Tony Elumelu Foundation Loan 2024 Application – TEEP Loan/ Grant for all Businesses

Applications are now open for the Tony Elumelu Foundation Entrepreneurship Programme (TEEP). The 2024 TEEP intervention prioritises the economic recovery of small and medium scale enterprises (SMEs) and young African entrepreneurs, following the Covid-19 disruption to economic activities.

The Tony Elumelu Foundation, which celebrated ten years of impact in 2020, is empowering a new generation of African entrepreneurs, through the TEF Entrepreneurship Programme. Successful applicants receive a world-class business training, mentorship, non-refundable seed capital up to $5,000, and global networking opportunities. The Programme is open to entrepreneurs across Africa, both new start-ups and existing young businesses, operating in any sector.

Eligibility:

• The Entrepreneurship Programme identifies outstanding African entrepreneurs who have start-ups or business ideas with the potential to grow.
• Eligible Countries: African countries

Benefits

• The training has been tailored to educate and capacitise you in starting or growing your business to overcome the challenges faced by entrepreneurs across the African continent.
• The curriculum focuses on practical, iterative learning that is useful even long after the training period.

Programme Phases

The TEF Entrepreneurship Programme TEEP 2024 will be delivered in different phases as listed below:

• Application Phase
• Training &Mentorship Phase
• Business Plan Submission Phase
• Pitching Phase
• Seed Capital Phase

THE APPLICATION PHASE

This will take place from the January 1 to March 31. Once applications are closed, eligible applicants will be placed in the appropriate training path as follows:

PREPARATORY

This means you do not have the skillset needed to start a business. You will go through the general training on TEFConnect. You will, however, not be eligible for mentorship or seed capital.

START-UP/ BEGINNER

This means you are a starter according to the business start-up profiling. You will go through the beginner training modules and you will have access to world class mentors during the programme.

INNOVATIOR/ INTERMEDIATE

This means that you have been profiled to be an intermediate entrepreneur. You have a good potential to be a successful entrepreneur. You will go through the Intermediate training modules and you will have access to world class mentors during the programme.

DISRUPTOR/ ADVANCED

This means that you are or identified to be natural or a seasoned entrepreneur. You will go through the Advanced training modules and you will have access to world class mentors during the programme.

THE TRAINING AND MENTORSHIP PHASE

Once shortlisted and placed in the appropriate training path, you will be eligible to take part in our rigorous business training and mentoring sessions. There will be multiple choice questions to track your performance. You will attend a virtual orientation program to learn more about the process and we will share timelines and resources available for you to succeed. The shortlisted entrepreneurs will be given access to join the peer-to-peer support groups.

• Shortlisted entrepreneurs will be expected to complete the business training, answer the quiz at each end of each module.
• The shortlisted applicants after the training will be given the opportunity to develop a BUSINESS PLAN

THE BUSINESS PLAN AND FINANCIALS SUBMISSION PHASE

At the end of the TEEP 2024 training, you will be required to combine all the learnings from the training into a single cohesive document. You will be given a business & financial plan template; this will be in the online resource library. This template will help you create a first draft of your business plan. write a business plan. After the BUSINESS TRAINING & BUSINESS PLAN SUBMISSION, only successful candidates (who complete the MCQs and score above cut off mark and submit a business plan) would be eligible to move on to the next stage: the PITCHING COMPETITION.

THE PITCHING PHASE

This is an opportunity to demonstrate your business knowledge and convince the judge about the feasibility of your business. At the pitching stage, entrepreneurs will pitch their ideas before a panel of judges. Only the successful candidates from the pitching competition will receive seed capital funding and access to the Alumni network to support their business ambitions.

If you successfully completed all required training requirements and submitted a business plan, but was unsuccessful after the pitching competition, you will receive a training completion certificate and can reapply next year.

Please note that this phase is another key outcome of this training programme and all shortlisted entrepreneurs must go through this phase to be eligible for SEED CAPITAL.

THE SEED CAPITAL PHASE

All entrepreneurs who have successfully completed all the above steps will be required to open business accounts and seed capital will flow into these accounts created. An entrepreneur who is eligible to receive seed funding will be given a CERTIFICATE OF COMPLETION AND ACHIEVEMENT from the Foundation.

How to apply for TEEP Loan / Grant  2024

Visit the Official Webpage of the Tony Elumelu Foundation Entrepreneurship Programme

Application Deadline: 1st March 2024