Google announces N75 million Hustle Academy fund to empower Nigerian SMBs
Google have announced the opening of applications for the Hustle Academy SMB Fund, a ₦75 Million equity-free fund dedicated to amplifying the ambitions of Nigerian Small and Medium-sized Businesses (SMBs).
Small businesses form the backbone of Nigeria’s economy, yet they consistently grapple with challenges, notably the perennial obstacle of securing vital funding. According to the World Bank, African SMBs face a staggering financial gap of $330 billion. Additionally, only 25 percent of SMBs in Africa have access to bank loans, a percentage that sharply contrasts the 50% observed in developed economies.
This initiative, offering five to 15 Nigerian small business owners, cements Google’s unwavering commitment to cultivating entrepreneurial growth in Nigeria.
Google’s Hustle Academy, introduced in 2022, 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. Since its inception, the program has graduated over 4,000 SMBs in Nigeria, with a notable 74% from the first year reporting marked business growth.
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.
Head of Brand & Reputation, Sub-Saharan Africa at Google, Mojolaoluwa Aderemi-Makinde, said: “The Hustle Academy Fund is a testament to the resilience and innovation of Nigerian small businesses, which are the backbone of our economy. We are hopeful that this fund will further empower them to succeed and drive economic growth, creating jobs and opportunities for all Nigerians.”
Product Marketing Manager and the Hustle Academy Programme Lead at Google, Echoing the sentiment, 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.
To be eligible for the Hustle Academy SMB Fund, businesses must be Nigerian-founded, operating within Nigeria for one to five years, and have a clear and scalable business plan. They should have a track record of commitment to growth, operate in sectors aligned with the digital economy or have a digital enablement strategy, and, while not mandatory, previous participation in the Hustle Academy program is an added advantage.
Applications for the Hustle Academy Fund are open September 28, 2023 and will close on October 12, 2023.
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