What is the Venture Capital Fund Program (VCFP)?
The VCFP is a business support service providing professional business advice and guidance and access to business capital. These are lifetime benefits.
What is the Venture Capital Fund?
The Venture Capital Fund (VCF) is a specialized Fund established to cater for the business capital needs of VCFP clients. It is administered for the continuous expansion of capital and receives dual infusion of capital from a percentage of the VCFP enrollment fees and income from our real sector subsidiary investments. The VCF is invested in secure fixed income securities such as government bonds, treasury bills, commercial papers, etc.
Who is qualified to subscribe?
The VCFP is open to everyone especially aspiring entrepreneurs and anyone who is into one form of business or the other and need start-up (seed fund) or expansion capital.
How do I subscribe?
To subscribe, fill out the subscription form. Complete your free subscription or upgrade to premium subscription by making payment via our online payment platform using any one of Visa, Verve or MasterCard debit cards. Or simply visit any of our offices. For our branch addresses, please, use the branch locator.
How do I know my application is successful?
If you have correctly completed the subscription form and submitted it you will receive an email/SMS informing you that your subscription was successful.
How long does it take for subscribers to receive seed funding?
There is a five year moratorium period between the subscription date and qualification date. Visit your profile page to see your date of qualification.
What happens between when I subscribe and when I qualify for VC funding?
Over the course of the five year moratorium period subscribers receive training in financial management, personal development and business management. These trainings are received through periodic onsite and online seminars. Visit your profile page to download entrepreneurship resource materials to study at your convenience.
What are my chances of qualifying for seed funding?
Your chance of receiving start-up capital is a hundred percent. Five years is all that stands between you and your dream business.
Can I make multiple subscriptions?
No. Subsequent subscription by the same subscriber will be rejected.
Who is an Investment Advisor?
An Investment Advisor is a professional investment advisor attached to individual subscriber/enrollee. An Investment Advisor acts as a counselor and guide as you journey through the entrepreneurial world. An Investment Advisor assist you through the start-up phase until you can stand on your own feet.
What is Premium Partnership?
Premium Partnership is a registration option where two or more individual (not more than ten) subscribers merge their registration to maximize the total value of their seed fund.
How do I create a Premium Partnership?
After successfully completing your individual registration, go to your profile page and click on create premium partnership. Select the names of those you wish to enter into premium partnership with and click on the invite button. Note that to successfully create a premium partnership profile is dependent on the acceptance of one or more of the other prospective partners.
How is the qualification date of a Premium Partnership determined?
Premium Partnership qualifying date is set to the date of the last qualifying subscriber in the partnership. In order words all of the partners must be qualified before the partnership can invoke their seeding funding entitlement.
Do Premium Partnership members need to have the same business objective?
Absolutely! The essence of Premium Partnership is to pull resources for a common business goal. Without having a common business objective this essence is ultimately defeated.
What is Super Pact?
Super Pact is a registration option where a minimum of eleven and a maximum of fifty subscribers merge their registration to maximize their seed capital for a common business purpose.
How many people can form a Super Pact?
It takes a minimum of eleven subscribers and a maximum of fifty subscribers to form a Super Pact
Must the people forming a Super Pact have the same business idea?
Yes! The people forming a Super Pact must have the same business idea. This will enable them to pull together their seed capital towards achieving the idea.
How is the qualification date for Super Pact members determined?
The qualification date for seed capital of the Super Pact members is set to the date of the last qualifying subscriber of the Pact.
At what point do I submit my business plan?
A qualified enrollee or prospective entrepreneur shall submit their business plan at the point of applying for seed capital (venture capital). Note that the Retail Venture Capital Department (RVCD) is there to assist you with development of your business plan and model and all necessary processes that will aid the success of the prospective business.
Do I immediately receive my seed funding upon qualification for same?
Having qualified, when you receive venture capital funding is dependent on the following factors. (a) When you apply; (b) Processing and assessment of your business plan by your Investment Advisor; (c) Completion of your requisite training in line with the specific business model of your interest.
Can I be taught how to write a business plan when I subscribe?
Of course, learning how to create a business plan is an aspect of our entrepreneurial training program
What is the age limit for subscribers?
Anyone who is 13 years and above is qualified to subscribed. However, people younger than thirteen can subscribe as long as such subscription is done on their behalf by an adult guardian or parent.
Do I need a certain level of educational qualification to be a subscriber to the VCFP service?
All you need to be a subscriber to the VCFP service is the ability to read and write.
How often can I access growth capital from CAPIS as a VCFP client?
You can access growth capital as often as your business needs it and as long as the business financials justifies it. VCFP clients can access up to Ten Million Naira single digit, medium term growth capital loans collateral free.
Are there any circumstances under which I am expected to provide a collateral?
If the business capital applied for exceeds Ten Million Naira collateralization is required.
What is the VCFP activation window?
The VCFP activation window is the annual time frame during which VCFP enrollees are able to activate their accounts. While VCFP account enrollment is year round, only 15,000 accounts can be activated per annum. This quota ensures that business capital draw downs from the Venture Capital Fund is sustainable.
Can I enroll for the VCFP service after the VCFP activation window closes?
Yes, enrollment for the VCFP is year round. You can enroll on the service and activate your VCFP account once the VCFP activation window opens.
If I start my installment payment before the VCFP activation window closes can I still complete my payment to activate my VCFP account?
No, you will have to wait until the next activation window to complete your payment for your VCFP account to be activated.
How will I know when the VCFP activation window is open?
The VCFP activation window opens every first quarter and closes when the annual quota for active VCFP accounts is reached. Additionally, email and push notifications will be sent to VCFP enrollees whose account are not yet activated.