Sterling Bank Green Innovation Challenge 2024 for Startups and MSMEs (20 Million Naira in Financing)

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About Sterling Bank Green Innovation Challenge

Welcome to Green Innovation Challenge (GIC) 2024 – Empowering Innovation through access to funding. GIC is dedicated to providing access to funding for startups, MSMEs, SMEs, cooperatives, and social enterprises that are driving innovation and positive environmental change.

 

• Sponsor Organisation: Sterling Bank

Benefits of Sterling Bank Green Innovation Challenge

• Grants 

Sterling Bank Green Innovation Challenge Requirements

GENERAL INFORMATION

• Business and social enterprise/startup must be opersting for at least 2 vears
• 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 suomit 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

1. Applicant must be between ages 20 to 45 years.

2. Grant of up to 2 million Naira is available in the sector.

3. Solutions should cut across any of the tollowing tocus areas:

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

4. Solution/innovation must be in the prototype or demonstration phase

5. Applicant must nave a clear plan for scale and viable prototypes.

6. Applicant can access on-lending ninancing up to 1 billion Naira.

7. Minimum financing request for on-lending is 10 million Naira.

8. Applicant for on-lending finance must have a minimum of 30% equity.

9. 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 selechne winners. and the decisions are final. The value of these prizes is to be at the sole discretion of the organizers

10. Successful applicant must use funds for the proposed solution approved by the selection committee

11. Applicants who are awarded a grant shall be obliged to sien a grant ruse of unds apreement with
sterling bank detailing now they intend to use the grant runds, including a disbursement scredule where applicable.

12. 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

13. Grant recipients and applicants accessing finance will be expected to complete a documentation process with the bank before disbursement of funds.

14. To the fullest extent permitted by law, the organizers will not be liable for the cancellation postponement/change of sponsored prizes.

FOR AGRIC APPLICANTS

• Applicant must be between age 18 and 35 years.
• Application must be technology driven, proving productivity and protitability 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,
• 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

FOR WOMEN-LED SOCIAL ENTERPRISE

• Applicant must be a female between 18 and 45 years.
• Applicant can access a grant up to 2 million Naira.
• Applicant innovation should align with ESG principles and must be around renewable energy, climate education, agriculture, and climate action.
• The selection committee and or organizers shall have the right to withdraw any award grant prize from an applicant who tails or refuses to comply with the obligations attached to this grant.
• The selection committee have the sole responsibility of, and discretion in selecting winners, and the decisions are final. The value of the prize is to be at the sole discretion of the organizers. Successful applicant must use funds for the proposed solution approved by the selection committee.
• All Sterling Bank terms and conditions apply.

Application Date and Process

• Click on the link to the application website to apply.

Application Deadline

20 October, 2024

Scholarship Application Portal

View details of Sterling Bank Green Innovation Challenge

Apply for Sterling Bank Green Innovation Challenge