Google has announced the launch of Hustle Academy SMB Fund, a 75 million naira non-equity fund for people who owns business.
The money is dedicated to strengthening the ambitions of small and medium-sized enterprises (SMEs) in Nigeria.
In a statement seen by EXPRESSIVE INFO, Google said it will distribute N5 million to 15 small business owners in Nigeria as part of its efforts to foster entrepreneurial growth in Nigeria.
The technology company’s funding is based on the fact that small and medium-sized enterprises (SMEs) form the backbone of Nigeria’s economy but continue to face challenges, particularly persistent obstacles in securing critical funding. He added that
Commenting on the initiative, Mojolaoluwa Aderemi Makinde, Head of Sub-Saharan Brand and Reputation at Google, said:
“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.”
Additionally, Sinmisola Nojimu-Yusuf, Product Marketing Manager and Hustle Academy Program Lead at Google, 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.”
According to Google, for a business owner to be eligible for the Hustle Academy SMB Fund, companies must be incorporated in Nigeria, have been operating in Nigeria for one to five years, and have a clear and scalable business plan.
In addition: “They should have a track record of commitment to growth, operate in sectors aligned with the digital economy or have a digital enablement strategy, and, while not mandatory, previous participation in the Hustle Academy program is an added advantage.”
Hustle Academy Fund applications opened on, Friday, September 28, 2023, and close on Thursday, October 12, 2023.