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

Application Deadline: October 20, 2024

Applications are now open for the 2024 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.

Requirements

• 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.
• Whether you’re launching a groundbreaking startup, growing an established SME, or leading a cooperative or social enterprise with a mission for good, we invite you to apply for funding to fuel your journey.

Applicant must be between ages 20 to 45 years.

1. Grant of up to 2 million Naira is available in the sector.
2. Solutions should cut across any of the following focus areas:
   I. Battery recycling
   II. EV digital technology application
   III. Conversion of ICE tricycles to EV
3. Solution/innovation must be in the prototype or demonstration phase.
4. Applicant must have a clear plan for scale and viable prototypes.
5. Applicant can access on-lending financing up to 1 billion Naira.
6. Minimum financing request for on-lending is 10 million Naira.
7. Applicant for on-lending finance must have a minimum of 30% equity.
8. 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.
9. Successful applicant must use funds for the proposed solution approved by the selection committee.
10. 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.
11. 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.
12. Grant recipients and applicants accessing finance will be expected to complete a documentation
    process with the bank before disbursement of funds.

FOR AGRIC APPLICANTS

1. Applicant must be between age 18 and 35 years.
2. Application must be technology driven, proving productivity and profitability across value chain, and
   focus climate smart initiatives.
3. Solution must be able to leverage on other sources of energy to save cost.
4. Solution must focus on value chain linkages and solve post-harvest losses.
5. Applicant solution must be on a specific value-chain, crop and livestock production, processing, sales,
   and distribution.
6. Applicant can access a single digit facility up to 20 million Naira.
7. 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.
8. All Sterling Bank terms and conditions apply.

FOR WOMEN-LED SOCIAL ENTERPRISE

1. Applicant must be a female between 18 and 45 years.
2. Applicant can access a grant up to 2 million Naira.
3. Applicant innovation should align with ESG principles and must be around renewable energy, climate
   education, agriculture, and climate action.
4. The selection committee and/or organizers shall have the right to withdraw any award/grant prize
   from an applicant who fails or refuses to comply with the obligations attached to this grant.
5. 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.
6. All Sterling Bank terms and conditions apply.

For More Information:

Visit the Official Webpage of the Sterling Bank Green Innovation Challenge