The growth of Small and Medium-scale Enterprises (SMEs) in Nigeria has been marred by several challenges with access to capital being one the most common feature peculiar with SMEs in the country. Several socio-economic factors compounds this particular challenge in the SME sector and causes a large number of SMEs to shut down within the first five years of operation. Some of these factors include:
- High cost of funds as a result of high interest rates and bank charges
- Investors and financial institutions consider SMEs to be high-risk
- Lack of adequate financial record keeping
- Geographic Isolation
This training will share with you steps, processes and procedures for improving your chances of obtaining financial assistance with favourable terms and conditions from investors, banks and other financial institutions.
At the end of the 1-day training, participants will be able to:
- Understand the criteria and requirements on how to access capital through Bank of Industry
- Display understanding of the current trends, sources and ways of obtaining debt capital from financial institutions in Nigeria
- Identify and optimize economic opportunities in the local and international market.
- Demonstrate ability to comprehend repayment plans, packages, and interest calculations.
- Effectively source and negotiate interest on loans with financial institutions
- Sign up with Index Consulting for business advisory and financing support
- Present economic scenario and implications for SMEs
- Introduction to financial institutions and SME services
- The place of financial capital in business survival,; growth and expansion
- Sources and requirements of Equity financing
- Sources and requirements of medium and long term debt financing
- Sources and requirements of working capital and trade finance
- Meeting Collateral requirements of financial institutions
- Interest calculations
- Repayment plans
- Introduction to special/low-interest development finance windows in Nigeria
Lead Facilitator: Mr. Ike Onyenokwe
▪ Ike is a seasoned and tested strategy, innovation and change consultant
▪ He has over 34 years experience in engineering, operations/management and strategy consulting spanning banking/financial services, oil/gas, manufacturing, and distribution/retail industries, among others.
▪ Prior to founding Index Consulting, Ike was a Partner in the Strategy Practice and Head of Manufacturing/Energy Portfolio of Anderson Consulting (Accenture).
▪ Ike has advised/assisted several banks in Nigeria on Strategy, Enterprise Transformation, Cost Reduction, Business Diagnostic, Internationalization, Change Management, Competitive Strategy amongst others.
▪ Ike is a professional/registered engineer, and also teaches Strategy/Competition at the Pan African University.
Business Owners/CEOs, SME Accountants, Business Start-ups, Entrepreneurs and CEO’s, Retirees, Unemployed Graduates and Business Start-ups, Aspiring Entrepreneurs.