Mr. Obinna Ukachukwu, Head, SME Banking, Stanbic IBTC Bank, has assured that the bank is committed to supporting SMEs through various capacity building as he cited capital as the single most important factor for the sustainable growth of small and medium scale enterprises (SMEs).
Speaking at the 2016 Global Possibilities Summit of Inspired Woman of Worth (iWOW) network which took place in Lagos, he hinted that without capital it would be difficult for any business to attract finance or investment
Ukachukwu however, assured that Stanbic IBTC Bank would continue to work with operators in the SME sector, particularly through capacity building and information sharing, to ensure they build capital. He explained that the value of a business can be determined if the proper structures, such as proper book keeping, annual reports, tax returns, auditor’s report, and record of banking transactions, which form the history of the business, have been put in place.
He therefore, encouraged business owners and entrepreneurs to engage the services of professionals to ensure the right structures are in place.
“When you have generated capital, you have determined your business’ worth, you then need someone to attest to that in form of documentations, whether it is your banker, your auditor or your tax man. Having these in place will make it easier for you to attract debt or equity financing,” he stated.
He expressed confidence that Stanbic IBTC Bank will continue to assist the growth of micro, small and medium scale enterprises through targeted product and service offerings. According to him, the Stanbic IBTC SME seminars and the Virtual Business Centre (BizDirect) are two of the bank’s interventions to help build capacity and share needed information.