The Ekiti State Government has commenced the disbursement of the Innovation Enterprise Support Fund (IESF) grant to entrepreneurs selected from the earlier funding exercise.
A total of 177 entrepreneurs were selected after the government received 746 applications. The first funding cycle has a total grant value of ₦55.6 million, with beneficiaries receiving different amounts based on the funding tier they qualified for.
The IESF is being implemented by the Ekiti State Ministry of Innovation, Science and Digital Economy in partnership with FirstBank of Nigeria.
When Did the IESF Grant Application Open?
The latest disbursement follows the earlier IESF grant application exercise announced by the Ekiti State Government through the Ministry of Innovation, Science and Digital Economy.
The program was introduced to provide financial support and other business development opportunities to entrepreneurs, innovators and businesses in Ekiti State.
The application exercise attracted interest from different sectors, with agriculture recording the highest number of applications, followed by technology and manufacturing.
After applications were received, eligible applicants went through screening, assessments and bootcamp sessions before the final beneficiaries were selected.
Who Was the IESF Grant Meant For?
The IESF grant was designed for entrepreneurs, startups, innovators and businesses that need financial support to develop or expand their ventures.
The program is not limited to one type of business. Applicants from different sectors were considered, including agriculture, technology, manufacturing and other areas of enterprise.
Beyond the grant, the IESF program also provides support through mentorship, capacity development and market access.
The funding was structured into three tiers:
- Tier 1: ₦750,000 to ₦2 million
- Tier 2: ₦350,000 to ₦750,000
- Tier 3: Up to ₦350,000
Is the IESF Grant Application Portal Still Open?
Yes, the IESF application portal is still accessible. However, the Ekiti State Government is not currently accepting new applicants at this time.
The portal is expected to be used for future phases of the program. Zoeeb will provide an update when the government officially opens the next phase and begins accepting new applications.
Applicants who are interested in the next phase should avoid relying on unofficial information or paying anyone to secure a place.
What Are the Requirements for the IESF Grant?
Applicants preparing for the next phase should have their basic business and personal information ready before the application window opens.
Depending on the requirements announced for the next phase, applicants should be prepared with:
- A valid means of identification
- Personal contact information
- Business details
- Business registration documents, where applicable
- Information about the products or services offered
- Business location and contact details
- A clear description of the business and how the funding will be used
- Relevant financial or business records, where requested
The exact requirements for the next phase may be updated by the Ekiti State Government, so applicants should check the official announcement when the new application window opens.
What About Those Who Were Not Selected?
If you applied during the previous IESF funding exercise but were not among the 177 selected entrepreneurs, do not give up.
The IESF is planned to run in phases, which means there may be opportunities for more entrepreneurs to benefit in subsequent phases.
Use this period to prepare your business documents, update your records and have the required information ready so you can apply when the next phase officially begins.
Zoeeb will update this page once the Ekiti State Government announces the opening of the next phase.
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