FGN-ALAT Skillnovation Grant Overview

 

The FGN-ALAT Digital Skillnovation Program offers a valuable opportunity for startups and SMEs facing financial challenges by providing access to grants. These grants not only provide financial support but also serve as an endorsement of the entrepreneurial drive behind these businesses. The primary goal is to ease the initial financial pressures, enabling startups and SMEs to concentrate on innovation, growth, and making a lasting impact in their industries.

Eligibility Criteria for Angel Investment and VC Funding

- Business Type: Open to tech-enabled businesses across all sectors, with a preference for industries such as agriculture, retail, housing, clean energy, transportation, logistics, data, infrastructure, privacy, and security.

- Business Stage: Targeting seed-stage and early-stage businesses.

- Geographic Market: Must be based in Nigeria.

- Maximum Investment: Up to $100,000 per business.

- Maximum Valuation: Post-investment valuation capped at $2 million.

- Scalability and Team: The business should demonstrate a scalable solution and have a dedicated, high-potential team.

- Ethical and Legal Standards: The business must adhere to ethical standards and face no legal issues.

Businesses meeting these criteria have a better chance of accessing angel investment and venture capital opportunities.

Eligibility Criteria for Grants

- Sector Focus: Open to tech-enabled businesses in any sector, with priority given to agriculture, retail, housing, clean solutions, transportation, logistics, data, privacy, and energy innovation.

- Grant Amount: Up to ₦500,000.

- Development Stage: Early-stage businesses with potential for growth and scalability.

- Operational Market: Must be operational in Nigeria, with services or products targeting the Nigerian market.

- Team Strength: The business should have a capable and committed team.

- Ethical and Legal Standards: Adherence to ethical standards and compliance with legal regulations is required.

Eligible participants will go through a transparent and competitive process to secure these grants.

Eligibility Criteria for Loans

- Sector Focus: Open to tech-enabled businesses in trade, commerce, healthcare, education, agriculture, and clean energy.

- Loan Amount: Loans of up to ₦5 million are available.

- Business Stage: Early to mid-stage businesses with a proven track record and growth potential.

- Operational Market: Businesses must operate in Nigeria or serve the Nigerian market.

- Repayment Capacity: Applicants must demonstrate the ability to repay through stable revenue or a solid business plan.

- Credit History: A good credit history is required, or for new businesses, a personal credit check of the founders.

- Collateral: Depending on loan terms, collateral or personal guarantees may be needed.

- Ethical and Legal Standards: Businesses must adhere to ethical practices and comply with relevant legal requirements.

Applicants who meet these conditions will undergo a transparent and competitive process for loan approval.

Apply at: https://fgn-alat.dimpified.com/register/