Sterling Bank has announced the launch of its Green Innovation Challenge, calling on Nigerian entrepreneurs and small to medium-sized enterprises (SMEs) to apply for a chance to receive financial backing. This initiative focuses on supporting businesses involved in creating innovative solutions that address environmental sustainability within the agricultural sector, clean technology, and social enterprises committed to making a positive environmental impact.
Targeting Eco-conscious Entrepreneurs and Innovators
The challenge is designed to spotlight and empower businesses at the forefront of ecological innovation. It seeks applications from startups, SMEs, and business models that prioritize environmental sustainability and contribute meaningfully to solving ecological challenges. By providing both grants and loans, Sterling Bank aims to enable these ventures to grow and enhance their positive impact.
Financial Support for Clean Technology and Social Enterprises
For businesses operating in the clean technology and social enterprise sectors, the Green Innovation Challenge offers a grant of NGN 2 million (approximately US$1,200). This funding will assist these businesses in scaling their operations and maximizing their contributions to sustainable development. Clean technology and social enterprises play a crucial role in fostering eco-friendly innovations, and this grant is designed to accelerate their growth.
Major Funding for Agricultural Enterprises
Sterling Bank is also offering a more substantial financial facility of NGN 20 million (around US$12.2 million) for ventures within the agricultural sector. The challenge aims to support agricultural enterprises that demonstrate strong potential for innovation and sustainable practices. This funding is intended to help such businesses expand and strengthen their contributions to the green economy, enabling them to lead the way in sustainable agricultural practices.
A Pathway to a Greener Future
This initiative provides an exciting opportunity for Nigerian businesses committed to environmental stewardship and innovation. With access to financial support, these businesses can amplify their efforts and gain recognition for their contributions toward a greener, more sustainable future.
Applications for the Sterling Bank Green Innovation Challenge are open until October 20.