Funding Opportunity for African Businesses

Published by

Moyin Arowolo

Funding Opportunity for African Businesses

This article is replete with funding opportunities for African business from Gender-responsive climate finance window, Amber grants for women and Lagos State Employment Trust Fund amongst others.

1. Gender-Responsive Climate Finance Window

Deadline: August 30, 2024

The Gender-Responsive Climate Finance Window is now accepting Concept Notes for its Fall Round (Cycle 5) until August 30, 2024. Interested applicants can apply here. The Gender-Responsive Climate Finance Window, made possible with support from the Government of Canada, will award early-stage grant funding for the design and launch of innovative blended finance vehicles focused on the intersection of climate change and gender equality in emerging markets globally.

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There has been a growing awareness of the climate-gender nexus over the past decade, but the field remains nascent. This Window aims to build the field by supporting a pipeline of climate-gender blended finance vehicles to reach bankability.

Types of Funding Available

Applicants can apply for feasibility study or proof-of-concept funding.

Feasibility study

Grants range between USD 40,000 to USD 190,000.
Funding to explore the feasibility of the vehicle. For example, a combination of the following activities would be eligible:
- Assessing the investability/bankability of the transaction
- Conducting market scoping
- Conducting a gender analysis and stakeholder consultations
- Designing the vehicle structure
Promising feasibility studies funded through this window may be considered for follow-on proof-of-concept funding.

Feasibility study applications must be able to 1) present an initial vehicle structure and investment thesis, and 2) demonstrate early engagement with potential investors and relevant stakeholders.

Proof-of-concept

Grants range between USD 190,000 to USD 500,000.
If a feasibility study (or equivalent) has been completed, then funding would be provided to complete all design and structuring activities to launch the vehicle. For example, a combination of the following activities would be eligible:
- Finalizing the capital structure and financial model
- Fundraising and marketing activities with prospective investors
- Final selection of implementing partners
- Finalizing the legal structure and producing key documents needed to launch the vehicle
- Development of a gender action plan (or equivalent) based on the gender analysis from prior feasibility work
Proof-of-concept applications will be expected to present 1) interest and ideally commitment from investors and relevant stakeholders to participate in the vehicle, and 2) a financial model.

Eligibility Criteria

To be eligible for consideration, proposals must meet the following criteria:

Theme

The proposal must be for the design and launch of a blended finance vehicle.
See our grant portfolio for examples of vehicles supported by Convergence under past Design Funding windows.
Vehicles MUST target either climate change mitigation and/or adaptation, AND integrate a strong gender equality focus.

Geography Any emerging market(s), eligible to receive official development assistance (ODA) according to the OECD-DAC List of ODA Recipients.

Sector Any sector(s) and sub-sector(s) aligned with climate change mitigation, adaptation and gender equality. For example, potential sectors and sub-sectors could include the following:

Climate Change Mitigation:
- Low-carbon transportation
- Renewable energy generation (on-grid and off-grid)
- Energy efficiency
- Agriculture, forestry and land use
- Natural resource management
- Energy transmission, storage, and distribution
Climate Change Adaptation:
- Sustainable/climate smart agriculture or aquaculture
- Climate-related insurance and disaster resilience
- Nature-based infrastructure
- Ecosystem-based adaptation
- Waste and wastewater management

Proposals are only accepted from organizations or consortiums of organizations.

For example, eligible organizations could include asset owners, asset managers, advisory firms, foundations, not-for-profit organizations, and corporations.
The lead organization must be able to provide 1) proof of incorporation, and 2) financial statements for the previous fiscal year.

Applicants are awarded funding in disbursements based on milestones, and are expected to meet reporting requirements, such as reporting on key challenges, learnings, and results on a regular basis. Learnings from the design stage will be synthesized into a public case study or learning brief and published to support market-wide learning.

For more information, visit Gender-Responsive Climate Finance Window

2. FedEx^® Small Business Grants Program 2024

Deadline: April 1, 2024

The FedEx Small Business Grants Program started in 2012 (formerly, the FedEx Small Business Grant Contest) to award U.S.-based small businesses with grants and prizes to enhance their businesses.

