It’s our first blog post of 2017 – so we want to wish you all a very Happy New Year!
For the third year running, the Tony Elumelu Foundation (TEF) is providing a funding opportunity for African businesses. The TEEP 2017 program is a 10-year, $100 million commitment to train, mentor and fund 10,000 African entrepreneurs in every African country. Since inception in 2015, it has assisted nearly 2,000 entrepreneurs and created hundreds of jobs across the African continent (by its count).
What are the benefits of the TEEP 2017 program?
Successful applicants will receive the following critical tools for entrepreneurial success, including:
- Training: 12 weeks of intensive training on setting-up and managing businesses
- Mentoring: A mentor will guide successful applicants in creating a robust business plan
- Seed Capital: $5,000 in non-returnable seed capital and access to a $5,000 convertible loan
The $10,000 is a mix of training and investment. Successful businesses will get $5,000 in cash to fund their businesses when their business plan has been approved. There will be a twelve week course for the entrepreneurs, which will focus on providing them with the skills they need to run their businesses successfully. It will be a mix of online and face-to-face courses. TEF will also provide mentors, an online resource library as well as an alumni network.
For a business to be eligible for TEEP 2017, all of the following requirements must be met:
- The applicant must be a citizen or legal resident of any of the 54 African countries
- The business must operate in Africa
- The applicant should be at least 18 (but there’s no upper limit on age)
- The business must be less than 3 years old at the time of application
- The business must be for profit.
All applications must be submitted online only by March 1st, 2016. There’s also an extensive FAQ page that can provide you with any more information that you might need. It’s free to apply, so we encourage every budding African entrepreneur to head over to the TEEP Application Portal to apply for TEEP 2017!
(In case you missed it, we blogged extensively about TEEP when it kicked off in 2015. We also featured 3 of the 1000 #TEEP2015 winners right here on the Areedi blog: Ademola Balogun, Ubong Inyang and Runcie Chidebe. Read about their stories, and their businesses!)