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Enterprise

Applications for Tony Elumelu funds close in two days

Mr Tony Elumelu with the Tony Elumelu Foundation CEO Parminder Vir at a past press briefing. file PHOTO | NMG
Mr Tony Elumelu with the Tony Elumelu Foundation CEO Parminder Vir at a past press briefing. file PHOTO | NMG 

The fourth cycle of a $100 million (Sh10.3 billion) small business support grants by Nigerian dollar-billionaire Tony Elumelu meant to nurture 10,000 entrepreneurs across Africa over a decade will close on March 1.

The Tony Elumelu Entrepreneurship programme portal is accepting applications in a continent-wide search for 1,000 business people who stand to get non-refundable seed and debt funding.

Successful applicants will receive approximately $5,000 (Sh515,000) as capital and will be eligible for a similar amount in the form of either debt or equity, depending on business need and other criteria.

Selected entrepreneurs will join the existing cohort of 3,000 Tony Elumelu Programme, who form the inaugural 2015 funding, and entrants from 2016 and 2017.

“We need Africa’s best and brightest to grow their businesses and build our continent,” said Mr Elumelu in a statement.

This year’s competition will select the entrepreneurs based on the viability of their ideas, market opportunity, financial understanding, scalability, leadership and skills.

Funding and mentorship have been identified in various studies as the impediments to building new entrepreneurs on the continent, including in Kenya.

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