How To Apply For Yemi Osinbajo’s Entrepreneurship Programme For Grants Of Up To N1 Million

Grants are a major source of funding for new businesses. Since every fashion business needs funds to pick up and grow, getting help from others in the form of grants can be a major lifesaver.

In light of this, the friends and associates of Prof. Yemi Osinbajo, Vice President of Nigeria, have put together the March 8th Initiative for MSMEs in Nigeria. The March 8th Initiative was organised, in honour of the Vice President, to inspire and promote communal, entrepreneurial and public-spirited endeavours within Nigeria.

The annual initiative offers entrepreneurs grants ranging from N100,000 to N1 M. Last year, 100 young entrepreneurs in Nigeria received this great funding to help grow and advance their businesses.

Read More: Business Growth Expert, Dafe Odje, Shares On How Fashion Entrepreneurs Can Access Grants To Grow Their Business

Eligibility Requirements

The Entrepreneurship Programme has been divided into 4 categories to make room for more entrepreneurs. Each of these categories has its own requirements. However, the general requirements to be eligible for this grant opportunity are;

• You must reside in Nigeria.
• You must be between the ages of 18 and 35.
• Your business must be registered in Nigeria.
• You can only apply to one category. Multiple applications will disqualify you.

How to Apply to the Different Categories

1. Category One – My Big Idea Business Challenge

This category is open to entrepreneurs that have a small-scale business that needs funds to enlarge their inventory. It is also open to entrepreneurs that have an idea that could solve a troubling issue in the area. The grant sum for this category is N100,000.

All applicants must make an elevator pitch in 60 seconds or less in a video format. This video should outline who you are, what you do, what problem you are trying to solve, and how you would solve the problem with the grant, if successful.

To enter,

• Send your elevator pitch video via WhatsApp to 08095798693. Start with your full name and location,
• Afterwards, upload your video on Facebook, Twitter, or Instagram using the hashtag #FriendsOfProf. Tag @march8thng with your video.

Posting your video on social media is a MUST because of the social transformation dimension of the challenge.

2. Category 2 – My Business Support Challenge

If you are looking to expand your business’s current stock, hire staff or acquire basic equipment that would enhance profitability and operational efficiency in your business, then this is for you. The grant sum for this category is N250,000.

If your business falls into this category, you will need to create an abridged version of your business plan with 500 words or less. This plan should outline your ideas, needs and aspirations.

To enter,

• Your business must be registered,
• Your business must have been in existence for at least 1 year,
• You must fill out this form and submit a 1-page proposal not exceeding 500 words. This proposal should describe your business and how N250, 000 will help it grow.

3. Category 3 – My Catalyst Support Challenge 

If you are an entrepreneur looking to expand your scope product-wise or geographically, then this category is for you. All you have to do to apply for the grant sun of N500,0000 under this category is to submit a business plan in no more than 750 words. This plan should explain your expansion and funding plans.

To enter,

• Your business must be registered,
• Your business must have been in existence for at least 2 years,
• You must fill this form and submit a proposal not exceeding 800 words. This proposal must describe your existing business and the new products or services you want to venture into and how you will apply the funds, if successful.

4. Category 4 – My Bold Innovation Challenge

If you are an entrepreneur with an innovative idea that provides a solution to a common need or promotes sustainability then this is for you. Also, if your idea has the potential to positively contribute to people, places and profit, then this is your category.

If this is you then what you have to do is submit a competitive business plan pitching your ideas and the supporting rationale in no more than 1,000 words. This category comes with the grant sum of N1 Million attached to it.

To enter,

• Your business must be registered,
• Your business must have been in existence for at least 2 years,
• You must fill this form and write a proposal not exceeding 1,000 words on how N1 Million will help your business advance your innovative idea.

Note: The information required for you to fill in all the forms includes; your name, email address, phone number, state of origin, business location, your social media post link, and a proposal or business plan (depending on your category).

All entries, apart from the My Big Idea Business Challenge, must be submitted at www.march8th.ng. Remember to submit according to the category you are applying for. Entries opened at midnight on Monday, 8th of March, 2021 and close at 11:59 pm on Sunday, 14th of March, 2021.

What are you waiting for fashion entrepreneurs? Here’s your chance to get grant funding for your great brand.