How to raise money for business in Nigeria

Starting a business in Nigeria requires creativity, resilience, and capital. It can be difficult to raise sufficient funds to get your business venture off the ground, but it is possible. Knowing how to access the right resources and identify the most suitable funding options can make a huge difference. In this article, we will discuss the various ways you can raise money for your business in Nigeria, from traditional financing options to alternative sources of financing. We will also provide helpful tips to ensure you get the best possible outcome from your fundraising efforts. With the right approach and strategy, you can obtain the funds you need to get your business running successfully in Nigeria.

If you read till the end I will show you how to raise money for your business through grants from the government and philanthropists (a.k.a free money)



Various ways to raise money for business in Nigeria

There are several different ways you can raise funds for your business. Some of the most popular types of business includes:

- Traditional financing: This refers to the most common methods of financing your business, such as loans and equity investments.

- Debt financing: This type of financing is obtained by borrowing money, either from a financial institution or an individual.

- Asset-based financing: This type of financing is based on the value of your assets, such as property or equipment.

- Equity financing: This type of financing is based on the ownership stake of the investor.

- Grants: These are funds that are provided free of charge by the government or other organizations.

- Crowdfunding: This type of financing is provided by many people who each invest a small amount.

- Government funding: This type of financing is provided by the government or other organizations that receive funding from the government or other international bodies



Alternative Sources of Raising money for business in Nigeria

Alternative sources of financing are not as common as traditional methods of financing, but they are often less strict and have fewer repayment requirements. These types of financing include: -

Equity crowdfunding: This type of financing is similar to equity financing, but you make the investment online through an online platform.

- Asset-based (or asset-backed) lending: This type of financing is based on the value of your assets, such as property or equipment.

- Government grants: These are funds provided by the government or other organizations that receive funding from the government.

- Government contracts: If your business provides goods or services that the government uses, you may be able to obtain financing based on future government contracts.

- Investment from family and friends: This type of financing comes from individuals close to you, such as family and friends.

- Merchant cash advance: This type of financing is provided to businesses that accept credit card payments. When you provide credit card services, a third-party financing company will pay you upfront for the money the customers owe you. The financing company then repays themselves from the customers.

- Working capital: This type of financing is used when your company already has a steady cash flow, but you need to quickly access funds to cover an increase in expenses. With working capital financing, you provide proof that your company has a steady cash flow, and the lender will advance you a portion of your expected future cash flow.




Grants from government and NGOs

Grants are free funds provided by the government or other organizations that receive government funding, donations from international bodies or philanthropists. These grants are available for a wide range of projects, including those related to business majorly small business owners and start-ups. The government wants to encourage entrepreneurship, so it has set up numerous programs to provide funding for entrepreneurs. These programs often have strict criteria, so it is important to research what types of funding are available and how to apply for them.

Some will say there is no free money anywhere but grants have made it possible for businesses to apply and get funded but it must be done appropriately to win these grants. Examples of grants available to nigerians are; Diamond Bank BET Programme, Lagos State Entrepreneurs Trust Fund (LSETF), The Building Entrepreneurs Today(BET), Tony Elumelu Entrepreneurship Programme (TEEP), et.c



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