Google has announced the opening of applications for its Hustle Academy SMB Fund.
It stated that the N75m equity-free fund, which was dedicated to Nigerian Small and Medium-sized Businesses, would offer N5m to 15 Nigerian small business owners.
In a statement, the firm noted that small businesses form the backbone of the country’s economy but had issues securing funding.
The Head of Brand & Reputation, Sub Saharan Africa at Google, Mojolaoluwa Aderemi-Makinde, 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.”
According to the firm, its hustle academy, introduced in 2022, has graduated over 4,000 SMEs in Nigeria.
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The Product Marketing Manager and the Hustle Academy Programme Lead at Google, Sinmisola Nojimu-Yusuf, added, “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.”
The firm noted that to be eligible for the fund, businesses must be Nigerian-founded, have operated within Nigeria for 1-5 years, and have a clear and scalable business plan.