..as Progressives Young Women Forum empowers 1,000 female entrepreneurs with grants

Towards supporting small and medium scale enterprises among Nigerian women, the Progressives Young Women Forum and Academy, is set to award grants to 1,000 female entrepreneurs across the country under its first phase empowerment project.

The Executive Director (Business Development) Nigeria Export-Import Bank, NEXIM, Hon. Stella Okotete, declared this during the forum’s Micro and Small business Fireside chat, held at the weekend.

Speaking as a guest speaker, Okotete identified problems inhibiting the boom of female businesses to include, lack of access to finance, noting that most women businesses weren’t bankable because they lack access to government loans.

According to her, most female entrepreneurs lack industry analysis information about the business they ventured in, while most businesses were born out of speculations.

The NEXIM boss hinted that venturing into a business without passion would affect its sustainability, saying “You won’t have a sustainable enterprise if it’s not your passion, because after one shock you will fall out. It’s a fulfilling enterprise when you get into it with passion. “

She disclosed that Progressives Young Women Forum and its Academy had been able to acquired the support of EJOVI Security limited to disbursed grants between N50,000 to N250,000 in a first phase to one thousand beneficiaries who had already been selected.

She revealed that within three months, about N100 million would be disbursed to a minimum of 2,000 beneficiaries, adding that 1000 businesses would be assisted to register with the Corporate Affairs Commission.

She advised female entrepreneurs to have online banking system in order to access the forum’s fund, as she lamented the bottleneck conditions attached to banks loans, noting that most banks paid lipservice to their loan accessment, hence, the reason for the EJOVI grants partnership.

To overcome Purse to Mouth business life, Okotete enjoined female business owners to cultivate the habit of record taking, utilise funding collateral by registering moveable assets which they could use to get loans from microfinance banks.

She expressed the readiness of the forum to organise training on feasibility study of business ideas, and build their capacities to manage businesses.

She further advised female entrepreneurs to be mindful of pricing, by not placing too much price on items or sell below reasonable price; self-improvement by networking and attending symposium and seminars.

Addressing the issue of trust in business, she maintained that sustaining a business entails separating friendship or relative from business, saying business is different from an NGO. “Prioritise what you want. Have ecosystem of friends that will buy from you, “she averred.

She reemphasised the need for women entrepreneurs to network and have the right people in their ecosystem, and not just people to gossip with, but supporters of dreams and initiatives.

“You must identify if the market of the business exists in your environment, let your business be tailored around offering solutions in your location. The social media is a good platform to sell and buy; it gives you larger network of customers”.

Advising on profits making, she explained that while some businesses bring immediate huge profits, some are of long term profits entailing referral, saying: ” Don’t cut corners, put in your best, not all businesses can earn you huge profit immediately”


Story by JATS