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La Fayette MfB builds SMEs’ capacity

By on May 26, 2015

La Fayette Microfinance Bank, a member of Advans Group, an international microfinance institution, has said it is committed to the growth of the Small and Medium Enterprises and by extension the economy.

The lender said this informed its decision to organise a capacity building workshop for the SMEs in Ibadan, Oyo State recently.

According to a statement by the financial institution, the training borders on how SMEs can manage their businesses effectively by setting short and long-term financial goals and exploring credible sources of financing.

The Chief Operations Officer, La Fayette Microfinance Bank, Mr. Guillaume Valence, was quoted as saying that the capacity building initiative was born out of the desire to educate business owners on business models and practices that could make them successful business managers in the long run.

He said, “With the right direction, guidance and access to credible financing, such businesses have equal opportunities to thrive and succeed in today’s market.”

Guillaume, who noted that the Bodija Branch of the MfB had continued to grow since its inception in 2013, stated that not less than N1bn had been disbursed as loans to SMEs and business groups.

He added that opportunities were still open to other small businesses that might be willing to adopt best business practices and gain access to credible financial facilities to grow their businesses.

The Chairman, Bodija Market Association, Alhaji Lekan Azeez, was quoted as thanking the management of the MfB for the laudable initiative, adding that he was aware of the immense benefits of partnering with the bank.

“In the past, we had been offered some loan financing schemes by various bodies which turned out to be limited, as traders could not request for more based on their business needs.

“But this workshop, organised by La Fayette Microfinance Bank for the market members and traders, has not only offered loan financing options; it has offered education on best business practices for the sustenance of our business ventures.”

The gesture, he said, showed that the lender was concerned about the needs of its customers.

He urged members of the market association to take advantage of the opportunity provided by the bank to develop and grow their businesses.