Over 3,000 Small and Medium Enterprises (SMEs) is expected to participate in the upcoming Fidelity Bank’s SME Funding Connect initiative. The aim of this initiative is to bridge the gap of funding among SME.
Executive Director, Shared Services and Products, Chijioke Ugochukwu, said the bank came up with the initiative to deepen the conversation around funding, which remained the biggest problem of SMEs in the country. So, funding was critical to the success of SMEs aside from the major and well known infrastructural issues, which SMEs in Nigeria and across the globe faced, she said.
According to her, Fidelity bank’s initiative is aimed at providing funds to SMEs through funding partners such as venture capital and Angel investor, among others. At such, the bank anticipates 3,000 SMEs across the three series slated for Lagos, Port Harcourt and Kano for the event.
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Ms Ugochukwu said 3,000 SMEs would come in contact with 60 funders as well as 60 entrepreneurs with six breakout sessions for networking and capacity building. Accordingly, five finalists would speak about their ideas to participants at the event, she said.
In addition, she mentioned that the finalists will enjoy huge visibility ranging from networking, mentoring, among others. She said there would be a first prize of two million naira and two consolation prizes of one million naira each.