The SME Mall has launched a Women in Business Support Programme designed to help women entrepreneurs strengthen their businesses through business diagnostics, capacity development and access to a N3 million support fund.

The initiative seeks to tackle several challenges confronting small and medium-sized businesses in Nigeria, including restricted access to finance, weak financial management systems, inadequate business structures, poor branding, limited technology adoption and regulatory gaps.

According to a statement issued on Thursday, the centrepiece of the programme is the SME Mall Business Health Checker. The diagnostic tool is intended to help entrepreneurs identify weaknesses within their businesses and establish areas that require immediate attention before they seek expansion or additional funding.

Muyiwa Femi-Pearse, Managing Director and Chief Executive Officer of the SME Mall, said the programme was developed to go beyond entrepreneurship initiatives that concentrate mainly on funding.

“For many small and medium-sized businesses, access to finance is only one part of the growth challenge,” Femi-Pearse said.

He pointed to weak financial management, inadequate business structures, limited technology adoption, poor branding, regulatory gaps and human resource challenges as issues capable of undermining otherwise viable businesses.

“The Women in Business Support Programme has therefore been structured to combine business diagnosis, entrepreneurial development, pitching and financial support,” he said.

The Business Health Checker evaluates participating businesses in six key areas: legal and compliance, technology and tools, people and human resources, business strategy, marketing and branding, and finance and accounting.

Participating entrepreneurs can access the assessment at a subsidised fee of N7,500, while registration of interest comes at no cost.

The SME Mall said the programme is built around the understanding that sustainable business growth depends on more than access to capital. According to the organisation, entrepreneurs also require business knowledge, dependable diagnostic tools, technology and professional support to identify operational weaknesses and make informed business decisions.

After completing the assessment, participants will be expected to submit a pitch video of no more than two minutes through the Women in Business Competition portal.

Those who are successful will advance to pitch their businesses for the opportunity to receive a share of the N3 million support fund.

The financial support may be applied to business needs such as acquiring equipment, expanding inventory, marketing, adopting technology, improving production and strengthening operations.

The programme is open to women entrepreneurs working across sectors including agriculture, manufacturing, fashion, food and beverages, beauty, retail, technology, professional services and the creative industries.

The SME Mall said the initiative is particularly significant because of the contribution of women-owned businesses to employment, household income and economic activity, despite continuing difficulties involving access to finance, technology, business advisory services and market expansion.

It encouraged women entrepreneurs to approach the programme not simply as a means of obtaining funding, but also as an opportunity to evaluate their businesses, recognise weaknesses and build stronger and more sustainable enterprises.

The initiative therefore places business readiness alongside financial support, with the objective of helping participating entrepreneurs understand their current business position, improve performance and establish stronger foundations for future growth.

The programme’s central message is to assess the business, understand its position, improve performance, pitch the opportunity and access financial support.

Source: msme Africa online