Sterling Bank Green Innovation Challenge 2024 for Nigerian Startups and MSMEs (20million naira award)

The Sterling Bank Green Innovation Challenge (GIC) 2024 offers funding and resources for environmental innovation projects. Apply Below:

When is the Application Deadline:

The application deadline for the Sterling Bank Green Innovation Challenge 2024 for Nigerian Startups and MSMEs is October 20, 2024

Tell Me About The Sterling Bank Green Innovation Challenge:

The Green Innovation Challenge (GIC) 2024 offers funding to startups, MSMEs, SMEs, cooperatives, and social enterprises focused on environmental innovation in agriculture, clean technology, and social impact. This initiative aims to connect applicants with essential resources to bring their ideas to life and scale their operations. Applications are open until October 20, 2024, at 2 PM. Interested participants are encouraged to start their applications and review the eligibility criteria and terms before proceeding.

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Which Fields are Eligible?

Entrepreneurship 

Type:

Challenge/Grant

Who can Apply For The Sterling Bank Green Innovation Challenge?

Also, the general criteria include:

• Business and social enterprises/startups must be operating for at least 2 years
• The project must be a locally developed solution by Nigerians for Nigeria in line with ESG principles and
• SDGs.
• Innovation must have a clear plan for scale.
• Applicants for on-lending must be registered.
• Applicants must submit a business plan and pitch deck (for business applicants) or a proposal (for social enterprise applicants).
• Applicant must be willing to complete necessary financing documentation.
• Applicant must submit only one entry. Multiple applications will be disqualified.

FOR CLEAN TECH APPLICANTS

• Applicants must be between the ages of 20 and 45 years.
• A grant of up to 2 million Naira is available in the clean tech sector.
• Solutions should focus on one or more of the following areas:

• Battery recycling
• EV digital technology applications
• Conversion of ICE tricycles to EV

• The solution or innovation must be in the prototype or demonstration phase.
• Applicants must have a clear plan for scaling their solution and viable prototypes.
• Applicants can access on-lending financing of up to 1 billion Naira.
• The minimum financing request for on-lending is 10 million Naira.
• Applicants seeking on-lending finance must have a minimum of 30% equity.
• Successful applicants in the clean tech category may win sponsored grants and access on-lending financing, with the selection committee holding sole discretion in selecting winners.
• Successful applicants must use funds for the proposed solution approved by the selection committee.
• Awarded grant recipients must sign a grant/use of funds agreement with Sterling Bank, detailing how they intend to use the grant funds, including a disbursement schedule where applicable.
• The selection committee and/or organizers reserve the right to withdraw any award or grant prize from participants who fail to comply with the obligations outlined.
• Grant recipients and applicants accessing financing will be required to complete a documentation process with the bank before the disbursement of funds.
• To the fullest extent permitted by law, the organizers will not be liable for the cancellation/postponement/change of sponsored prizes.

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FOR AGRIC APPLICANTS

• Applicants must be between the ages of 18 and 35 years.
• Applications must be technology-driven, demonstrating productivity and profitability across the value chain while focusing on climate-smart initiatives.
• Solutions should leverage other sources of energy to reduce costs.
• Proposed solutions must address value chain linkages and tackle post-harvest losses.
• Applicants’ solutions must focus on a specific value chain, including crop and livestock production, processing, sales, and distribution.
• Applicants can access a single-digit financing facility of up to 20 million Naira.
• The selection committee and/or organizers reserve the right to withdraw any award or grant prize from participants who do not comply with the outlined obligations.
• All Sterling Bank terms and conditions apply.

FOR WOMEN-LED SOCIAL ENTERPRISE

• Applicants must be female and between the ages of 18 and 45 years.
• Applicants can access a grant of up to 2 million Naira.
• Innovations must align with ESG principles and focus on renewable energy, climate education, agriculture, or climate action.
• The selection committee and/or organizers reserve the right to withdraw any award or grant prize from applicants who do not comply with the attached obligations.
• The selection committee holds sole responsibility and discretion in selecting winners, and their decisions are final; successful applicants must use the funds for the proposed solution approved by the selection committee.
• All Sterling Bank terms and conditions apply.

Which Countries Are Eligible?

Nigeria 

Where will the Award be Taken?

Nigeria 

How Many Awards?

Not specified

What is the Benefit of the Award?

Additionally, applicants will access the following benefits:

• Provides funding of up to 2 million Naira for clean tech, agricultural, and women-led social enterprises focused on environmental innovation.
• Connects participants with essential resources to scale their projects and achieve a lasting impact in line with ESG principles and the SDGs.
• Offers access to on-lending financing of up to 1 billion Naira for cleantech initiatives and single-digit financing facilities of up to 20 million Naira for agricultural solutions.
• Encourages the development of technology-driven solutions that enhance productivity, and profitability, and address climate challenges.
• Facilitates mentorship and networking opportunities with industry experts to support the growth of innovative projects.

How Long Will the Award Last?

Unspecified 

How to Apply:

To apply, fill out the application form here.

Visit the Award Webpage for Details