For Nigerian business owners looking for funding before the end of 2026, one opportunity currently open could put up to ₦1 million directly into a qualifying business, without requiring the winner to repay the money or surrender part of the company. The ProMoat Drawbridge Grant is accepting applications for its January 2027 cohort, with the application window scheduled to close on October 31, 2026.
The opportunity is aimed at existing Nigerian businesses rather than people with only an idea waiting to be launched. Applicants are expected to show that their businesses are registered, operating, generating revenue and serving paying customers. That requirement immediately gives the application a practical focus because the business owner needs to demonstrate that the venture already has activity that can be expanded with additional funding.
ProMoat Capital has set aside ₦1.5 million for 2 winning businesses in this cohort. The first place winner will receive ₦1 million, while the second place winner will receive ₦500,000. The grants are non repayable, and ProMoat says it will take zero equity in the businesses that receive the funding.
The application process is also designed to be relatively simple. There is no requirement to prepare a pitch deck or submit a separate business plan, while the application itself is expected to take about 20 minutes. Applicants will instead provide practical information about their businesses, including registration details, revenue, customers, operations and how the grant would be used.
For business owners considering the opportunity, the important dates, eligibility requirements, application questions and selection stages are worth understanding before submitting an application.
ProMoat Drawbridge Grant opens for Nigerian businesses
The ProMoat Drawbridge Grant is a business funding opportunity created by ProMoat Capital for small and medium sized businesses operating in Nigeria. The current cohort is for businesses that can demonstrate an existing operation, rather than applicants simply presenting an idea for a business they intend to start.
The current application deadline is October 31, 2026, while the grants are scheduled to be paid to the successful businesses in January 2027. That gives applicants a defined window to prepare their information, complete the application and make sure the figures they provide accurately represent the business.
The total funding available is ₦1.5 million across 2 winners. The first place winner receives ₦1 million, while the second place winner receives ₦500,000. Both awards are grants rather than loans, meaning the successful businesses are not expected to repay the money.
Another major point is the zero equity condition. ProMoat says it will not take a percentage ownership of a business simply because the business wins the Drawbridge Grant. That makes the opportunity different from conventional investment arrangements where a business receives capital in exchange for an ownership stake.
The funding is intended to help businesses grow. An applicant therefore needs to think beyond simply wanting extra money and explain the specific business activity that the funding would make possible.
October 31, 2026 is the application deadline
Business owners interested in the Drawbridge Grant have until October 31, 2026 to submit their applications for the current cohort. Applications should therefore be completed before the closing date rather than waiting until the final hours, especially because applicants need accurate business information to complete the form.
November 2026 is scheduled for application review and the first stage of interviews. ProMoat will assess applications and contact businesses that move forward in the selection process. Applicants should therefore remain available through the following stages after submitting their forms.
December 2026 is expected to bring the final interview stage. The final discussions will focus more closely on the business, its customers, its numbers and the proposed use of the grant. This means the information submitted in the application needs to be supported by figures that the business owner understands properly.
January 2027 is the scheduled period for announcing the 2 winners and paying the grants. The successful businesses will receive either ₦1 million or ₦500,000 depending on their final position in the competition.
The timeline makes the opportunity particularly relevant to businesses seeking funding that can be deployed during the early part of 2027. Applicants should treat October 31, 2026 as the key date because an application submitted after the stated deadline may not be considered for the cohort.
Who can apply for the ₦1.5 million grant
The Drawbridge Grant is open to Nigerian businesses that meet the conditions published by ProMoat. One of the central requirements is Corporate Affairs Commission registration, meaning the business must have formal registration with the CAC.
The business must also be operating in Nigeria and generating revenue. Applicants are expected to have paying customers, which means the opportunity is not primarily designed for someone who has only developed a business idea but has not yet started selling a product or service.
The person representing the business must be at least 18 years old. ProMoat also asks about the business bank account, although having a business bank account is described as preferable rather than an absolute requirement.
Business owners should pay close attention to the revenue requirement before starting the application. The selection process is not simply about describing an attractive business concept, because ProMoat expects applicants to provide information about their existing customers, business numbers and operations.
