Google has initiated the application process for the Hustle Academy SMB Fund, a 75 million Naira equity-free fund aimed at bolstering the aspirations of Nigerian Small and Medium-sized Businesses (SMBs). Google’s commitment to fostering entrepreneurial growth in Nigeria is evident as they plan to grant 5 million Naira each to 15 Nigerian small business proprietors.
This initiative is driven by the recognition that small businesses constitute the backbone of Nigeria’s economy, yet they consistently face challenges, most notably the persistent hurdle of securing crucial funding. According to the World Bank, African SMBs encounter a substantial financial deficit of $330 billion. Furthermore, only 25% of SMBs in Africa have access to bank loans, a stark contrast to the 50% observed in developed economies.
Commenting on this groundbreaking initiative, Mojolaoluwa Aderemi-Makinde, Head of Brand & Reputation, Sub Saharan Africa at Google, emphasized the resilience and innovation of Nigerian small businesses, which are pivotal to the nation’s economic landscape. She expressed hope that the fund would empower these businesses, fostering economic growth and creating opportunities and employment for all Nigerians.
Sinmisola Nojimu-Yusuf, Product Marketing Manager and the Hustle Academy Program Lead at Google, echoed this sentiment, highlighting the comprehensive support the Hustle Academy Fund provides to SMBs. With its equity-free funding, mentorship, and avenues for enhanced visibility and networking, the fund aims to nurture the growth and prosperity of SMBs. Google is firmly committed to nurturing the Nigerian entrepreneurial ecosystem, and the Hustle Academy Fund is a pivotal component of this dedication.
Eligibility criteria for the Hustle Academy SMB Fund require businesses to be founded in Nigeria, operate within the country for 1-5 years, and possess a well-defined and scalable business plan. Additionally, they should demonstrate a track record of dedication to growth, operate in sectors aligned with the digital economy or employ a digital enablement strategy. While not mandatory, prior participation in the Hustle Academy program is considered an advantage.
The application window for the Hustle Academy Fund is open from September 28th and will conclude on October 12th. Google’s Hustle Academy, introduced in 2022, offers SMEs valuable business and management education, mentorship, and networking opportunities. It places particular emphasis on preparing these businesses to package themselves effectively to secure the necessary capital for growth. Since its inception, the program has graduated over 4,000 SMBs in Nigeria, with a noteworthy 74% reporting significant business growth in the first year.
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