Google has officially unveiled the opening of applications for the Hustle Academy SMB Fund. This dedicated ₦75 million equity-free fund aims to address the critical issue of funding that often plagues Nigerian entrepreneurs.
Nigeria's economy heavily relies on small and medium-sized enterprises (SMBs), yet these businesses frequently struggle to secure essential funding. The World Bank estimates a finance gap of $330 billion for African SMBs, exacerbated by limited access to bank loans, with only 25% of African SMBs having such access compared to 50% in more developed economies.
Introduced in 2022, Google's Hustle Academy has been at the forefront of providing SMBs with essential business and management education, mentoring, and networking opportunities. Its primary focus is to prepare these businesses to package themselves effectively, making them more attractive to investors. Since its inception, the program has witnessed the graduation of over 4,000 SMBs in Nigeria, with an impressive 74% reporting substantial business growth within the first year.
Building upon the resounding success of the Hustle Academy initiative, the Hustle Academy Fund now sets aside a ₦75 million pool exclusively for Nigeria. This fund aims to support 15 investor-ready SMBs through non-dilutive funding, coupled with tailored mentorship to ensure their readiness for success.
Mojolaoluwa Aderemi-Makinde, Head of Brand & Reputation, Sub-Saharan Africa at Google, expressed optimism, stating, "The Hustle Academy Fund is a testament to the resilience and innovation of Nigerian small businesses, which are the backbone of our economy. We are hopeful that this fund will further empower them to succeed and drive economic growth, creating jobs and opportunities for all Nigerians."
Sinmisola Nojimu-Yusuf, Product Marketing Manager and the Hustle Academy Program Lead at Google, echoed the sentiment, saying, "The Hustle Academy Fund provides SMBs with the resources and support they need to succeed. With equity-free funding, mentorship, and opportunities for increased visibility and networking, we are supporting SMBs to grow and thrive. We are committed to supporting the Nigerian entrepreneurial ecosystem, and the Hustle Academy Fund is a key part of that commitment."
Eligibility for the Google Hustle Academy Fund
To be eligible for the Hustle Academy SMB Fund, businesses must meet specific criteria. They should be Nigerian-founded, operate within Nigeria for 1–5 years, and possess a clear and scalable business plan. A track record of commitment to growth and involvement in sectors aligned with the digital economy or a digital enablement strategy is preferred. While not mandatory, previous participation in the Hustle Academy program is viewed as an added advantage.
Applications for the Hustle Academy Fund opened on September 28th and will close on October 12th. This initiative presents a significant opportunity for Nigerian SMBs to access much-needed funding and support, ultimately contributing to the nation's economic development.
In addition to the Hustle Academy Fund, Google continues its commitment to supporting businesses and key industries in Africa. Recently, the tech giant launched an AI-first accelerator for African startups to harness technology to solve local problems. This equity-free program is open to African-based early-stage startups up to the Series A phase, particularly those pioneering AI and machine learning (ML) innovations for African-centered solutions.
Furthermore, in July, Google selected 25 African startups for the third cohort of its Black Founders Fund program. This initiative addresses systemic racial inequality in venture capital funding by offering equity-free grants and mentoring to early-stage black-led high-growth businesses across Europe and Africa.
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