The GEMS4 Enterprise Challenge Fund is a £3.5 Million private sector development matching grant fund
The objective of the Fund is to catalyse private sector investment in innovative, commercially viable, and inclusive business models that result in improved performance of the Wholesale and Retail sector, jobs and improved income opportunities for poor men and women engaged in the sector.
By improving private sector perceptions of the associated costs and benefits of innovating and adopting pro-poor models, it will encourage replication.
It is intended that the impact of funding given to an individual project will be multiplied by the resulting and recurring changes to perceptions and practices in the Wholesale and Retail Sector.
Grant funds are awarded to eligible projects through a two- stage competitive application process as follows:
First stage – Concept Note Application
Interested organisations submit a concept note outlining the innovative business idea for which grant funding support is sought in terms of its commercial viability, innovativeness, and potential developmental impact.
Second stage – Full Application
Shortlisted applicants are invited to develop full application proposals setting out a detailed business case for the proposed project. This is similar to a commercial business plan.
Post Grant Award
- Grant awarded organisations undergo a verification and due diligence process. Successful Organisations are invited to execute a grant agreement.
- Project implementation commences
- Grant funds is disbursed in quarterly intervals in arrears against agreed milestones and deliverables.
- GEMS4 conducts monitoring and evaluation of funded project.
- At expiration of funding period, grant funding support ceases. Projects continue to operate sustainably
This funding window will close at 5pm on 3rd July, 2015. Applications can be submitted to the Fund on or before the closing date.
Visit http://www.gems4nigeria.com/challengefund to apply