Sterling Bank Green Innovation Challenge 2024 |It is a commendable initiative that is helping to drive environmental sustainability in Nigeria.
By fostering innovation and supporting green entrepreneurs, the challenge is playing a key role in addressing some of the country’s most pressing environmental challenges. Through its continued efforts, Sterling Bank is demonstrating the powerful role that the private sector can play in promoting sustainability and contributing to national development.
Application Deadline: October 20, 2024
About Sterling Bank Green Innovation Challenge
GIC is dedicated to providing access to funding for startups, MSMEs, SMEs, cooperatives, and social enterprises that are driving innovation and positive environmental change.
It serves as a platform for individuals, startups, and businesses that are passionate about creating environmental impact to present their ideas for addressing pressing environmental challenges, particularly in the areas of waste management, clean energy, and sustainable agriculture.
See: Apply IOC Young Leaders Programme 2025-2028 (Fully Funded)
The challenge is a part of Sterling Bank’s broader corporate social responsibility (CSR) and sustainability efforts to promote green economy initiatives and support Nigeria’s push towards the Sustainable Development Goals (SDGs).
It is open to applicants in the following sector:
- Agriculture
- Clean tech
- Women-Led Social enterprise
It is designed to connect you with the resources you need to bring your ideas to life, scale operations, and make a lasting impact.
Whether you’re launching a groundbreaking startup, growing an established SME, or leading a cooperative or social enterprise with a mission for good, we invite you to apply for funding to fuel your journey.
5 Things You Should Apply for Sterling Bank Green Innovation Challenge
Promoting Green Solutions
It encourage the development of sustainable and eco-friendly products, services, and systems that can help mitigate environmental degradation.
Boosting Entrepreneurship
It provide a platform for startups and SMEs to scale their ideas and get exposure to potential investors, partners, and resources that can accelerate their business growth.
Public Awareness and Engagement
Raise awareness about the importance of environmental sustainability and engage the public, particularly young people, in the discourse around green initiatives.
Supporting Economic Development
By promoting sustainable innovations, the challenge aims to foster a new generation of businesses that can create jobs while also addressing Nigeria’s environmental concerns.
Contribution to the SDGs
The challenge is aligned with several of the United Nations Sustainable Development Goals (SDGs), particularly SDG 7 (Affordable and Clean Energy), SDG 11 (Sustainable Cities and Communities), SDG 12 (Responsible Consumption and Production), and SDG 13 (Climate Action).
Eligibility Criteria for Agriculture Applicants
- Applicant must be between age 18 and 35 years.
- Application must be technology driven, proving productivity and profitability across value chain, and
focus climate smart initiatives. - Solution must be able to leverage on other sources of energy to save cost.
- Solution must focus on value chain linkages and solve post-harvest losses.
- Applicant solution must be on a specific value-chain, crop and livestock production, processing, sales,
and distribution. - Applicant can access a single digit facility up to 20 million Naira.
- The selection committee and/or organizers shall have the right to withdraw any award/grant prize
from a participant who fails or refuses to comply with the obligations in this clause. - All Sterling Bank terms and conditions apply.
Eligibility Criteria for Clean tech Applicants
1. Applicant must be between ages 20 to 45 years.
2. Grant of up to 2 million Naira is available in the sector.
3. Solutions should cut across any of the following focus areas:
I. Battery recycling
II. EV digital technology application
III. Conversion of ICE tricycles to EV
4. Solution/innovation must be in the prototype or demonstration phase.
5. Applicant must have a clear plan for scale and viable prototypes.
6. Applicant can access on-lending financing up to 1 billion Naira.
7. Minimum financing request for on-lending is 10 million Naira.
8. Applicant for on-lending finance must have a minimum of 30% equity.
9. Successful applicants of the cleantech category in the Sterling Green Innovation Challenge stand a
chance to win sponsored grants and access on lending financing from the Bank, however, the selection
committee have the sole responsibility of, and discretion in selecting winners, and the decisions are
final. The value of these prizes is to be at the sole discretion of the organizers.
10. Successful applicant must use funds for the proposed solution approved by the selection committee.
11. Applicants who are awarded a grant shall be obliged to sign a grant /use of funds agreement with
Sterling Bank detailing how they intend to use the grant funds, including a disbursement schedule
where applicable.
12. The selection committee and/or organizers shall have the right to withdraw any award/grant prize
from a participant who fails or refuses to comply with the obligation in this clause.
13. Grant recipients and applicants accessing finance will be expected to complete a documentation
process with the bank before disbursement of funds.
cancellation/postponement/change of sponsored prizes.
Eligibility Criteria for Women-Led Social enterprise
2. Applicant can access a grant up to 2 million Naira.
3. Applicant innovation should align with ESG principles and must be around renewable energy, climate
education, agriculture, and climate action.
4. The selection committee and/or organizers shall have the right to withdraw any award/grant prize
from an applicant who fails or refuses to comply with the obligations attached to this grant.
5. The selection committee have the sole responsibility of, and discretion in selecting winners, and the
decisions are final. The value of the prize is to be at the sole discretion of the organizers. Successful
applicant must use funds for the proposed solution approved by the selection committee.
6. All Sterling Bank terms and conditions apply.
General Information
2. Project must be a locally developed solution by Nigerians for Nigeria in line with ESG principles and
SDGs.
3. Innovation must have a clear plan for scale.
4. Applicants for on-lending must be registered.
5. Applicant must submit a business plan and pitch deck (for business applicant) or a proposal (for social
enterprise applicant).
6. Applicant must be willing to complete necessary financing documentation.
7. Applicant must submit only one entry. Multiple applications will be disqualified.
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