GET Compass 2024: Supporting SMEs In The Current Economic Climate.

Posted By Michael Adoghe, Friday, May 31st, 2024

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Introduction:

It has been 4 years since the COVID-19 pandemic which rocked the entire world. Economically, businesses are still reeling from the effects of the global pandemic. A report by the National Bureau of Statistics (NBS) in 2023 showed a 45% decrease in the total number of individuals operating in the SME sector.

There are many factors that have led to this decline and economic challenges are one of them. This year, the GET Compass program is back to provide a cushion for small businesses with 2 million naira in grant funding to be won.

Last year, the GET Compass program awarded 5 businesses with a sum of N2 million naira each. The businesses span a plethora of sectors from manufacturing, clean energy, and fashion to food.

The beneficiaries were: Craft Planet (recyclables and clean energy business), Makizi Blossoms Enterprises (an organic honey-producing business), Smoothie Bargain & Shakes Enterprise (a fresh juice and parfait business with over 100 monthly customers), Replast Engineering (a plastic waste management business) and Tipin Recycle (a recycling enterprise that converts used plastic to household furniture).

Last year, the business attended an intensive business training that spanned over 2 weeks. They were taught by industry experts and business visionaries with successful enterprises under their belt.

GET Compass 2024:

Businesses accepted into GET Compass 2024 will have access to resources beyond funding. They will undergo physical training in Lagos state, Nigeria. The training will feature experts and industry leads with decades of experience. The training will cover business development, marketing, branding and many more. Selected businesses will also learn from mentors in the GET business ecosystem to further provide support and morale.

MSMEs with innovative ideas and willing to scale up and expand their operations are encouraged to apply on the GET website. Interested applicants must have a registered business and be 18 years and above.

Application for GET Compass 2024 is ongoing and more details can be found on www.groomingendowment.org

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