Showing posts from July, 2017

Preparing A Winning Business Loan Proposal

Preparing an effective, well-documented commercial loan proposal is the first step toward getting the money your business needs from a bank, (according to Your small business loan proposal will often be the first contact a banker has with your company. So, you need to craft a document that presents your business in the best possible light. The goal is to persuade the banker that you are ready and able to make a success of your business and repay the loan. The key part of proposals for small business loans is the business plan. Take the necessary time to do a thorough job of preparing it, ensuring it covers the following sections: Executive summary: This section provides a concise overview of your business. It briefly describes your company, its industry and its competitive advantage. Description of the company: In the main part of your business plan, you should fully describe the history, current operations and strategy of your business. Management team experience: Show the …

Jack Ma, Founder Alibaba, Launches African Young Entrepreneurs Fund

Alibaba founder and executive chairman Jack Ma, announced the creation of a US$10 million African Young Entrepreneurs Fund, during the Youth Connekt Africa Summit co-hosted by UNCTAD and the Government of Rwanda.

“I want that fund supporting African online businesses,” said Mr. Ma, who is Special Adviser to UNCTAD (United Nations Conference on Trade And Development) for Youth Entrepreneurship and Small Business.

“The money is set. This is my money, so I don’t have to get anybody’s approval,” he said, adding that he was poised to hire staff for the fund, set to begin operations this year.

Mr. Ma said that he would also work with UNCTAD to help bring 200 budding African business people to his homeland, China to learn from Alibaba, hands-on.

“I want them to go to China, meeting our people, seeing all the things we have been doing, all the great ideas China has,” he said.

“They know what they want. And when they know what they want, we can support it,” he added.

In addition, Mr. Ma said that he…

How our ETF lifted 4000 SME operators in Lagos – Ambode

The Lagos State Governor, Mr Akinwunmi Ambode, has explained how the N25 billion Employment Trust Fund (ETF) launched by his administration has so far empowered over 4000 operators of small and medium scale enterprises in the last two years as a means of boosting the state’s economy.

The governor made this known while receiving a delegation from the Legatum Center for Development and Entrepreneurship, Massachusetts Institute of Technology (MIT) who were on a courtesy visit to him in Lagos.

Ambode, who said the whole idea of lifting SME operators was geared toward encouraging budding entrepreneurs, many of whom are youth, said the state was blessed with a “burgeoning population of youth”, adding that driving entrepreneurship growth was a sure way to engage the youths meaningfully to enable them contribute their quota to the growth of the economy.

There is no way under this economic recession that we have found ourselves that we can actually employ all the people under that age bracket…

A Bull in the ‘Credit’ Shop

Nigerian banks prefer to lend to Federal Government backed securities perceived as low risk, high yield investments but it is crowding out lending to small businesses with grave consequences for the economy, writes ISAAC ANYAOGU.

In the last three months ending March 2017, the Federal Government has borrowed N5.59 trillion from Nigerian banks. To situate this in the proper context, bank loans to the national government rose annually by 25 percent this year alone.

But within the same period, lending to the private sector by Nigerian banks fell by 3 percent. How does a government that want to grow the private sector compete with it for credit?

The contradiction is that while the government at every turn shouts itself hoarse on the need to grow small businesses, crowding out lending to small businesses which accounts for over 80 percent of economic activities in the country is counterproductive.

“The bulk of the resources in the economy is now being channelled to the purchase of government d…

SME Legal Clinic Kicks Off 27 July

A Lagos-based legal services firm will be hosting a Small and Medium Enterprises, SMEs businesses to a free legal workshop: tagged: “SME Legal Clinic.” The firm, Okhai Akhigbe & Co. (OAC) is holding the event at the Villa Toscana, Oniru, Lekki area of Lagos, Southwest Nigeria. “Sound legal health is a crucial part of business success. SME Legal Clinic aims to unravel the complexities of legal matters, focusing on all the essential ingredients needed for SMEs to be healthy legally. “Attendees will gain clear insight into key legal issues, including company structure and setup, liability issues, contracts, and copyright, leaving them better equipped with the resources required for long-term business growth. Furthermore, all attendees will be eligible to receive a free legal audit,” a statement from OAC said. According to the statement, presenting on a range of topics for this inaugural session of SME Legal Clinic would be George Ogbonnaya, Assistant Vice President & Group Head, …

SMEs Development: AFDB inaugurates N1BN support through Fortis Bank

The African Development Bank (AfDB) on Friday officially inaugurated a one billion naira loan through Fortis Microfinance Bank Plc to help boost Small and Medium Enterprises (SMEs) development in the country.

Mr Ilan Wolkov, a Consultant with AfDB told the News Agency of Nigeria (NAN) at the inauguration that the disbursement would be done through four branches of the bank in Abuja.

Wolkov, the Team Leader of Frankfurt School of Finance Management said,“this is the official opening of the pilot phase that we are setting up in four branches in Kubwa, Dei-Dei, Mararaba, and Utako’’.

“The fund is meant to specifically fund businesses of SMEs customers, and what is important today is that we are officially signing our first Fortis/ AfDB pilot client under this scheme.

“We believe that funds will greatly increase customer’s experience with possibly larger loans with its flexible conditions for collateral and guarantees.’’ NAN recalls that AfDB and Fortis Micro Finance Bank Plc had in Sept. 20…

9mobile to host Abuja SMEs at its Market Access Forum

In further demonstration of its commitment to the growth of start-up businesses, innovative and customer-friendly telecommunication company, 9mobile in partnership with the Enterprise Development Centre of the Pan Atlantic University will host Small and Medium Scale Enterprises (SMEs) in Abuja and environs at the 17th edition of its quarterly business networking and empowerment session, Market Access Forum on July 27, 2017. Market Access Forum provides a platform for start-up entrepreneurs and SMEs to meet, learn, collaborate and network with large corporations with the objective of boosting the capacity of growing businesses and keying them into the value chain of larger organisations. Speaking about the forum, Director, Enterprise Segment, 9m
obile, Eric Uwaoma, said Market Access Forum is one of 9mobile’s numerous ways of supporting start-ups and SMEs across the country till they are able to stand on their own because SMEs are critical drivers of national economic development. “SM…