Small businesses get N2m Kilsah Consulting fund for expansion

Determined to cut down on the rate of unemployment in Nigeria by making businesses the employers of labour, Kilsah Consulting has given about N2 million grants to six small business owners in Nigeria.

The grant is aimed at bridging the funding gap that limits the growth and production capacity of small businesses in Nigeria.

Speaking at the 2022 Small Business Luncheon/Grant Award in Lagos recently, Elfreda Sheriff, founder of Kilsah Consulting, said the organisation has discovered that most small businesses lack access to the finance that would aid their growth.

“The idea is to give small businesses access to finance because finance is the top obstacle that affects the growth of small businesses in Nigeria. Most especially, women entrepreneurs face more obstacles when trying to access finance whether it is through the traditional loan method or any other method. The whole idea is to be a full-fledged small business support firm where we provide them access to finance, training, mentoring and access to the market,” Sheriff said.

She said the basis for accessing the grant is for the business to be registered with the Corporate Affairs Commission (CAC), which would make the business a legal entity.

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Unwana Esang, managing director of Primera Microfinance Bank, who doubles as the guest speaker, advised small business owners not to throw in the towel in the face of challenges.

“Never give up, never stop growing. Always do everything possible to improve the quality of your craft, your product and your service. Continue to build structures around your business. Ensure strong corporate governance that will make you attractive as a business owner to customers, investors or regulators,” he said.

The beneficiaries expressed appreciation to Kilsah for the training and the financial grant, which they said would spur them to work hard in growing their businesses.

Judith Idialu of BigFarm Foods Ltd, one of the beneficiaries, promised to use the grant to expand production capacity, and create employment in order to grow the GDP of the Nigerian economy.

Abolanle Adeniyi of Depeju Foods said the funds will enable the company to acquire bag sealer in order to make its production neater and faster.