Google Announces N75 Million Equity-Free Fund For Nigerian SMEs

Google announced an N75 million equity-free fund for 15 Nigerian Small and Medium Enterprises (SMEs) owners.

The announcement was made on Thursday, revealing that applications for Hustle Academy SMB Fund have been open that will provide N5 million to 15 SMEs across Nigeria as small business owners are the backbone of the country.

"The Hustle Academy Fund is a testament to the resilience and innovation of Nigerian small businesses, which are the backbone of our economy," the Head of Brand & Reputation, Sub Saharan Africa at Google, Mojolaoluwa Aderemi-Makinde said, Punch reported.

Aderemi-Makinde added, "We are hopeful that this fund will further empower them to succeed and drive economic growth, creating jobs and opportunities for all Nigerians."

Google disclosed that its Hustle Academy, which was introduced in 2022, has over 4,000 SMEs in Nigeria.

Sinmisola Nojimu-Yusuf, who serves as the Product Marketing Manager and the Hustle Academy Programme Lead at Google, said that the academy provides SMBs [Small and Medium-sized Businesses] 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," Nojimu-Yusuf continued. "We are committed to supporting the Nigerian entrepreneurial ecosystem, and the Hustle Academy Fund is a key part of that commitment."

The firm further shared that in order to get this funding, a business must be founded in Nigeria and operated for at least one year or a maximum of five years. Moreover, the business owner should have a clear and scalable business plan.

The academy is a boot camp-style training program introduced for African countries to ensure that entrepreneurs and small business owners get investment opportunities to expand their businesses.

This free training program has been introduced in several countries including Nigeria, Kenya, and South Africa.

Rosemary Momanyi-Opiyo, who serves as Market Specialist, Google Users and Products for Sub Sahara Africa, explained last year that "in Africa, SMEs account for around 80% of jobs and are a significant source of economic growth," FurtherAfrica reported.

She went on to explain that to grow African countries' economies and employment opportunities, it is important that small businesses have access to the right tools, training, and funding to scale up.

"The Hustle Academy's mission is to assist entrepreneurs navigate the business challenges they face by providing them with the appropriate tools and knowledge," she added. "We hope that through the Hustle Academy training this year, we will assist 5,000 SMEs and entrepreneurs across Africa."