Press Release
*shortlists 50 qualified contestants
Sterling Bank Plc has resolved to invest in new business initiatives and nurture them to become viable Small and Medium Enterprises (SMEs) as part of efforts to facilitate real growth in the Nigerian economy.
The bank said small businesses remain the catalyst for real economic development anywhere in the world.
The Bank’s Group Head, Strategy & Communications, Mr. Shina Atilola in a statement explained that national economic development prospects in any country was hinged on the entrepreneurial energy of vibrant SMEs as most big business concerns grew from small scale to become big icons.
Atilola declared: “Many economies, developed and developing have come to realize the value of small businesses. They are seen to be characterized by dynamism, witty innovations and efficiency;as their small size allows for faster decision making process.
Small businesses are believed to be the engine room for the development of any economy because they form the bulk of business activities in a growing economy
like that of Nigeria.”
He noted that a team of seasoned consultants were engaged by the bank to carefully scrutinize proposals received from members of the public. The head, strategy and communication said the bank decided to launch the project in order to support those who have come up with business plans as part of their new year engagement’.
Already 50 contestants have qualified for the second round of the on-going “Meet the Executive” Project sponsored by Sterling Bank Plc. Atilola noted that over 1,000 business plans were received from Small Business Owners (SBO)aspiring to become Big entrepreneurs.
He said: “The “Meet the Executive” project is designed to support new and aspiring entrepreneurs.This is in line with the bank’s purpose of enriching lives and also positions it as a prime supporter of small and medium sized businesses in the country.
“The 50 best entries were selected from the pool; based on originality of the plans, their viability and provision of detailed information such as the required capital, cash flow and revenue projections.
“Owners of the 50 proposed businessplans selected will be engaged in a training programme in Enterprise Development programming Centre (EDC)organized by the bank to further enrich their knowledge in the management of small businesses and writing of business plans. Upon completion of the trainme, participants would be required to
fine-tune their business plans and present same to the bank.”
Atilola said this would be followed by reviews of the business plans by the select project consultants, noting that the best 20 plans would be selected for formal presentation by their owners to the Executive Management of the bank.
He added that the top three business plans would subsequently be selected as winners of the exercise. Sterling Bank Plc. is a leading commercial bank in Nigeria and one of the country’s fastest growing banks.
Originally incorporated in 1960 as NAL Bank (the country’s first investment banking franchise), it acquired the operations of the erstwhile Equitorial Trust Bank in November 2011 in pursuit of its growth and expansion plans. The bank currently operates out of 165 branches, about 3,600 POS and 290 ATMs across Nigeria.
