SMEs position for growth as Sterling Bank, LEAP Africa support

Small and Medium Enterprises (SMEs) operating in the country are set to take advantage of Sterling Bank plc and LEAP Africa’s partnership

The bank and LEAP Africa, a leadership development and non-profit organisation, are partnering to organise a forum with a focus on how these small businesses can attract funding to run sustainable ventures.

Abubakar Sulaiman, executive director, finance and strategy, said the CEOs forum was crucial to businesses, as different funding options would be brought to the table, saying entrepreneurs would be thought step-by-step processes and requirements for getting each category of funding.

“So, our business is to assist them in putting that kind of structure in place. Many business owners start with their personal servings, money borrowed from friends and relations, but they rarely run the business to the level where serious investors can come in. This is due to a number of issues ranging from leadership to basic documentary issues that shows where they are going, and where they are coming from,” Abubakar said at a media briefing in Lagos.

Abubakar said the bank focus on training entrepreneurs to the level where they can build structures that can on their own attract funding, adding that the spotlight on the SME segment could not have come at a better time as efforts to diversify the country’s economy intensify.

Iyadunni Olubode, executive director, Leadership, Effectiveness, Accountability and Professionalism (LEAP) Africa, said underlining this year’s theme is the recognition that many Nigerian entrepreneurs struggle with sourcing funding due to both internal and external challenges. However, successful business development requires additional sources of capital to support growth and enable strategic investments. LEAP Africa, she said, is available to help business owners gain deeper insight and acquire the relevant skills in entrepreneurship and business.

 “Among others, the 11th CEOs forum seeks to expose entrepreneurs to the breadth of financing options available in the African context, including angel investors, venture capital, private equity, challenge funds, development financing and the stock market. The forum will also equip emerging entrepreneurs with the knowledge, skills and tools to enhance their business readiness to attract financing and effectively manage investor relationships,” Olubode said.

In line with the theme, the event will hold in three stages, namely the ‘CEOs’ Forum’, the ‘Investment-Readiness Workshop’ and the ‘Business Connect Cocktail’ for investors and emerging entrepreneurs.

With the theme, “Attracting financing for your business: strategies and opportunities,” the forum is slated for Lagos on June 2, 2016, and will attract eminent speakers from different sectors of the economy, including Bismarck Rewane, CEO, Financial Derivatives Company Ltd; Yewande Sadiku, Executive Director, Stanbic IBTC Bank; and Tayo Oviosu, Founder/CEO, Paga Technology.