If you’ve had a FedEx account for at least six months and meet these requirements, let’s go!

I’m based in the U.S.
My business has fewer than 99 employees.
I’ve been in business for at least six months.
I ship with FedEx.

For more details, read the complete rules and requirements.

Start creating a standout application

Prepare your answers. We’ll ask you about:

Your business and the products or services you offer.
How you’d use your grant to grow your business.
What it’s like working with FedEx and how we’ve supported your business.

2. Find high-quality images, including your logo, that show your business’s personality.

3. Create a short video. Share your story as a small business owner and how your experience with FedEx helped shape your success.

Here’s how to get set to roll:

Make some notes on what you’re going to talk about.
Find a fitting place to shoot your video.
Do a test recording to ensure the lighting is good and audio is clear.
Don’t overthink the tech. A selfie video is perfectly suitable.

For more information, visit FedEx small business grants.

3. Amber Grants for Women

Deadline: Mar 30, 2024

WomensNet founded the “Amber Grant” in 1998. The grant was set up with one goal in mind: to honor the memory of a very special young woman, Amber Wigdahl, who died at just 19 years old — before realizing her business dreams.

Today, WomensNet carries on that tradition, proudly giving away at least $30,000 every month in Amber Grant money. In recognition of the diversity of businesses owned by women, we’ve also expanded our grant-giving to include “Startup Grants,” “Business Category Grants,” as well as two “$25,000 Year End Grants.”

How Do I Apply For an Amber Grant?

Applying is simple. Just take a few minutes to tell us about yourself and your business dream. No long, complicated forms to fill out. Submitting one application makes you instantly eligible for all grants related to your business. We announce the grant winners by the 23rd of the following month. View Application »

For more information, visit Amber Grants

4. Lagos State Employment Trust Fund MSME Loan Program For Entrepreneurs 2024

Deadline: March 31, 2024

LSETF serves as an instrument to inspire the creative and innovative energies of all Lagos residents and reduce unemployment across the State. The Fund has the mandate to directly invest N25Billion in helping Lagos residents grow and scale their Micro Small and Medium Enterprises (“MSMEs”) or acquire skills to get better jobs.

The LSETF Loan Programme aims to create affordable access to funding for small businesses to grow, expand, create wealth and put people to work. The loan scheme, which attracts only 9% interest rate per annum, is available to business owners who are registered residents of Lagos State.

The Fund expects to create 300,000 (Three Hundred Thousand) direct and 600,000 (Six Hundred Thousand) indirect jobs within three years, by supporting at least 100,000 (One Hundred Thousand) MSMEs.

Requirements for LSEFT Micro Enterprise Loan

LASSRA ID
TAX ID (LIRS)
VALID GOVERNMENT ISSUED IDENTITY CARD
BANK VERIFICATION NUMBER
2 PASSPORT PHOTOGRAPHS
6 MONTHS BANK STATEMENT
BUSINESS MUST BE IN EXISTENCE FOR AT LEAST ONE YEAR

Interested and qualified? Go to Lagos State Employment Trust Fund (LSETF) on loans.lsetf.ng to apply

For more details, visit LSETF website.

5. GroFin Grants and Funding for Small and Growing Businesses in Africa

Deadline: Applications accepted all year round.

GroFin is seeking applications for its Small and Growing Business Fund. GroFin is a pioneering development financier specializing in financing and supporting small and growing businesses (SGBs) across Africa and the Middle East. GroFin combines patient capital and specialized business support to grow emerging market enterprises.

Objectives

80 – 100 investments per year at an average deal size of USD $100,000- USD $1.5 million in local currency.
The fund typically provides finance in forms of medium term loans. Over 10 years the growing SGB portfolio will sustain 32,000 employees as part of its impact.
A specialist fund manager with a proven track record and local capacity in 9 countries in Africa.

Focus

Focus on Small and Growing Businesses (SGBs) that are grossly underserved by other funds or financiers.
Delivers a unique integrated solution for patient risk capital and end-to-end business support to start-up and growing businesses at the SME base.

