Google has opened applications for the Hustle Academy SMB Fund, a NGN75 million (US$100,000) equity-free fund dedicated to amplifying the ambitions of Nigerian small and medium-sized businesses (SMBs).
Google’s Hustle Academy, introduced in 2022, provides SMEs with business and management education, mentoring, and networking, with a particular emphasis on preparing them to package their businesses in order to raise the necessary capital to take their businesses to the next level.
Since its inception, the programme has graduated over 4,000 SMBs in Nigeria, with a notable 74 per cent from the first year reporting marked business growth. The fund, meanwhile, is offering NGN5 million (US$6,500) to 15 Nigerian small business owners.
“The Hustle Academy Fund is a testament to the resilience and innovation of Nigerian small businesses, which are the backbone of our economy. We are hopeful that this fund will further empower them to succeed and drive economic growth, creating jobs and opportunities for all Nigerians,” said Mojolaoluwa Aderemi-Makinde, head of brand and reputation at Sub-Saharan Africa at Google.
To be eligible for the Hustle Academy SMB Fund, businesses must be Nigerian-founded, operating within Nigeria for five years or less, and have a clear and scalable business plan. They should have a track record of commitment to growth, operate in sectors aligned with the digital economy or have a digital enablement strategy, and, while not mandatory, previous participation in the Hustle Academy program is an added advantage.
Applications close on October 12.
