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LAN, Bank of Industry to support Start-ups


LAN, Bank of Industry to support Start-ups

Bank of Industry Nigeria

Mr Segun Olukoya, the Director of Lagos Angel Network  Ltd. (LAN), said that the company was partnering with the Bank of Industry (BOI) to create programmes that would provide finance, support and mentoring for start-ups.

Olukoya made this known on Friday during a workshop organised by Lagos Angel Network to educate start-ups on investment opportunities.

The theme of the workshop was: “Raising Capital for your Start-up’’.

Olukoya said that knowledge, learning, mentoring and finance were the key things needed for businesses to be successful.

He said that the workshop would provide insights on what entrepreneurs need to attract funding for their businesses.

“It will also provide an opportunity for entrepreneurs to interact with experienced angel investors and credit specialists.

“The workshop is also aimed at enlightening start-ups on what investors look out for in businesses before investing,’’ Olukoya said.

He also noted that the bank of Industry was partnering with the firm to see if there were start-ups they could give loans to, “provided they meet the required standard’’.

Also speaking, Mr Sunday Afolami, Regional Manager, Lagos Region, Bank of Industry, said that before giving funds to start-ups they have to establish whether they need it or not.

He said that would help BOI to articulate what the funds would be used for and how the start-up would pay back both principal and interest and still make profit.

Afolami said that BOI gave loans to micro, small, medium and large enterprises.

“We give loans to new and existing companies seeking expansion or diversification.

“Also borrowers, whose management capability, financial situation, character and reputation are incontrovertible.

“Clients also have to demonstrate ability to meet loan payments, ‘’ he said.

Afolami said that BOI was offering this support to further create jobs, wealth, by alleviating poverty and create room for profitability and technology transfer in the country.

He said that BOI also intended to transform Nigeria’s industrial sector by providing financial and business support services to enterprises.

NAN reports that Lagos Angel Network is an association of investors committed to providing seed funding, mentoring and access to their business networks to Lagos area start-up entrepreneurs and their early-stage businesses.

It is a network of business angels that put start-up funding and mentoring into early-stage ventures in Lagos, Nigeria.

Founded in 2014, LAN is the first members’ only network in Nigeria specifically created to finance early- stage and start-up businesses. (NAN)


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