Sterling Bank commits N6m grants for entrepreneurs

As part of its efforts at encouraging entrepreneurship, Sterling Bank plc has committed N6 million grants to finance their businesses.

Consequently the bank has announced the commencement of the Second season of its “Meet the Executive” (MTE) initiative, a business plan competition with opportunities for winners to access grants to finance their business.

MTE is a social media-led Initiative geared towards encouraging and supporting small businesses and budding entrepreneurs. The initiative is currently in the “Call for Entries” stage where interested participants submit their business ideas and plans on the bank’s website, following which a review conducted by an independent consultant- HT Limited. Other stages include the training and the final stage wherein the Entrepreneurs present their revised business plans to a panel comprising top executives of the Bank, judges and venture capitalists.

Speaking on the initiative, the Group Head, Strategy & Communications Shina Atilola said: “Today’s economic realities have necessitated the birth of a crop of businesses led by visionary individuals called entrepreneurs. Although these individuals have been described severally as the drivers of the economy, they encounter a number of challenges, chiefly the need for funding and financial advisory. These are the gaps we are trying to fill with the ‘Meet the Executive’ initiative”, he explained.

Atilola further indicated that the goal of the second edition of the programme is to bring to the fore the creative, innovative and brilliant ideas housed by Nigerians with a focus on developing their ideas and bringing them to life. With up to N6m worth of grants available, participants will jostle to be short-listed among the final 25 that will defend their business plans/ideas before the panel constituted”.

Borne out of the desire to go beyond basic interaction on social media, “MTE” creates an avenue for the entrepreneurs to have an offline engagement experience with the Bank which in turn accomplishes its purpose of enriching lives. It was introduced in January 2014 to challenge young people to think business planning rather than the normal New Year resolutions.

In the first season, of the 708 business plan entries covering various sectors of the economy, 50 were selected. These 50 business proprietors underwent a training session which held at the Enterprise Development Centre in Lagos and was facilitated by HT-Limited. On completion of the training, finalists presented before the panel and winners emerged.

Three winners emerged at the first edition: Gbemisola Esho, a female entrepreneur who specializes in making shoes and bags from raw leather and Ankara fabrics; Rufai Adeyemi who runs a restaurant specialized in aquatic produce and Daniel Momma – a PET bottle recycler. All these individuals received business grants totaling N5m

Over the last 3 years, the Bank has supported SME inclined initiatives with programs such as the MTE, which traces its roots to the first season in January, 2014. The Bank also held the MSME Academy last year in Lagos and has committed to taking it to other parts of the country.

HOPE MOSES-ASHIKE