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Google announces N75m equity-free fund for Nigerian SMBs

Google has announced the opening of applications for the Hustle Academy SMB Fund which will provide a N75 million equity-free fund dedicated to supporting Small and Medium-sized Businesses (SMBs) in Nigeria.

According to the Head of Brand and Reputation, Sub Saharan Africa at Google Mojolaoluwa Aderemi-Makinde, the Hustle Academy Fund is a testament to the resilience and innovation of Nigerian small businesses, which are the backbone of our economy.

The initiative is offering N5 million to 15 Nigerian small business owners, which according to Google cements its unwavering commitment to cultivating entrepreneurial growth in Nigeria.

“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 Hustle Academy program lead at Google, 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,” Ojimu-Yusuf said.

“We are committed to supporting the Nigerian entrepreneurial ecosystem, and the Hustle Academy Fund is a key part of that commitment,” Ojimu-Yusuf said.

To be eligible for the Hustle Academy SMB Fund, businesses must be Nigerian-founded, operating within Nigeria for 1 till 5 years, and have a clear and scalable business plan.

Building on the success and impact of the Hustle Academy initiative, the Hustle Academy Fund earmarks a N75 million pool exclusively for Nigeria to support 15 investor-ready SMBs through non-dilutive funding. This commitment is further enriched with tailored mentorship, ensuring these businesses are primed for success.

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 in order to raise the necessary capital to take their businesses to the next level.

Applications for the Hustle Academy Fund are open September 28 and will close on October 12th.

For detailed insights into the fund and application procedures, applicants are directed to apply here.

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