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Google has unveiled the Hustle Academy SMB Fund, a N75 million equity-free fund dedicated to supporting Nigerian Small and Medium Businesses (SMBs). This initiative aims to provide N5,000,000 to 15 Nigerian small business owners.
Mojolaoluwa Aderemi-Makinde, Head of Brand and Reputation, Sub-Saharan Africa at Google, highlighted the program’s significance in reinforcing Google’s unwavering commitment to fostering entrepreneurial growth in Nigeria. Aderemi-Makinde noted that SMBs constitute the foundation of Nigeria’s economy but often face substantial challenges, notably the perennial struggle to secure essential funding.
She referenced data from the World Bank, revealing that African SMBs grapple with a considerable financial gap amounting to $330 billion. Furthermore, only 25 percent of SMBs in Africa have access to bank loans, a stark contrast to the 50 percent observed in developed economies.
Aderemi-Makinde stated, “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.”
Google’s Hustle Academy, introduced in 2022, provides SMEs with business and management education, mentoring, and networking, with a specific focus on preparing them to present their businesses effectively to raise capital for expansion. Since its inception, the program has graduated over 4,000 SMBs in Nigeria, with an impressive 74 percent reporting business growth in the first year.
The Hustle Academy Fund allocates a N75 million pool exclusively for Nigeria to support 15 investor-ready SMBs through non-dilutive funding. The initiative also includes tailored mentorship to ensure these businesses are well-positioned for success.
Sinmisola Nojimu-Yusuf, Product Marketing Manager and the Hustle Academy Programme Lead at Google, emphasized that the fund equips SMBs with the necessary resources and support to thrive. She explained, “With equity-free funding, mentorship, and opportunities for increased visibility and networking, we are supporting SMBs to grow and thrive.”
Google is committed to bolstering the Nigerian entrepreneurial ecosystem, and this fund stands as a testament to that dedication. To qualify for the Hustle Academy SMB Fund, businesses must be Nigerian-founded, operational within Nigeria for 1-5 years, possess a clear and scalable business plan, demonstrate a commitment to growth, operate in sectors aligned with the digital economy, or have a digital enablement strategy. Previous participation in the Hustle Academy program is advantageous.
Applications for the fund opened on Tuesday and will remain open until October 12th. Detailed insights into the fund and application procedures can be found on the ‘google/hustleacademyfund’ website.
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