Sterling Bank Green Innovation Challenge 2024 (Up to 1 Billion funding for Startups, MSMEs, SMEs)

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Whether you’re launching a groundbreaking startup, growing an established SME, or leading a cooperative or social enterprise with a mission for good, Sterling Bank Nigeria is inviting you to apply to the Green Innovation Challenge (GIC) 2024 – to fuel your journey.

GIC is dedicated to providing access to funding for startups, MSMEs, SMEs, cooperatives, and social enterprises that are driving innovation and positive environmental change.

It is open to applicants in agriculture, clean tech and social enterprise, and is designed to connect you with the resources you need to bring your ideas to life, scale operations, and make a lasting impact.

Start your application today and unlock the potential to transform your vision into reality. Together, we can build a brighter, more innovative future. Applications close on October 20, 2024, at 2pm.

Application Criteria for Green Innovation Challenge

General Information

Business and social enterprise/startup must be operating for at least 2 years
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.
Applicant must submit a business plan and pitch deck (for business applicant) or a proposal (for social enterprise applicant).
Applicant must be willing to complete necessary financing documentation.
Applicant must submit only one entry. Multiple applications will be disqualified.

For clean Tech Applicants

Applicant must be between ages 20 to 45 years.
Grant of up to 2 million Naira is available in the sector.
Solutions should cut across any of the following focus areas:
1. Battery recycling
2. EV digital technology application
3. Conversion of ICE tricycles to EV

Solution/innovation must be in the prototype or demonstration phase.
Applicant must have a clear plan for scale and viable prototypes.
Applicant can access on-lending financing up to 1 billion Naira.
Minimum financing request for on-lending is 10 million Naira.
Applicant for on-lending finance must have a minimum of 30% equity.
Successful applicants of the cleantech category in the Sterling Green Innovation Challenge stand a chance to win sponsored grants and access on lending financing from the Bank, however, the selection committee have the sole responsibility of, and discretion in selecting winners, and the decisions are final. The value of these prizes is to be at the sole discretion of the organizers.
Successful applicant must use funds for the proposed solution approved by the selection committee.
Applicants who are awarded a grant shall be obliged to 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 shall have the right to withdraw any award/grant prize from a participant who fails or refuses to comply with the obligation in this clause.
Grant recipients and applicants accessing finance will be expected to complete a documentation process with the bank before disbursement of funds.

For Agric Applicants

Applicant must be between age 18 and 35 years.
Application must be technology driven, proving productivity and profitability across value chain, and focus climate smart initiatives.
Solution must be able to leverage on other sources of energy to save cost.
Solution must focus on value chain linkages and solve post-harvest losses.
Applicant solution must be on a specific value-chain, crop and livestock production, processing, sales, and distribution.
Applicant can access a single digit facility up to 20 million Naira.
The selection committee and/or organizers shall have the right to withdraw any award/grant prize from a participant who fails or refuses to comply with the obligations in this clause.
All Sterling Bank terms and conditions apply.