Fund Size

US $100+ Million

Locations

Nigeria, Ghana, Zambia, Egypt, South Africa, Kenya, Tanzania, Rwanda, Uganda

Eligibility Criteria

Applicant’s business operates in one of the following countries: Nigeria, Ghana, Zambia,
Egypt, South Africa, Kenya, Tanzania, Rwanda, Uganda
Applicant’s business is for profit
Applicant’s business has a turnover of less than US$ 15 million and assets less than US$ 6 million
Applicants require financing between US$ 100,000 and US$ 1.5 million
The business is owner-operated and/or the owner is substantially involved in running the business

For more information and application details, see; GroFin Grants and Funding for Small and Growing Businesses in Africa

6. RSTMH Early Career Grants Program 2024

Deadline: April 22, 2024.

The RSTMH Early Career Grants Programme provides grants every year to those early in their career, from anywhere in the world, to carry out their first piece of research into tropical medicine or global health.

Our grants programme has been established for more than 40 years and has seen significant growth. Since 2017 we have given out more than 800 awards across 66 countries.

Benefits of RSTMH Early Career Grants Program

The maximum RSTMH Early Career Grant award is £5,000 (including any taxes on relevant purchases)

Requirements for RSTMH Early Career Grants Program

The RSTMH Early Career Grants are aimed at individuals who have not received a research grant of £5,000 or more in their own name before, who are able to develop and deliver their first research project

Selection Process

The project should take up to one year to be completed and should start within 3 months of receiving funding.

Interested and qualified? Go to Royal Society of Tropical Medicine and Hygiene(RSTMH) on rstmh.submittable.com to apply

For more details,visit RSTMH website.

7. FG SSATVEE N500K Grant Opportunity

Are you a young Nigerian brimming with ambition and technical prowess? Do you have a groundbreaking idea waiting to take flight, but lack the financial wings to soar? If so, the FG SSATVEE N500K Grant Opportunity might just be the launchpad you’ve been dreaming of.

This exciting program, spearheaded by the Office of the Senior Special Adviser to the President on Technical, Vocational, and Entrepreneurship Education (SSATVEE), is specifically designed to empower young Nigerians aged 18 to 40 who are bursting with entrepreneurial spirit or technical ingenuity.

Imagine receiving a N500,000 business starter kit – a treasure trove of resources to catapult your dream venture into existence. This grant isn’t just about money; it’s about recognizing your potential, nurturing your skills, and giving you the vital boost you need to become a leader in Nigeria’s vibrant entrepreneurial landscape.

Requirements for FG SSATVEE Grant Opportunity

To qualify for this life-changing opportunity, you need to meet a few simple criteria:

Age: Be a young Nigerian between 18 and 40 years old.
Passion: Possess a burning desire to excel in either technical skills or entrepreneurship.
Vision: Have a clear and compelling business idea or technical goal for the year 2024.

How to apply

Ready to unleash your inner innovator and claim your share of the N500K pie? Here’s how to grab the bull by the horns:

Follow the footsteps of inspiration: Head over to Instagram and follow @abiola_arogundade_ssa, or search for Abiola Arogundade on Facebook. These are your guides on this entrepreneurial journey.
Capture your vision: Channel your passion and ambition into a one-minute video. This is your chance to showcase your technical expertise or paint a vivid picture of your groundbreaking business idea. Make sure your enthusiasm and capabilities shine through!
Take center stage: Upload your video to either Instagram or Facebook. Let the world see what you’re made of!
Spread the word: Copy and paste this text into your video caption: “I am part of the next generation of Nigerian innovators and entrepreneurs transforming our nation. I know that the future belongs to me because I believe in the beauty of my dream. #MY2024TVEEGOALS #TVEEAspires 2024.”
Don’t forget the spotlight: Tag @abiola_arogundade_ssa in your video. Make sure you stand out from the crowd!
Sharpen your business plan: Take advantage of the free training provided to craft a business plan that will set your venture apart. Remember, the best plans win big!

Moyin Arowolo

Moyinoluwa Arowolo studied Communication and Media Studies at Ajayi Crowther University. Before joining Arbiterz, she worked at radio and television stations such as Unilag FM and Trybe TV. She has experience in radio production, television production, digital marketing, and social media management.