SMEDAN/USADF Announces $100,000 -$1 million MSME Grant For Nigerians SMEDAN in Partnership with the U.S. African Development Foundation (USADF) made a woopnig $1 million available to tackle the MSME sector.
The U.S. International Development Finance Corporation (DFC) and U.S. African Development Foundation (USADF) have launched the African Small Business Catalyst (ASBC) to bolster early growth-stage small and medium enterprises (SMEs) in sub-Saharan Africa.
ASBC is a business accelerator that supports SMEs with loans ranging from USD$100,000 to USD$1 million and offers technical assistance (TA) and grants up to USD$100,000. ASBC targets SMEs in sub-Saharan African countries within the agriculture, food security, healthcare, and education sectors, as well as water, sanitation, and hygiene (WASH) with special consideration to SMEs that tackle the climate crisis and address gender equity considerations through their work.
Benefits
For the benefit of MSMEs that have yet to apply, the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) has re-announced a $100,000 grant opportunity for Micro, Small and Medium Enterprises (MSMEs) in Nigeria and Africa in general.
- Debt investments up to USD$1 million
- Grant capital up to USD$100,000
- Intensive mentoring and training programs
- Targeted technical assistance (e.g., technology)
- Network of impact investors
- Impact first, catalytic partner (no dilution or claims on IP)
What are the investment terms?
- Simple agreements
- No security
- Fixed interest rates
- Tenors from 1-3 years
- Shorter-term bridge loans possible
- Balloon/bullet repayments
- Support for currency risk (hedging instruments)
- Limited covenants
- Typical turnaround 3-4 months, if you are shortlisted
The project was developed by the United States with the goal of increasing small company growth in Nigeria and other African countries.
The project aims to provide MSMEs with subsidies and technical help worth up to $100,000.
Agriculture and food security, education, healthcare, sanitation, and hygiene, as well as climate change and gender justice, will all be addressed.
Businesses that are interested and qualified are urged to apply through the ASBC Application Portal
The African Small Business Catalyst (ASBC) was developed by the United States International Development Finance Corporation (DFC) and the United States African Development Foundation (USADF) to support early-stage small and medium enterprises (SMEs) in Sub-Saharan Africa.
ASBC helps its partners grow their business models, strengthen their managerial abilities, expand their market reach, and deepen their impact by providing capital/grants, mentoring, training, and TA.
The Africa Small Business Catalyst (ASBC) Program’s Targeted Businesses
ASBC focuses on SMEs in the agriculture and food security, education, healthcare, and water, sanitation, and hygiene (WASH) sectors in Sub-Saharan African countries. Climate and gender-related SMEs will be given special consideration.
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