Grants

These aren't just funds; they're a vote of confidence

Recognizing the financial constraints many startups and SMEs face, the FGN-ALAT Digital Skillnovation Program provides a unique opportunity for participants to access grants. But these aren't just funds; they're a vote of confidence, an endorsement of the entrepreneurial spirit. The grants are designed to alleviate some of the initial financial burdens startups and SMEs face, allowing them to focus on innovation, scaling, and making a meaningful impact in their respective sectors.

The eligibility criteria for angel investment and VC funding

Business Type: Open to technology-enabled businesses in all sectors of the economy, but priority will be given to businesses in agriculture, retail, housing and property, clean solutions, transportation and logistics, data and infrastructure, privacy and security, and energy innovation
Business Stage:Only businesses at the seed stage and early stage will be considered
Geographic Market:Nigeria
Maximum Ticket Size Per Business: $100,000
Maximum Valuation: $2 million post-investment valuation cap
Venture Scalability and Team: The business should demonstrate a scalable solution and possess a team that showcases strong potential, commitment, and dedication
Ethical and Legal Stance: Businesses should align with ethical standards and have no legal constraints or controversies

Participants who meet these criteria stand a higher chance of being connected to angel investment and VC funding opportunities.

The eligibility criteria for grants

Sector Focus:Open to tech-enabled businesses in any sector of the economy, with the priority sectors being agriculture, retail, housing and property, clean solutions, transportation and logistics, data and infrastructure, privacy and security, and energy innovation
Grant Amount:Applicants can get up to N500,000 in grants
Development Stage:The business should be in its early stages, showing promise for scalability and impact
Operational Markets: $100,000
Maximum Valuation: The business must be operational in Nigeria and its product or service must be targeted at the Nigerian market
Team Assessment: There should be evidence of a strong, committed team behind the business, possessing the potential to execute the business idea and plan effectively
Ethical and Legal Standards: Businesses must adhere to high ethical standards and comply with relevant legal regulations in their operations

Participants who meet these criteria stand a higher chance of being connected to grant opportunities. However, please note that there will be a transparent and competitive process to determine the beneficiaries.

The eligibility criteria for loans

Sector Focus:Open to tech-enabled businesses in trade and commerce, healthcare, education, agriculture, and clean energy
Loan Requirement: Applicants can get loans of up to N5 million
Business Stage:The business should be in its early to mid-stage, demonstrating some track record and potential for growth
Operational Markets: The business must be based in or primarily serve the Nigerian market
Repayment Capacity: Evidence of a stable revenue stream or a solid business plan projecting the ability to repay the loan within the stipulated time
Credit History: A satisfactory credit history or, for newer businesses, a personal credit check of the founders may be required
Collateral or Guarantees: Depending on the loan size and terms, some form of collateral or personal guarantees might be required
Ethical and Legal Standards: Businesses must operate with integrity, adhering to the relevant laws and regulations of their industry and region

Participants who meet these criteria stand a higher chance of being given loans. However, please note that there will be a transparent and competitive process to determine the beneficiaries.

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