Firm to train SMEs on access to working capital

Arrangements have been concluded to prepare some Micro, Small and Medium Enterprises (MSMEs) for working capital supports from the private sector financial institutions.

A training programme to facilitate this opportunity with a theme, “Accessing Business Finance”, has been fixed for tomorrow, at LCCI Exhibition and Conference Hall, behind MKO Gardens, Alausa, Ikeja, Lagos.

The programme being organized by SME Business Platform and Highnet Resources Ltd, is basically to diagnose SME funding needs, provide low cost funding options and resolve funding documentation challenges including collateral.

Bank of Industry (BoI), the key financial institution involved in the programme, will give the MSME operators the funding requirements and opportunities available in the bank.

According to the Associate Consultant at SME Business Platform, Emmanuel Odoemelam, SME operators have every reason to be excited about the program as they often struggle to fulfill their dreams of business growth without success due to lack of finance while large companies often have relatively easier access to finance.

“Lack of working capital can limit the capacity of an SME to succeed and thrive, but unfortunately many SMEs do not know how to structure their businesses to attract the right type of funding. Such SME funding sources go beyond bank loans and include equity and grants from local and international sources”, he stated.