The bank’s Executive Director, Sulaiman Abubakar, said Sterling Bank is partnering LEAP for the second year running to show its commitment towards creating an enabling environment for entrepreneurs to operate in the country.
His words: “We are not involved in this to show off. We are in it to show to people that it is not only money that drives Small and Medium Enterprises (SMEs), but others like good book keeping; developing robust business plan, effective corporate governance and finally funding make an enterprise to be successful not funding alone.
“We have seen over the years that businesses fail not because there was no money in them, but because they were not operated with best practices. That is why we, as a bank, are facing training and retraining of entrepreneurs to be able to equip them with the needed skills to run their companies.
“We will do whatever that is possible to help SMEs. You cannot expect to fund SMEs today and expect to start making money immediately. It is a process.”
Executive Director, LEAP Africa, Mrs. Iyadunni Olubode, said underlining this year’s theme is the recognition that many Nigerian entrepreneurs struggle with sourcing funds due to both internal and external challenges.
However, successful business development requires additional sources of capital to support growth and enable strategic investments. LEAP Africa, she said, is available to help business owners gain deeper insight and acquire the relevant skills in entrepreneurship and business.