As part of the many efforts of the Federal Government of Nigeria to encourage and support small and medium scale enterprises (SMEs) in Nigeria, the Federal Ministry of Finance has established a Venture Capital Fund called the YouWiN! SME Growth Fund. The Fund is created to assist SMEs needing finance for expansion and growth. It is expected viable SMEs that are supported by the Fund will create employment opportunities and contribute to growing Nigeria’s GDP.
Visit www.smegrowthfund.com.ng for more information on the SME Growth Fund.
Viable SMEs will be able to access investment funding of between N25m to N45m on average, to support their start-up, early stage and mid to longer term growth plans.
The Fund will be institutionalized to focus on SMEs with the potential to engender innovation, generate good returns on investment, create jobs, promote entrepreneurship, and contribute to social development.
Application Process
Before applying for finance, it is important you make adequate preparations and have a solid business plan in place. The business plan is a mandatory requirement. It MUST be realistic, thorough, detailed, and should properly reflect your strategy for growing your business.
Visit www.smegrowthfund.com.ng for more information on the SME Growth Fund.
SMEs interested in seeking investment from the fund must also meet ALL of the following pre-qualification criteria (as is relevant), before submitting an application for the SME Growth Fund:
- Applicants must own the majority of the shares/equity of the business they are seeking finance for. Where there is an equal partnership, the application must be a joint application
- All applicants must have a registered business enterprise or company with the Corporate Affairs Commission (CAC). A copy of the Certificate of Registration must be submitted at pre-qualification stage
- All applicants must submit a copy of the management structure of their businesses, and a description of the corporate governance systems that are in place
- The main business premises must be in located in Nigeria, and the business address must be within Nigeria
- Existing SMEs must have less than 100 employees
- Existing SMEs must have annual financial statements for each year of their existence, or be able to prepare same
- Existing SMEs must hold verifiable business bank accounts
- Existing SMEs must be able to provide tax clearance certificates for each year of their existence
- All applicants must have suitable identification documents (e.g. a passport or a drivers license)
Visit www.smegrowthfund.com.ng for more information on the SME Growth Fund.
Detailed checks will be conducted to verify the information provided by the applicants. Applicants must be able to provide original documents and other evidence to support their application.
To go to the application page, log into your account and click the apply link. If you do not have an account, you can register to create one.
Source: www.smegrowthfund.com.ng