FAQs

Frequently Asked Questions

Are the Funders going take over major part of the running of the SME business or hands off after funding?

Terms for funding will be discussed and agreed between the Funders and the SMEs that they fund.

How is the team preparing to handle an overflow of participants?

Admission to the event is strictly by registration and qualified applicants who will attend the event will be pre-screened and notified.

Are there terms legally protecting all parties (The SMEs, Funder and the Bank, PWC etc) from intellectual property theft?

Yes. This is contained in the Terms and Conditions.

How would the grants won be monitored/managed? Ensuring they are not diverted?

While we would follow up with the winners to provide necessary support to help them meet their business goals, there is no consequence management structure set up to monitor the use of the grants.

Is there a particular reason that a business has to be in operation for five years to qualify for the grant competition?

All registered businesses with paying customers and not more than 5 years in operation are open to apply for the grant.

How many MSMEs will benefit from the N4m grant?

Three (3): First winner (N2m) and two runner-ups (N1m).

Who is the 4 Million naira grant prize coming from? Fidelity Bank or the Fund Providers?

It is entirely coming from Fidelity Bank.

Are there any other cash prize or investment aside from the 4 Million naira grant prize, coming from the Fund Providers?

The grant prize is from Fidelity Bank. The fund providers will only provide investment funds to SMEs who pitch to them and meet their already set-down criteria for funding.

What happens if the SME uses the funds/grants for something else?

While we would follow up with the winners to provide necessary support to help them meet their business goals, there is no consequence management structure set up to monitor the use of the grants.

A lot of MSMEs in Nigeria aren’t registered with CAC, but still run successful businesses. Is there an opportunity for them to be registered by the committee, so they can pitch for the grant?

We would have CAC come to the venue of the event to commence the registration of unregistered businesses who qualify to attend the event.

Are aspiring entrepreneurs with fresh business ideas allowed to apply for the grant?

No. The grant is strictly for existing businesses with paying customers.