Ayodeji Ayenuwa
In a significant move to bolster Nigerian Small and Medium-sized Businesses (SMBs), Google has introduced the Hustle Academy SMB Fund, a N75 million equity-free fund.
This initiative is designed to offer financial support to 15 Nigerian small business owners while aligning with Google’s commitment to fostering entrepreneurship in Nigeria.
Google’s fund aims to address the persistent challenge of securing essential funding for these enterprises. The World Bank has reported a staggering financial gap of $330 billion for African SMBs, with only 25% having access to bank loans, a stark contrast to the 50% observed in developed economies.
The Head of Brand & Reputation, Sub Saharan Africa at Google, Mojolaoluwa Aderemi-Makinde, emphasized the significance of the fund, stating, “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.”
Sinmisola Nojimu-Yusuf, Product Marketing Manager and the Hustle Academy Program Lead at Google, echoed this sentiment, adding, “The Hustle Academy Fund provides SMBs with the resources and support they need to succeed. With equity-free funding, mentorship, and opportunities for increased visibility and networking, we are supporting SMBs to grow and thrive. We are committed to supporting the Nigerian entrepreneurial ecosystem, and the Hustle Academy Fund is a key part of that commitment.”
Eligibility
To qualify for the SMB Fund, businesses must meet specific criteria. They should be Nigerian-founded, operating within Nigeria for 1-5 years, possess a clear and scalable business plan, and demonstrate a commitment to growth.
While not mandatory, previous participation in the program is considered an advantage.
Applications for the fund are now open, starting from September 28th and closing on October 12th.
Google’s Hustle Academy, introduced in 2022, focuses on providing SMBs with business education, mentoring, and networking opportunities, with an emphasis on helping them prepare their businesses to attract the necessary capital for growth.
Ultimately, Google’s launch of the Hustle Academy SMB Fund signifies a substantial investment in Nigeria’s small businesses.
Techrectory with Agency Report.
