Sterling Bank expends N6b in enterpreneurship initiative

Determined to advance entrepreneurship in Nigeria, Sterling Bank said that it has expended N6 billion so far in its ‘Meet the Executive’ (MTE) entrepreneurship initiative.

MTE is a business plan competition initiative, which affords winners the opportunity to access grants from the bank to finance their business. It is also a social media-led initiative geared towards encouraging and supporting small businesses and budding entrepreneurs.

The bank explained that the second series of the initiative which is the ‘Call for Entries’ stage where interested participants submit their business ideas and plans on the bank’s website is currently ongoing, following a review conducted by HT Limited, an independent consultant.

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 explained that the objective of the second edition of the programme was to bring to the fore the creative, innovative and brilliant ideas of Nigerians youths with the aim of developing the ideas and bringing them to reality.

He noted that with up to N6 million worth of grants available, participants would jostle to be short-listed among the 25 finalists that will defend their business plans/ideas before the panel constituted for the initiative.

“In the first season of the MTE, which was introduced in January 2014, among the 708 business plan entries covering various sectors of the economy, 50 were selected, after which they underwent a training section 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: 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 emerged at the first edition All these individuals received business grants totaling N5 million.

“Over the last 3 years, the Bank has supported SME inclined initiatives with programmes such as the MTE, which traces it 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,” he added.