Google has announced the opening of applications for its Hustle Academy SMB Fund dedicated to amplifying the ambitions of Nigerian small businesses.
The head of brand and reputation, Sub Saharan Africa at Google, Mojolaoluwa Aderemi-Makinde, said in a statement that the N75 million equity-free fund would offer N5 million to 15 Nigerian small and medium-sized business owners.
It noted that noted that small businesses form the backbone of the country’s economy but had issues securing funding.
To be eligible for the fund, the firm said businesses must be Nigerian-founded, have operated within Nigeria for 1-5 years, and have a clear and scalable business plan.
Introduced in 2022, Google’s Hustle Academy provides SMEs with business and management education, mentoring, and networking, with a particular emphasis on preparing them to package their businesses 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 74 per cent from the first year reporting remarkable business growth.
“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,” Aderemi-Makinde said.
The product marketing manager and the academy’s programme lead, Sinmisola Nojimu-Yusuf, said: “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.”