That makes the opportunity accessible to relatively small businesses while still requiring evidence that the business is genuine. A business does not necessarily need to be a large company with a large workforce before it can apply, provided it satisfies the published requirements.
The grant is open to different sectors
One of the useful features of the Drawbridge Grant is that it is not restricted to a single industry. ProMoat gives examples covering shops, farms, factories, service businesses, software businesses and other Nigerian small and medium sized enterprises.
That means a business owner does not need to operate in technology or another traditionally high profile sector to consider the opportunity. A retail business with customers, a small agricultural operation generating sales or a service business with an established customer base can potentially fit the profile.
The important issue is the strength of the business itself and the applicant’s ability to demonstrate how additional funding can support growth. The application gives the business owner an opportunity to explain what the company does, who buys from it and how the grant could improve its operations.
A fashion business could use the money to purchase sewing equipment, fabrics or other production materials. A food business could direct the funding towards equipment, raw materials, packaging or marketing that allows it to serve more customers.
An agribusiness could use the grant for inputs, equipment or distribution, while a retail business could increase inventory or introduce additional products. A digital business could spend the money on essential software, marketing, equipment or staff.
How much can Nigerian businesses win
The first place award under the current Drawbridge Grant is ₦1 million. The second place award is ₦500,000, bringing the total value of the funding available to ₦1.5 million.
The ₦1 million first prize is likely to be the main attraction for many applicants, particularly businesses that already have customers but need additional capital to increase their capacity. However, the ₦500,000 second prize also provides meaningful funding for a smaller business that has a clear plan for using the money.
Both awards are non repayable. That means the winners are not taking on a loan that has to be returned over a period of months or years.
ProMoat also states that it will take zero equity in the businesses receiving the grants. A successful applicant therefore does not have to give ProMoat part ownership of the company in exchange for the grant.
The funding should still be treated as business capital rather than personal spending money. Applicants are expected to explain how they intend to use the grant to grow their businesses, so the strongest applications are likely to connect the amount requested with a specific business need.
How the ₦1 million can be used
ProMoat allows the grant to support different areas of business growth. Eligible uses can include stock, inventory, equipment, tools, marketing and staff, alongside other expenses that directly support the growth of the business.
A retailer could therefore explain how ₦1 million would increase the quantity or range of products available for customers. Rather than simply stating that the business needs more stock, the applicant can identify the products to be purchased, the expected increase in inventory and the customers that the additional stock would serve.
A service provider could use the funding to purchase tools or equipment needed to handle more jobs. The application can then connect the purchase with existing demand and explain how increased capacity could translate into additional revenue.
Marketing is another possible use of the funding. A business that already has paying customers could explain how a defined marketing budget would help reach new customers, improve visibility or increase sales through a particular channel.
Staff costs can also form part of a growth plan where additional workers are needed to increase production or improve service delivery. The important point is to show why the expense is connected to business growth rather than simply listing a general need for money.
No pitch deck is required
Applicants do not need to prepare a pitch deck for the Drawbridge Grant. ProMoat also says applicants do not need to submit a separate business plan document as part of the application.
The application is designed around a form that takes approximately 20 minutes to complete. That makes preparation of the relevant business information more important than spending time creating a lengthy presentation.
Applicants should have their CAC registration details available before starting. They should also know their approximate monthly revenue, team size, business location, customer profile and the specific purpose for which the grant would be used.
The application asks for basic contact information including the applicant’s full name, email address and phone or WhatsApp number. Business information includes the business name, CAC registration number, sector, state, LGA and area or town.
The form also asks applicants to describe what the business does and who its customers are. A website or social media link can be provided where available, giving the applicant another way to show the business’s presence and activity.
The numbers matter during the application
Business owners should not approach the application as though it is only a storytelling exercise. Revenue, customers and other business figures form an important part of the information ProMoat requests.
An applicant should therefore know the approximate monthly revenue before submitting the form. The figure should be realistic and consistent with the scale of the business, its customer base and the activities described elsewhere in the application.
