As the coronavirus ravages startups across Africa, those in the Southern African country of Namibia may have some respite on the horizon. This is because Startup Namibia, in collaboration with the Ministry of Industrialisation and Trade and with funds from the German government, have designed the Covid-19 Startup Grant. Through this operational support measure, grants of N$15 000 ($800) will be provided on a competitive basis to each eligible and successful startup. This is a major financial cushion for businesses which for the past two months were directed to close temporarily to prevent the further transmission of the virus.
Here Is What You Need To Know And How To Apply
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- To be eligible to apply, the business must be a registered in Namibia, in operation for less than five years, must be majority Namibian-owned and business bank account statements must show a substantial decline in revenue during the period of the lockdown or thereafter.
- The Covid-19 StartUp Grant will help small businesses and startups in Namibia meeting the specified criteria to receive a direct supplement to pay wages, fixed costs, and offset decline in revenue during and after the lockdown.
- Online applications opened yesterday, 29 April and will run until 8 May. An independent committee comprising of StartUp Namibia stakeholders and partners will assess the grant applications.
- Grants will be awarded to applicants on a competitive basis.
- The grant will be paid out in two tranches of N$7 500 with the first to be disbursed to awardees after 15 May.
- The second tranche will follow 30 days later.
“StartUp Namibia encourages all Startups that meet the eligibility criteria to visit www.startupnamibia.org today and apply (for the grant). Women-owned and women-run businesses as well as businesses from the regions are specifically encouraged to apply,” read a statement from StartUp Namibia spokesperson, Leitago Narib.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer.