Google has announced recently that the Hustle Academy SMB Fund, a $75 million equity-free fund for small entrepreneurs, is accepting applications. Google remains committed to supporting entrepreneurship and helping Nigerian SMBs develop.
Nigeria’s economy relies on small and medium-sized firms, yet they typically struggle to secure funding. The World Bank believes African SMBs struggle to get enough money to operate. Only 25% of African SMBs can access bank loans, compared to 50% in prosperous economies.
Google’s Hustle Academy, launched in 2022, provides business and management education, mentoring, and networking to SMEs. The focus is preparing them to package their businesses to receive the money they need to grow. The programme has supported over 4,000 Nigerian SMBs since its launch. In the first year, 74% of these enterprises grew significantly.
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After the success of Hustle Academy, the Hustle Academy Fund has put aside 75 million naira for Nigeria to aid 15 ready-to-invest SMBs. Customised mentorship strengthens this resolve and prepares these firms for success.
Google Head of Brand & Reputation, Sub-Saharan Africa 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 hope this cash will help them flourish and boost economic growth, producing jobs and opportunities for all Nigerians.”
Google Product Marketing Manager and Hustle Academy Programme Lead Sinmisola Nojimu-Yusuf said, “The Hustle Academy Fund gives SMBs the resources and support they need to succeed. Our equity-free finance, mentorship, and networking opportunities help SMBs grow and thrive. We assist the Nigerian entrepreneurial environment, including the Hustle Academy Fund.
Google Hustle Academy Fund eligibility
Businesses must be Nigerian-founded, operating in Nigeria for 1-5 years, and have a scalable business plan to qualify for the Hustle Academy SMB Fund. They should have a growth track record, operate in digital economy sectors, or have a digital enablement plan. While not required, Hustle Academy experience is a plus.
Hustle Academy Fund applications are open from September 28 to October 12. Small and medium-sized businesses (SMBs) in Nigeria can access cash and support from this scheme to grow and boost the economy.
Google is funding the fund to assist firms and critical industries expand. The internet giant launched an AI-first programme for African businesses to help them use technology to solve local problems. Ten weeks are planned for an equity-free programme. African early-stage firms up to Series A and those first to employ AI and ML to solve Africa’s problems are eligible.
The company chose 25 African startups for its Black Founders Fund program’s third group in July. The Black Founders Fund addressed systemic racial inequity in venture capital funding. It gives equity-free grants and coaching to early-stage, high-growth European and African firms owned by people of colour.