Customer information should also be specific. Instead of simply saying that the business serves Nigerians, an applicant can explain the particular customer group, the products or services they buy and the way the business currently reaches them.
The proposed use of the grant deserves the same level of attention. A statement such as needing ₦1 million to grow the business gives little detail about the actual plan. A stronger explanation connects the funding to a particular purchase or activity and describes the expected result.
For example, a business could explain that its current monthly production is 100 units, that existing customers purchase most of its available stock and that ₦1 million would be used to purchase equipment or inventory needed to increase capacity to 180 units monthly.
That type of explanation gives the selection team a clearer picture of the starting point, the proposed investment and the intended outcome.
ProMoat selection process explained
The Drawbridge Grant selection process follows several stages, beginning with the application and continuing through interviews before the final winners are selected.
Applications close on October 31, 2026. After the deadline, ProMoat will review the submitted applications and identify businesses that move forward to the first interview stage.
November 2026 is the period scheduled for application review and initial interviews. Businesses contacted for this stage should be prepared to discuss the information already provided in their applications.
December 2026 is scheduled for final interviews. At this stage, the discussion becomes more detailed, with attention placed on customers, business numbers and the proposed plan for using the grant.
January 2027 is scheduled for the announcement and payment of the 2 winners. The first place business will receive ₦1 million, while the second place business will receive ₦500,000.
The sequence is therefore straightforward: application, review, first interviews, final interviews, winner announcement and grant payment.
What applicants should prepare before applying
Preparation can make the application much easier. Business owners should first gather their CAC registration information and confirm that the details they intend to submit are accurate.
Revenue figures should also be prepared before opening the application. The applicant should know the approximate monthly revenue and be able to explain how the business generates its income.
Customer information is equally important. Applicants should understand who their paying customers are, what they buy and why they choose the business. That information can become particularly useful if the applicant reaches the interview stage.
The proposed use of the grant should be written down clearly before completing the form. A simple breakdown of the funding can help the applicant avoid vague answers and show exactly where the money would go.
A business owner seeking ₦1 million could divide the proposed spending according to actual needs, such as equipment, inventory, marketing or staffing. The figures should make sense for the business and should be linked to a realistic growth plan.
How to present a stronger application
A strong application does not necessarily require complicated language. The business owner should explain the business in a way that allows someone unfamiliar with it to understand how it operates, who pays for its products or services and where the next stage of growth can come from.
Clear figures can make the explanation more convincing. If the business currently serves 50 customers each month, the applicant should be able to state that figure and explain how additional funding could help increase the customer base.
The same approach applies to sales and production. Where a business has monthly sales figures, average order values, production capacity or other useful numbers, those figures can help demonstrate the scale of the opportunity.
The grant plan should also be practical. Spending ₦1 million across too many unrelated areas could make the proposal difficult to understand, while concentrating the money on a few important growth activities may provide a clearer picture.
Business owners should also make sure that the information in the application agrees with what they say during interviews. Revenue figures, customer numbers and growth plans should remain consistent throughout the selection process.
What happens after winning
Successful businesses will receive their grant money in January 2027 according to the published schedule. ProMoat says the money is transferred in naira to an account in the name of the business or applicant.
The grant is not provided as a cash prize or a substitute prize. The funding is intended to support the business, which is why the application asks the owner to explain how the money will be used for growth.
There is no repayment requirement attached to the grant. ProMoat also states that it will not take equity in the winning businesses as a condition of receiving the award.
Winners are required to create a free account on ProMoat’s small business platform. ProMoat says there are no reporting obligations attached to the grant and no additional strings concerning how the money is used for the business.
That means the main responsibility before winning is to present an accurate application and demonstrate that the business meets the published requirements.
Investment opportunities are separate from the grant
ProMoat Capital is an investment firm, so the Drawbridge Grant also provides an opportunity for the company to identify promising Nigerian businesses.
ProMoat says every application is read by its investment team. Some applicants could therefore receive interest from the company regarding a possible investment after applying.
