• Wednesday, May 22, 2024
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SMEDAN awards N1.5m grants to female entrepreneurs

SMEDAN awards N1.5m grants to female entrepreneurs

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) held the first edition of its Speed Pitch Competition, awarding over N1.5 million in grants to women entrepreneurs.

The five women entrepreneurs received over N1.5 million naira in funding for their businesses after pitching to a live crowd and a panel of judges comprising leading figures from the private and public sectors.

Charles Odii, director-general of SMEDAN, who introduced the initiative at the agency, said it was an important opportunity to enhance the financial literacy of women-owned entrepreneurs and provide lessons on how to organize and market their businesses to attract funding.

According to a statement signed by Peter Adeshina, special adviser to DG on media and publicity, The Pitch Competition which was held at the Eko Convention Center in Lagos had the five shortlisted businesses make their presentations to a crowd of over 1,800 women entrepreneurs, showcasing the unique attributes of their businesses and growth plans while making a case for why their businesses deserved the financial grants.

At the end of the pitch, and after receiving feedback from the judges who graded the presentations based on key metrics involving storytelling and business potential, Kanyinsola Demola-Seriki of Shea Tribe was announced the winner of the competition, receiving the prize of one million naira for her business.

In second position was Ogunkoya Goodness Adeola of Eco-Haven, an eco-friendly waste management company, who won the sum of N500,000. Ahmod Mistura of Jumish ICT Services came third, winning 250,000 naira in grants. The other two participants, Eccentric Menswear and Ayosifam Integrated Service, each received the sum of N150,000.