Grants for Small Enterprises – GSE.
…An Impact Investment Fund for Small Business Owner
Women and Youth enterprise initiatives often fail to start and be sustained due to lack of access to financial supports. Conventional financial service institutions do not reckon with women and youth enterprise initiatives because they often cannot provide requisite collaterals to access financial services including loans for startup and business expansion. It is to mitigate this difficulty and to help grow small businesses that Foundation for Leadership & Education Development (FLED) in 2016 introduced the Grants for Small Enterprises – GSE.
GSE is an Impact Investment Funding (IIF) arrangement targeted at Women and Youths to enable them start new businesses and to expand existing small businesses. GSE Fund is donated by individuals, Foundations and corporate organizations.
Criteria for Grant Receipt
Prospective grant applicant must full fill the following criteria
- Must attend the Entrepreneurship & Leadership Skills Enhancement Course (ELSE –C)
- Must have a verifiable Business Start up Plan or Business Expansion Plan
- Must sign the Accountable Obligation for use of the grant
- Must sign on to FLED Mentoring Programme for continuing supports and monitoring.
GSE Operational Strategy
- Individuals that qualify, receive interest-free grants to invest in their businesses.
- The grant is made after careful scrutiny of submitted Business Plan. Support is based on the profitability of the Business and availability of funds.
- FLED provides grant recipient with continuing support services including links with governmental and international support opportunities.
GSE Fund Enrichment
- Any individual or organization can start donating to GSE Fund with just N10, 000 or more.
- 75% of GSE Fund is deployed to grant–making while FLED retains 25% for administrative expenses including organizing ELSE Courses for prospective grant seekers.
- After three (3) years, Grant Recipients repay only 20% of the grant, and after five (5) years recipients begin to donate 5% of their annual profit to GSE for funds enrichment and sustainability.
- Accountability: An annual report of the status of the funds received and disbursed will be published and distributed to donors and those interested in GSE scheme.