Polaris Bank and Eventful Limited have reinforced their support for Small & Medium Enterprises (SMEs) sector with three firms empowered at the just-concluded fifth Lagos Fashion Souk to further grow their businesses.
While handing the cheques to the winners, who were successful in a business pitch, the managing director/CEO of Polaris Bank, Mr. Innocent Ike, disclosed that the most important factor required by existing and budding entrepreneurs to get investors interested in their businesses is the entrepreneurial spirit.
Aside the business pitch winners, special prizes were also given to the Most Original Store and Best Decorated Store at the Fashion Souk.
The winners were given equipment grants by Polaris Bank to further expand their businesses.
The overall winner of the pitch, Mrs. Oluwatosin Ogunbanjo, who runs a leather bag and shoes company, Avenue 7, got N750,000 and first runner-up, Victoria Udoh, a painting on Fabric Company, Vudoh was given N500,000 while the second runner-up, Tunde Issa, a Tailor and founder of male clothing line company, RoyalKlassicKoutoure, went home with N250,000.
The hugely attended one-day Fashion Souk/business fair which held in Lagos, provided a platform for more than 150 SMEs in Nigeria’s fashion industry to showcase their creativity, product lines, and economic potentials.
Some of the SMEs categories at the fair included: manufacturers, retailers, leather and jewelry/accessories
The objective of sponsoring the Fashion Souk according to Polaris Bank, was a reinforcement of its support to SMEs as the catalyst for propelling the growth of the Nigerian economy.
Speaking on how fundamental entrepreneurial spirit is for a business success, the Polaris Bank CEO said: “what makes the difference, is the creative idea that an entrepreneur has and the ability to sit down and put it together diligently in a well-articulated manner.”
Also, the chairman of Eventful/Convener of the Event, Mrs. Yewande Zaccheus, appreciated Polaris Bank for consistently supporting SMEs in the country over the years.
Highlight of the Fashion Souk was the product launch that SMEs could leverage the bank’s loan products like: Polaris Business Loan, Invoice Discounting facility and LPO financing among others were pitched with the participating SMEs.