Top Available Grants For Small Businesses In Ghana

Grants For Small Businesses In Ghana

One of the major problems faced by entrepreneurs and small business owners in Ghana today is the issue of funding. While they might have business ideas and knowledge of how to turn them into a means of making money, they are sometimes faced with the problem of raising money to implement those ideas. This is where grants come in.

A grant is a financial award that is given to a business owner or business organization by an individual or group to help them achieve a goal or a purpose. This goal could be starting a new business or running an existing one. However, we will talk more about what a grant is all about as you read on.

Whichever is the case, if you are a small business owner in Ghana and you need grants to support your business, then this article is for you.

In this article, we’ll show you some of the business grants that are available for small businesses in Ghana, as well as how you can apply for them.

What Is Business Grants?

A business grant is usually an award for financial improvement given by an entity either by a company, government, or foundation to a business to facilitate a business goal. The business grant can be for starting up a business or expanding more on your business.

What Is The Purpose For Business Grants?

There are many purposes for business grants. And one of the purposes is to provide the financial boost you need to upgrade your business from the ground to the top and to help you expand your business.

Also, the purpose of business grants is to give your business the increased publicity and credibility it deserves. This also helps you to network with other business owners and get more ideas on the available resources to boost your business.

Additionally, if your small business is struggling, a business grant can help you stay afloat and cover a wide range of expenses.

How Hard Is It To Get A Business Grants In Ghana?

How hard it is to get a business grant in Ghana can be rated 89/100, this is because the competition from other businesses to get business grants is very high.

That is, as you are trying to get a business grant, there are also thousands of businesses even more eligible than you applying for the same grant. For this reason, it is 89% harder to get a business grant.

What Are The Grants For Small Business In Ghana?

The list below are the top 6 available grants for small businesses in Ghana:

1. Ghana Enterprise Agency
2. GEF Small Grants Programme (SGP)
3. The National Entrepreneurship And Innovation Programme (NEIP)
4. Tony Elumelu Foundation
5. African Women’s Development Fund (AWDF)
6. African Development Fund (ADF)

1. Ghana Enterprise Agency: One of the major grants for small businesses in Ghana is provided by the Ghana Enterprise Agency. The aim and objective are to support productivity and competitiveness-enhancing initiatives by accelerating the growth of SMEs.

However, the GEA came up with a program known as the SME Growth Grant Programme to target the high growth of Small and Medium Enterprises (SMEs) across agribusiness/agro-processing, construction, manufacturing, ICT, healthcare, transportation and logistics, education, food and beverages, pharmaceutical Industries and other business sectors in Ghana.

Only small and medium enterprises are eligible to apply for this grant.

Most especially, GEA is against any false, inaccurate, misleading information on fraud on the grant application. Also, multiple application under different names is prohibited.

Some of the eligible criteria are:

1. Your enterprise should have 6 to 30 current staff to be qualified as a small business enterprise for the grant.

2. Also your enterprise should have between 31 to 100 current staff to qualify as a medium-scale business. This is because these business grants focus only on small and medium-scale enterprises.

3. If your enterprise annual sales exceed GHS21.6 million cedis, you won’t be eligible for the grants because it will be considered a large-scale business. Also, if the applicant has an employee size of more than 100 at the application date with an annual revenue of less than GHS180k, it is still not eligible.

4. Finally, if your enterprise has less than 6 employees at the application date and you made less than GHS180k in one sale, you are considered a micro-enterprise and not qualified for this grant.

2. GEF Small Grants Programme (SGP): SGP is a corporate program that provides Ghanaians with up to $50,000 Grand. Also, they provide up to $150,000 for strategic projects.

They provide societal support to women, youth, and indigenous peoples while furthering innovation.

3. The National Entrepreneurship And Innovation Programme (NEIP): The NEIP provides innovative support for startups and small businesses. However, their main objective is to provide business development services like funding small businesses to enable them to grow and become successful.

Under the National Entrepreneurship and Innovation Programmes, more than 45,000 businesses have received training and incubation services in business management, financial management, and sales marketing & branding.

Get more information about them at https//neip.gov.gh/

4. Tony Elumelu Foundation: Over the years, the Tony Elumelu Foundation has been of support to entrepreneurship development in Ghana and Africa as a whole. If you are looking for a grant for a small business in Ghana then the Tony Elumelu Foundation should be the best option.

This program has founded and empowered more than 17,000 + entrepreneurs and has created more than 400k businesses in Africa.

For you to be eligible for this entrepreneurship program, your business must be based in Africa, your business must be operational for at least 5 years, and you must be 18 years and above.

However, to get more information visit https//tefconnect.net/

5. African Women’s Development Fund (AWDF): AWDF is another available grant for small businesses in Ghana. It belongs to the international network of women’s funds.

They also contribute to the support and development of African women’s rights through funding. To get more information visit awdf.org

6. African Development Fund (ADF): The African Development Fund aims to increase the economic capacities and provide business grants and technical assistance for studies. They also offer support for projects to reduce poverty and assist in economic development. visit https://afdb.org/ to get more information.

Conclusion

Written above are some of the top available grants for small businesses in Ghana. It is now left for you to choose the one that suits your choice and work towards it.

Meanwhile, business grants in Ghana have changed the perspectives of the entrepreneurial scene by providing support to them. Therefore, ensure you meet up with their requirements before applying.

Ambassador Victor Chidera
Ambassador Victor ChideraAmbassador Victor Chidera is a business consultant, writer and a blogger. He provides lots of professional and expert advice to small businesses, entrepreneurs and organizations. He has many years of experience in business, teaching field, and research work. And his aim is to provide business articles that matters to you both nationally and internationally.
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