Fidelity Bank Passionate About Women Entrepreneurs – Okonkwo

Fidelity Bank Plc on Friday expressed commitment to continuous support and development of women entrepreneurs to address the short-term financing needs of Micro, Small & Medium Enterprises (MSMEs).

Mr. Nnamdi Okonkwo, the bank’s Managing Director, stated this at its mentoring and networking engagement with women entrepreneurs in celebration of the 2020 International Women’s Day in Lagos.

Okonkwo said the bank’s long-running support for the growth and development of small businesses in the country was due to its recognition of SMEs as critical agents for economic development and transformation.

Okonkwo stressed that the bank was very passionate about supporting female entrepreneurs as well as SMEs development.

He noted that the bank had built structures and systems to channel low cost intervention and development funding to MSMEs, including women entrepreneurs, to tame ‘high-cost-of-funds’ challenge facing the sector.

He disclosed that the bank had disbursed about N1.7 billion to SMEs from the SME on-lending line from the Bank of Industry as at February 2020.

Speaking on the Business Structure and Governance, Fela-Durotoye, whose birthday was also on that Friday, said that small businesses must build brands that would outlive them to boost employment generation.

Okonkwo added that the bank got an offer from the Development Bank of Nigeria for a N28 billion on-lending line in 2018 for on-lending to players in key sectors.

He noted that about N18 billion had already been disbursed from the fund as at February 2020, noting that additional N6.8 billion had been approved and awaiting completion of documentation by customers.

Mrs. Tara Fela-Durotoye, Founder, House of Tara, attributed collapse of small businesses to lack of knowledge in support systems and policies.

Speaking on the Business Structure and Governance, Fela-Durotoye, whose birthday was also on that Friday, said that small businesses must build brands that would outlive them to boost employment generation.

“Entrepreneurs today need to decide on businesses that will outlive them to create an impact.

“You must decide to build a business that will outlive you, its a national call to service.

“And by so doing, they are pulling people out of poverty and then the international world will stop looking at us as a country that cannot provide jobs for its people,”  she said.

Fela-Durotoye said entrepreneurs must separate their personal lives from their businesses in order to thrive by paying themselves salaries.

Also speaking, Linda Ikeji, the Chief Executive Officer, LIB TV, commended the bank for bringing the initiative of women empowerment.

Speaking on the topic: ‘Scaling Up’, she said entrepreneurs must continue to fight and must never give up on their dreams.

According to her, entrepreneurs, especially start-ups, need to innovate what people really need and not just come up with businesses that will not thrive.

“Your business must satisfy a need and not a want for it to succeed,” she said.

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