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Published on Nov 6, 2013
In its bid to address the funding challenge confronting small and medium enterprises in Nigeria and beyond, Nigeria's development financing institution, Bank of Industry, in partnership with Western Union and the United States Agency for International Development, USAID, brought together 150 entreprenuers to meet face to face with 12 banks with a viewing to striking loan deals for the entrepreneurs..
To get the banks to dole out the funds, participating entrepreneurs must convince a panel of bankers that they are deserving of the loans through captivating marketing presentations of a good business plan. Any entrepreneur who scales the hurdles of the panel eventually gets a loan to either start up or expand their business.
The initiative is called SMEs Live Banking Panel and this is the second edition of the annual event. In the first edition held in 2012, out of the 70 entrepreneurs that participated, only 7 got funding from the banks. The organisers, however, believe that more SMEs would eventually get funding this year. Log onto www.tv360nigeria.com for more stories