Startups in Nigeria have a new succour in the face of the coronavirus pandemic. Ventures Platform Hb and Acumen, with support for LoftyInc Allied Partners Limited, have launched the Nigeria Impact Startup Relief Facility (NISRF), by way of business grants to qualifying post-MVP stage, high-growth startups, to enable them remain resilient as the COVID-19 crisis rages on.
Here Is What You Need To Know
- The Nigeria Impact Startup Relief Facility (NISRF) is an emergency facility designed by a consortium of funding partners to disburse business grants to a significant number of existing post-MVP stage high-growth startups who create impact so they remain viable during the COVID-19 crisis.
- NISRF is designed to support grant applicants whose businesses/activities are either being adversely affected by or modified in response to COVID-19.
- Application process includes this Call for Application; Selection; Sign Agreement Signing; Fund Disbursement and Monitoring.
What The Fund Wants From Nigerian Startups
In order to qualify for this funding, the following criteria have to be met:
- Be a company operating in Nigeria.
- The company is tackling an urgent social problem.
- The company is post-MVP, revenue-generating, registered with CAC.
- Can demonstrate solid financial health prior to the onset of COVID-19 (USD $60K ARR — 12 months period minimum).
- The company has already received seed capital.
- Can demonstrate the scale of impact, or potential for future scale.
- Fall in any of these sectors: Agriculture, Critical Infrastructure, Financial Services, Health Care, Education, and with initiatives that target the informal sector.
- How well you have optimised resources during COVID.
What Benefits Startups Stand To Get
- Grant: Business equity-free funding between $5,000 to $20,000.
- Business Advisory: Get access to a pool of mentors and business experts.
- Business Continuity: Here’s your chance to continue to create impact and stay afloat.
How Startups Can Apply
To get started, click here.
Application closes on the 7th of September 2020.
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