Applications are currently being received for the Nigeria Impact Startup Relief Facility Grant Program 2020. The Nigeria Impact Startup Relief Facility (NISRF) is being launched by Ventures Platform Hb and Acumen in order to disburse business grants to qualifying post-MVP stage high growths Startups so they remain resilient through the COVID 19 pandemic.
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About Nigeria Impact Startup Relief Facility Grant Program
(NISRF), Nigeria Impact Startup Relief Facility is an emergency facility designed by a group of funding partners to distribute business grants to a substantial number of already existing post-MVP stage high growth startups that create impacts so they can remain viable during the COVID 19 crisis. The grant is designed to give support to applicants whose businesses or activities are either modified or adversely effected in response to the COVID 19 pandemic. The grant programme is supposed to last for a period of six months.
Businesses will receive the following from the Nigeria Impact Startup Relief Facility Grant Program:
- Grant funding of between $5,000 to $20,000
- The grant to be received is 100% equity free
- Applicants will get access to a pool of mentors and business experts
- Applicants are given a chance to continue to create impact and remain afloat in business.
To apply for the Nigeria Impact Startup Relief Facility Grant Program, interested candidates are expected to meet up with certain standards. Written below are the eligibility requirements for the grant:
- Interested applicants must be a company in Nigeria
- The company is expected to be tackling an urgent social problem
- The company is expected to be post-MVP, revenue-generating and registered with CAC
- The company should be able to demonstrate solid financial health before the onset of COVID 19 (USD $60K ARR-12 months period minimum)
- The company should also be able to demonstrate that up to USD $20K will enable them to withstand a six-month eruption.
- The company has received already the seed capital
- The company can demonstrate the scale of impact or potential for future scale
- The business must fall in any of these categories; Critical Infrastructure, Agriculture, Health Care, Education, Financial Services, and with initiatives that target the informal sector
- Interested businesses should be able to demonstrate how well they have optimized resources during the COVID 19 pandemic.
How it works
The grant programme works in five steps or ways. Written below is how the Nigeria Impact Startup Relief Facility Grant Program works:
- Call for application
- Selection of applicants
- Sign agreement
- Disbursement of fund
If you have read through this content and your Startup falls under the sector of Agriculture, Critical Infrastructure, Health Care, Financial Services, Education, and with initiatives that target the informal sector, then you are eligible for the application. It is advisable to submit your application before the deadline as application submission after the deadline will not be considered.
September 7, 2020
If you are interested in applying, click this link to get started.
You can also visit the official website of the grant for more information via this link.