FirstBank of Nigeria has partnered with the Ekiti State Government to launch an Innovation Enterprise Support Fund to support startups in the state.
The programme will provide funding, mentorship and market access to about 60 startups across different stages of development.
It is structured into three stages: ideation, pre-acceleration and acceleration.
Under the programme, selected businesses will receive financial support ranging from N150,000 to N1.2 million.
The initiative also sets aside 40 percent of the fund for female-led businesses.
Managing Director and Chief Executive Officer (CEO) of FirstBank Group Olusegun Alebiosu said the partnership aligns with the bank’s focus on enterprise development and financial inclusion.
He said small and medium enterprises play a role in economic growth and that the bank has continued to support businesses through access to funding and capacity building.
Mr Alebiosu said the programme is designed to help early-stage businesses grow into companies that can create jobs and contribute to the economy.
He added that the bank has developed digital platforms to support its customers and help them expand their businesses.
The bank said the initiative will support youth and women and improve access to funding for startups in Ekiti State.
Data from the bank shows that women account for about 35 percent of Nigeria’s startup ecosystem.
The programme is expected to strengthen the startup ecosystem in Ekiti and support business growth in the state.
