Nigeria: Google Hustle Academy Fund to Support Small Businesses With ?75M
A special $75 million equity-free fund called the Hustle Academy SMB Fund is already accepting applications, according to a Google announcement today.
This project exemplifies Google’s unwavering dedication to encouraging entrepreneurial dreams and advancing Small and Medium Businesses (SMBs) in Nigeria.
The backbone of Nigeria’s economy is made up of small and medium-sized businesses, yet they frequently confront difficulties, most notably the crucial problem of finding necessary capital. The World Bank estimates that there is a $330 billion financing gap that African SMBs must deal with. In addition, just 25% of SMBs in Africa have access to bank loans, which is far lower than the 50% seen in more established economies.
Inaugurated in 2022, Google’s Hustle Academy offers SMEs networking opportunities, coaching, and education in business and management, with a focus on helping them to package their companies in order to secure the funding they need to further their operations. Over 4,000 SMBs in Nigeria have graduated from the program since it began, and an impressive 74% of those in the first year reported significant business development.
In order to support 15 investor-ready SMBs through non-dilutive finance, the Hustle Academy Fund has set aside a 75 million naira pool particularly for Nigeria, building on the success and impact of the Hustle Academy project. By providing these businesses with specialized coaching, this commitment is further strengthened and made more successful.
The Hustle Academy Fund is a testament to the tenacity and creativity of Nigerian small businesses, who are the foundation of our economy, said Mojolaoluwa Aderemi-Makinde, Head of Brand & Reputation, Sub-Saharan Africa at Google. We are optimistic that this fund would help them succeed even more and stimulate economic growth, generating jobs and opening up new opportunities for all Nigerians.
The Hustle Academy Fund gives SMBs the tools and support they need to flourish, according to Sinmisola Nojimu-Yusuf, Product Marketing Manager and the Hustle Academy Program Lead at Google, who echoed the view. We help SMBs expand and prosper by providing equity-free capital, mentorship, and chances for better visibility and networking.
The Hustle Academy Fund is a significant component of our commitment to assisting the Nigerian business ecosystem.
Eligibility for the Google Hustle Academy Fund
Businesses must have been created in Nigeria, be functioning there for one to five years, and have a definite, scalable business model in order to qualify for the Hustle Academy SMB Fund. They ought to have a history of being dedicated to expansion, work in industries that are compatible with the digital economy, or have a digital enablement plan. Prior enrollment in the Hustle Academy program is a benefit but is not required.
Hustle Academy Fund applications are now being accepted through October 12th, starting today, September 28th. With the help of this project, Nigerian SMBs will have a great chance to get the funding and support they need to expand and advance the country’s economy.
The fund is one way Google is allocating funds to support the expansion of important industries and enterprises. The tech giant has introduced an AI-first accelerator for African companies to assist them in effectively utilizing the technology for solving regional issues. The 10-week equity-free program is planned. It is open to early-stage entrepreneurs with an African base and those employing AI and machine learning (ML) advancements to pioneer solutions with an African focus.
The business chose 25 entrepreneurs from Africa for the third batch of its Black Founders Fund program in July. The Black Founders Fund program, which offers grants and mentoring to early-stage, high-growth Black-led firms in Europe and Africa, was established to address the systemic racial inequality in venture capital funding.
