Recently, Google announced that it would be opening applications for the Hustle Academy SMB Fund. The N75 million equity-free fund is aimed at helping Nigerian Small and Medium-sized Businesses stand firm in the ever-changing business ecosystem.
In Nigeria, small businesses pose the backbone of the nation's economy, but the challenge faced by most startups has been the issue of funding, which has led to the shutdown of many startups. The World Bank report shows that SMBs face a financial gap of $330 billion. While also stating that only 25% of SMBs have access to bank loans in Africa.
Google plans to give 5 to 15 Nigerian small business owners funding to support their businesses with the ongoing scheme to boost entrepreneurial growth in Nigeria.
Google Hustle Academy was introduced in 2022 to help SMEs with mentoring, management education, business, and networking to help them raise the necessary capital for their business. Since its inception, Google has assisted 4,000 SMBs in Nigeria with funding and education to strengthen their enterprises.
With the impact of the Hustle Academy, Google dedicated an N75 million pool, particularly for Nigeria, to help with non-dilutive funding to support 15 investor-ready SMBs.
Read more: https://www.investingport.com/googl...und-to-boost-smbs-in-nigeria/#google_vignette