Application
is now open for GEMS4 Enterprise
Challenge Fund till 24th of August, 2015. The GEMS4 Enterprise Challenge Fund is a £3.5
Million private sector development matching grant fund. The objective of the
Fund is to catalyse private sector investment in innovative, commercially
viable, and inclusive business models that result in improved performance of
the Wholesale and Retail sector, jobs and improved income opportunities for
poor men and women engaged in the sector. By improving private sector
perceptions of the associated costs and benefits of innovating and adopting
pro-poor models, it will encourage replication. It is intended that the impact
of funding given to an individual project will be multiplied by the resulting
and recurring changes to perceptions and practices in the Wholesale and Retail
Sector.
GEMS4
means Growth and Employment in States. GEMS4 is a market development project in
Nigeria currently being implemented in Lagos, Kano, Kaduna and Cross River
states. The project is being funded DFID/UKaid and The World Bank. The GEMS4
mandate is to stimulate market system changes that encourage growth and access;
resulting in the creation of 10,000 new jobs and increased incomes for 500,000
people, especially for the poor, rural dwellers, and for women. GEMS4 has been
in implementation since 2012 and will be in operation until July 2017.
Funding Process
Pre-Grant Award
Grant
funds are awarded to eligible projects through a two- stage competitive
application process as follows:
First stage – Concept
Note Application
Interested
organisations submit a concept note outlining the innovative business idea for
which grant funding support is sought in terms of its commercial viability,
innovativeness, and potential developmental impact.
Second stage – Full
Application
Shortlisted
applicants are invited to develop full application proposals setting out a
detailed business case for the proposed project. This is similar to a
commercial business plan.
Post Grant Award
· Grant awarded
organisations undergo a verification and due diligence process. Successful
Organisations are invited to execute a grant agreement.
·
Project implementation
commences
·
Grant funds is
disbursed in quarterly intervals in arrears against agreed milestones and
deliverables.
·
GEMS4 conducts
monitoring and evaluation of funded project.
·
At expiration of
funding period, grant funding support ceases. Projects continue to operate
sustainably
Funding Window
Eligible organisations can apply to the GEMS4
Enterprise Challenge Fund for funding support through funding windows.
Each funding window seeks to address a
specific market problem facing small and medium enterprises, small-holder
farmers/producers, poor and vulnerable men and women engaged in economic
activities within the wholesale and retail sector, and its value chain.
The following Funding Windows are
currently open for applications:
Visit
the website for more information: http://www.gems4nigeria.com/challengefund