entrepreneurs succeed by providing them expert advice, continuous guidance, and financing to grow their businesses.

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They believe that SMEs need more than finance to succeed. And that growing small businesses to create sustainable jobs is the most powerful driver of social and economic development that truly improves people’s lives.

For More information on how to apply click here Apply Here

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