The Jaiz Bank Brave 2024 Woman Grant Program, initiated through the Women Entrepreneurship Finance Initiative (We-Fi) and overseen by the Islamic Development Bank Group (IsDBG), is dedicated to supporting and uplifting women-led small and medium enterprises (SMEs) in Nigeria.
This program extends financial aid to eligible women entrepreneurs, with a focus on fostering gender equality and spurring economic growth. In this article, we will delve into the core aspects of the grant program, outline the eligibility criteria, outline the application process, and provide insights into how women can leverage this opportunity to nurture their businesses.
About the Jaiz Bank Brave Woman Grant Program: The Jaiz Bank Brave Woman Grant Program operates as an integral part of the larger Business Resilience Assistance for Value-Added Enterprises (BRAVE) Women Program. This comprehensive five-year initiative spans across Yemen, Nigeria, and Burkina Faso, dedicated to empowering women entrepreneurs and increasing their participation across diverse sectors. In partnership with the Islamic Development Bank Group and the Bank of Industry (Bol) as the Local Execution Agency, this program endeavors to facilitate sustainable economic development while fostering a favorable business ecosystem for Nigerian women.
Eligibility Requirements: To qualify for the Jaiz Bank Brave Woman Grant Program, SMEs must fulfill specific criteria:
- Location: SMEs must be situated in either Lagos or Abuja, the designated project states.
- Ownership: Women-owned SMEs necessitate women holding a minimum of 51% shareholding, whereas women-led SMEs should have at least 20% ownership of shares.
- Leadership: The enterprise should feature at least one woman in a top-tier management position (COO/CEO/President/Vice President) or maintain a minimum of 30% women membership on the Board of Directors, where applicable.
- Business Sectors: Eligible SMEs should actively operate within sectors such as agri-business, education, health, textile/garments, or energy.
- Staff: SMEs should maintain a workforce size ranging from 2 to 100 employees.
- Sharia Compliance: Businesses should adhere to Sharia law principles and abstain from financial services that involve charging interest or engaging in prohibited activities.
- Business Registration: While preferred, registered enterprises (business name, partnership, or limited liability company) are not mandatory. SMEs in the process of registering with the Corporate Affairs Commission (CAC) can still apply, provided they possess evidence of business operations for the preceding 12 months.
Available Grants: The Jaiz Bank Brave Woman Grant Program extends grants in three distinct categories:
- Brave Women Led SMEs: Grants, ranging from $5,000 to $15,000, are accessible for qualifying women-led SMEs. These grants seek to bolster business expansion, enhance productivity, and promote women’s economic empowerment.
- Brave Lead Firms: Established enterprises can secure grants varying from $40,000 to $50,000. These funds are intended to propel business growth, broaden market reach, and foster additional employment opportunities.
- Brave Business Associations and Cooperatives: Grants are also available for business associations and cooperatives that endorse and encourage women entrepreneurship. The allocated funding varies based on specific project prerequisites.
Application Process: Applying for the Jaiz Bank Brave 2024 Woman Grant Program involves the following steps:
- Visit the Brave Women Website: Navigate to <a href=”https://eduscholarship.co.uk/harambeans-alliance-and-innovators-scholarships-at-harvard-university-usa-nurturing-african-excellence/”>bravewomenng.com/register</a>
- Understand Program Details: Familiarize yourself with program specifics, including eligibility criteria and available grant categories.
- Gather Required Documents: Assemble all necessary documents, encompassing business registration certificates, financial statements, and ownership records.
- Complete Application Form: Fill out the online application form accurately, providing comprehensive details about your business and its operations.
- Submit Application: Send in your application form alongside the requisite supporting documents.
- Await Application Status: Anticipate feedback from program administrators concerning your application’s status.
Tips for a Successful Application: To enhance the likelihood of a successful application, consider the following recommendations:
- Alignment with Focus Sectors: Clearly showcase your business’s alignment with the program’s targeted sectors (agri-business, education, health, textile/garments, or energy).
- Positive Impact: Emphasize the positive impact the grant will wield on business growth, productivity enhancement, and job creation.
- Financial Accuracy: Provide accurate financial information, accentuating sustainability and profitability prospects.
- Sharia Compliance: Highlight your commitment to Sharia compliance and ethical business practices.
- Document Inclusion: Ensure all requisite supporting documents are included and accurately completed.
- Guidelines Adherence: Adhere to provided guidelines and meticulously review your application to prevent errors or omissions.
Frequently Asked Questions (FAQs):
- What does the Jaiz Bank Brave Woman Grant Program entail?
- The Jaiz Bank Brave Woman Grant Program is designed to provide financial support to women-led SMEs in Nigeria through the Business Resilience Assistance for Value-Added Enterprises (BRAVE) Women Program.
- Who qualifies for the grants offered by the program?
- Women-owned SMEs with a minimum of 51% women ownership and women-led SMEs with at least 20% women ownership are eligible. They must also meet other specified criteria, including business sectors and staff size.
- What are the grant amounts available for different categories?
- The program offers grants in three categories: Brave Women Led SMEs ($5,000 to $15,000), Brave Lead Firms ($40,000 to $50,000), and Brave Business Associations and Cooperatives (amounts vary based on project requirements).
- How can I initiate the application process for the grants?
- To apply, visit the Brave Women website and complete the online application form with accurate information and required supporting documents. Await confirmation of your application status.
- What is the application deadline for the program?
- The application deadline may vary. It is advisable to check the Brave Women website or contact program administrators for the most up-to-date information.
- Can unregistered businesses submit applications?
- While registered enterprises are preferred, SMEs in the process of registering with the Corporate Affairs Commission (CAC) and with evidence of business operations for the past 12 months can still apply.
- What benefits can my business derive from the grants?
- The grants can facilitate business growth, boost productivity, expand market reach, create employment opportunities, and contribute to women’s economic empowerment within the designated sectors.
- What role does the Islamic Development Bank Group play in this initiative?
- The Islamic Development Bank Group is one of the implementing partners of the BRAVE Women Program, offering support in project implementation alongside other stakeholders.
- Are businesses located outside Lagos and Abuja eligible for the grants?
- Currently, the program focuses on SMEs located in Lagos and Abuja, the designated project states.
- What is the program’s duration and how can I stay informed about updates?
- The program is currently a five-year multi-donor fund. For specific duration details, it is recommended to refer to program updates and guidelines provided by administrators.
The Jaiz Bank Brave 2024 Woman Grant Program serves as an invaluable opportunity for women-owned and women-led SMEs in Nigeria to access financial support and amplify their business endeavors. By fulfilling eligibility criteria, preparing a robust application, and underscoring your business’s alignment with program goals, you can enhance your prospects of securing a grant. Leverage this program to expand your business, foster employment opportunities, and contribute substantively to Nigeria’s economic advancement. Apply today and unlock your business’s full potential via the Jaiz Bank Brave Woman Grant Program.