The Theme of this year’s Doing Business Fair was Cash-flow, Product Development, and Income Streams.
Cash-flow is basically money that comes in and goes out of your business – this has a lot of importance to your business – how much money is coming in?
How much money is going out?
Are you wasting money?
In which area and how can you save money?
How can you get more money to come into your business?
Can you borrow money for operational expenses or to get stock?)
On Product Development:
How can you package your business, service, products to serve a wider market or various groups of customers?
Who are your competitors?
What products do your competitors have?
Banks are mandated to loan at least 65% of their funds to customers inline with the new CBN regulations. This does not mean that the banks will become careless while loaning money because if you remember what I said in July after the Bankers Committee meeting of June 30th, banks's are loaning money to make money. They run a business. Before they give you money, they must be 100% sure that they will get their money back from you.
People complain that banks are too strict in giving out loans, but during this fair you will get to understand how the banks can partner with you business to grow your business. Banks do not just give loans, they help you grow your business.
There are different types of loans available. Interest charges are based on the source of the funds that the bank is loaning to you. Loan tenures differ. There are specifications for collateral and you will find out whether it is necessary for the specific loan that you want to get from the bank.
There are industry specific facilities for fashion, food, agriculture, manufacturing and export businesses. There are also specific loans for salary-earners.
There has never been a better time for women to get loan facilities with very good interest rates and favourable payment terms as some banks who will be at the Doing Business fair now have loans targeted at women business owners.
During the DB Fair on November 1st, there were various presentations by banks on what funding is available to Micro, Small, and Medium Enterprises. They also told delegates how they can partner with their business to help them grow, and take them through the process of obtaining a loan for their business so that they can buy the equipment, or goods, or have money to run their business daily.
Each bank came with enough staff to answer questions and establish contact with delegates and their business. This fair was primarily for existing business owners. If you do not have a business, but would like to start one, we will have another event coming up for you. However, this one was for business owners.
A big thank you to Anny Abdulsalaam, Kalada (both of Today 95.1FM), my Doing Business team (Mimi, Clifford, and Eno). Hakeem at PHLS, thank you very much.
A very big thank you to Access Bank for their sponsorship of the event. A hearty thank you to Zenith Bank, Bank of Industry, and Rima MFB for being a part of this very first Doing Business event.
The videos will be available within the week. A big thank you once again to all who were a part of this great day!