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Funding is one of the most misunderstood—and misrepresented—parts of running a small or growing business in Nigeria. Whether you’re building a tech startup, running a fashion brand, or operating a logistics company, you’ve probably heard plenty of funding advice that simply isn’t true.i
At Finance by Enle, we work closely with founders navigating this maze. Here are five common funding myths that might be holding you back—and what’s actually true.
💬 Myth 1: “You need to know someone at the top to get access to grants.”
Truth: While relationships and networks matter in many areas of business, most grant opportunities are open, competitive, and merit-based. What’s more important is how you present your business, not who you know. A strong business plan, social impact, and good governance structure often count more than connections.
💬 Myth 2: “Banks are the only serious source of funding.”
Truth: Banks are just one piece of the puzzle. In fact, for many SMEs—especially startups—bank loans may not even be the best fit. Alternatives like:
💬 Myth 3: “If I take a loan, I’ll lose control of my business.”
Truth: You’re confusing debt with equity. Loans do not give anyone ownership of your business. What matters is your ability to repay. In fact, structured properly, short-term financing can help your business grow while keeping 100% of your shares.
💬 Myth 4: “No one funds creative or informal businesses.”
Truth: Creative industries—fashion, film, music, media—are among the most fundable sectors right now, especially in youth-focused and development-backed programs. The key is framing your business correctly: show how it generates value, impact, and revenue.
💬 Myth 5: “I’m too early-stage to qualify for funding.”
Truth: Many early-stage founders qualify for startup grants, competitions, and innovation funding. What funders often want is a clear idea, some traction, and a plan for how their money will be used responsibly.
🎯 So, What Should You Do?
If you’ve been putting off funding because of one of these myths, it’s time to rethink your approach. Capital is out there—and with the right guidance, you can position your business to attract it.
👉 Book a Free Funding Review Call to assess where your business stands and how we can help you access the right opportunities.
Funding is one of the most misunderstood—and misrepresented—parts of running a small or growing business in Nigeria. Whether you’re building a tech startup, running a fashion brand, or operating a logistics company, you’ve probably heard plenty of funding advice that simply isn’t true.i
At Finance by Enle, we work closely with founders navigating this maze. Here are five common funding myths that might be holding you back—and what’s actually true.
💬 Myth 1: “You need to know someone at the top to get access to grants.”
Truth: While relationships and networks matter in many areas of business, most grant opportunities are open, competitive, and merit-based. What’s more important is how you present your business, not who you know. A strong business plan, social impact, and good governance structure often count more than connections.
💬 Myth 2: “Banks are the only serious source of funding.”
Truth: Banks are just one piece of the puzzle. In fact, for many SMEs—especially startups—bank loans may not even be the best fit. Alternatives like:
💬 Myth 3: “If I take a loan, I’ll lose control of my business.”
Truth: You’re confusing debt with equity. Loans do not give anyone ownership of your business. What matters is your ability to repay. In fact, structured properly, short-term financing can help your business grow while keeping 100% of your shares.
💬 Myth 4: “No one funds creative or informal businesses.”
Truth: Creative industries—fashion, film, music, media—are among the most fundable sectors right now, especially in youth-focused and development-backed programs. The key is framing your business correctly: show how it generates value, impact, and revenue.
💬 Myth 5: “I’m too early-stage to qualify for funding.”
Truth: Many early-stage founders qualify for startup grants, competitions, and innovation funding. What funders often want is a clear idea, some traction, and a plan for how their money will be used responsibly.
🎯 So, What Should You Do?
If you’ve been putting off funding because of one of these myths, it’s time to rethink your approach. Capital is out there—and with the right guidance, you can position your business to attract it.
👉 Book a Free Funding Review Call to assess where your business stands and how we can help you access the right opportunities.