That possibility should not be confused with the grant itself. Any investment discussion is separate and optional, while winning the Drawbridge Grant does not require the business owner to surrender part of the company.
The distinction is important for applicants who are concerned about equity. The ₦1 million first prize and ₦500,000 second prize are grants, and ProMoat states that it takes zero equity in the businesses that receive them.
Applicants should not pay anyone
The application is free. ProMoat’s official terms state that applicants should never pay anyone to apply, get shortlisted or win the Drawbridge Grant.
Business owners should therefore be careful if anyone approaches them claiming to have special access to the selection team or promising to secure the grant in exchange for payment.
No legitimate applicant needs to pay an intermediary simply to submit an application. The safest approach is to use the official ProMoat application process and rely on the information provided directly by ProMoat.
Any request for money connected to securing a place among the shortlisted businesses or guaranteeing a winning position should be treated as a serious warning sign.
The January 2027 payment timeline
The current cohort has a clear progression from the October application deadline to the expected January 2027 payment.
October 31, 2026 marks the closing date for applications. Applicants should complete their forms before that date and ensure that the information provided is accurate.
November 2026 is allocated to application review and first interviews. Businesses selected for further consideration can expect additional engagement during this stage.
December 2026 is scheduled for final interviews. The focus will include the business’s customers, numbers and plans for using the grant.
January 2027 is the expected period for announcing the 2 winners and paying the awards. The first place winner receives ₦1 million, while the second place winner receives ₦500,000.
That sequence gives applicants a clear idea of what happens after submitting the form and when the funding is expected to become available.
How Nigerian business owners can apply
Nigerian business owners who meet the eligibility conditions can apply through the official ProMoat Drawbridge Grant application page. The process begins with the application form, where the applicant provides personal details and information about the business.
The applicant should have the business’s CAC registration number available and be prepared to provide information about the sector, location, LGA, area or town, revenue and team size.
The form also requires the applicant to explain what the business does, identify its customers and describe how the grant would be used. A website or social media account can also be provided where available.
There is no need to prepare a pitch deck or separate business plan. The focus is on providing clear and accurate information about the existing business and explaining how the funding could help it grow.
Applicants should complete the process through the official ProMoat channel before October 31, 2026 rather than paying third parties who claim they can influence the outcome.
ProMoat Drawbridge Grant 2026 at a glance
The ProMoat Drawbridge Grant offers ₦1 million to the first place winner and ₦500,000 to the second place winner, giving the current cohort a total grant value of ₦1.5 million. The money is non repayable, and ProMoat says it will take zero equity from the winning businesses.
Applications close on October 31, 2026, with application review and first interviews scheduled for November 2026. Final interviews are expected in December 2026, followed by the announcement and payment of the 2 winners in January 2027.
Eligible applicants must have a CAC registered business operating in Nigeria, generating revenue and serving paying customers. The representative applying for the business must be at least 18 years old, while a business bank account is preferable but not compulsory according to ProMoat.
Businesses from different sectors can apply, including retail, agriculture, manufacturing, services, software and other areas of commercial activity. The grant can be used for growth related expenses such as inventory, equipment, tools, marketing and staff.
For business owners preparing an application, the biggest task is not producing a complicated presentation. It is knowing the business well enough to explain its customers, revenue, operations and growth plan clearly.
The October 31, 2026 deadline therefore gives eligible Nigerian business owners a clear date to work towards. Those who intend to apply should gather their CAC details, business figures, customer information and proposed grant budget before starting the form, then submit through the official ProMoat application channel without paying anyone to influence the process.
Key details
Grant provider: ProMoat Capital
Opportunity: Drawbridge Grant
Total funding: ₦1.5 million
First place: ₦1 million
Second place: ₦500,000
Application deadline: October 31, 2026
Expected payment: January 2027
Repayment: None
Equity taken: Zero
Business location: Nigeria
CAC registration: Required
Paying customers: Required
Age requirement: 18 years or older
Pitch deck: Not required
Business plan document: Not required
Application cost: Free
Eligible sectors: Multiple sectors
Official application: ProMoat Drawbridge Grant
