Funding: 4 sources open to young entrepreneurs

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Adequate funding help bring good ideas to life. Despite the improved lending-to-deposit rate (LDR) (standing at 65% presently as one of the strategic tools of the Central Bank of Nigeria to revamp the real sectors), it is no secret that many entrepreneurs are still finding it difficult to secure funding to move their enterprise from concept to products. However, in the face of that niggling inaccessibility, there are notable organisations that may come in handy especially at this time.

Here are 4 that entrepreneurs with viable business ideas can approach:

a. African Development Foundation (ADF) – The foundation was established by the United States of America as USADF to connect entrepreneurs in Africa to capital and technical assistance. The aims are to help businesses in Africa reach their optimum, create jobs and improve the lives of people living on the continent. In 2014, the foundation disbursed about $50 million to over 300 entrepreneurs based on the continent.

b. Seedstars Africa – This venture builder has its origin in Switzerland. It invests in viable startups across all emerging markets, Nigeria being one of such. The organisation once supported SimplePay, a third-party payment platform operating in Nigeria.

c. CDC Group – This UK-backed fund supports businesses that help poor communities in Africa. It currently has a portfolio as large as $5,5bn; and It presently supports over 698 businesses in Africa. In recent time. it brought succor to communities in DR Congo by working with Virunga Energy to survive in one of the most challenging environment for business in the world, thereby creating opportunities for local talents.

d. African Women’s Development Fund (AWDF) – The AWDF has disbursed $17 million as grants to approximately 800 women in Africa so far. It grants range from $8,000 to $50,000. These grants are not given to individuals but to women-led enterprises to help them scale while strengthening their capacity.

Toyin Afilaka
Toyin Afilaka
Toyin Afilaka writes with simplicity and insight. He aims to enrich the Nigerian small business landscape. Through Hustle24 he connects entrepreneurs with information about new policies, enterprise solutions and opportunities that will aid their 'hustle'. He has written extensively for CobraReview, a product review portal, and served as a lead project manager for MarketingMix where he consulted as PR consultant for MTN Project Fame and Business Next Titan etc.

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