All You Need To Know About The Providus Bank SME Challenge
About Providus Bank
ProvidusBank is an innovative financial institution that offers customised business solutions and advanced products that will not only answer your business and personal needs today but also steer you into the future. The tailored financial services delivery includes Business Advisory, Portfolio Management, Personalised Relationship Management, Fast-tracked Service delivery and Self-service solutions.
The Providus Bank SME Challenge
The Providus Bank SME Challenge is Providus Bank’s initiative and the Enterprise Development Center (EDC). This initiative is aimed at equipping SMEs with all the skills and competencies required to run their businesses profitably. Also, the initiative is meant to provide access to markets and necessary fundings.
One aim of the program is to enhance managerial and entrepreneurial competencies of SMEs in Nigeria. In return, this will help build sustainable business practices and provide SMEs with support to navigate their businesses.
Phases Of The SME Capacity Challenge
The Providus Bank SME challenge will provide SMEs with capacity building in three different phases. These include:
Phase 1: Capacity building for 500 SMEs
In Phase 1, 500 SMEs will be onboarded, trained and provided with access to SME toolkit’s resources. The toolkit comprises tools that will help businesses gain competitive advantage, training resources, business forms, software packages, and templates to aid business success.
Phase 2: Business support for the top 50 SMEs
After selecting 500 SMEs for capacity building, the top 50 SMEs from the 500 will be shortlisted. These SMEs will in return, receive additional business consultations.
Phase 3: Enterprise Development program for the top 15 SMEs
Furthermore, in the selection process, the third phase will finally shortlist the top 15 SMEs for enterprise development. SMEs in this phase will receive a Customised Enterprise Development program in addition to intensive business support.
Why SMEs Should Apply For The Challenge
SMEs in Africa require financing for different purposes. Despite these differences, there are many common reasons why businesses need funding and should apply for the challenge. Some of the most common reasons include:
Working Capital
According to the British Business Bank’s 2019 Business Funding Survey, working capital is the most common reason for small businesses to seek funding.
Access to sufficient working capital is essential to the growth of any business. The absence of funds can pose a huge risk to the future of such business. Several SMEs in Africa opt for external loans to meet up with their financial needs.
Loans can help scale a business and cover funding requirements in the short-term, thereby providing the business with an opportunity to grow.
Asset Purchase
No business owner starts off a business without an intention to make profit. If this profit is to be made, you must have access to the necessary assets. For SMEs that need extra support for assets purchase, funding is of great essence.
Access to Markets
Limited market access is one of the barriers SMEs in Africa face when it comes to boosting their businesses. With the Providus Bank SME Challenge, SMEs are provided with support to enable them to walk through their business challenges effortlessly. This support includes access to various markets and also a broader supply chain.
Access to Trainings
All successful SMEs for the program will be boarded and trained. Such training will give them an edge over competitors by providing a competitive advantage. Also, training comes with resources and templates that will offer businesses all the success envisioned.
Eligibility Requirements
To be eligible for the Providus Bank SME challenge, business owners must meet up with the following requirements:
- Business owner must be a Nigerian.
- Be 18 years of age and above.
- Applicants must own a viable business. Such business must be registered and operated within Nigeria.
- Business can be from any sector and must be for profit.
- Applicants must be educated with a minimum qualification of an Ordinary National Diploma (OND).
- Should be able to carry out the online application process.
- Applicants should be committed to the training schedule, both physically and virtually, once accepted.
How To Apply For The Challenge
The Providus Bank SME Challenge is currently closed and not receiving applications.
However, to be a part of the challenge, all applicants must complete an online application process. A confirmation email will then be sent with your login details to enable you to continue with the application.
After successful registration, log in to the platform and begin your application. You can always save and continue your application at every stage; once the application is completed, click on the ‘Submit’ button at the end of the form. Clicking this button will bring your application to an end and submit your form.
Conclusion
The Providus Bank SME Challenge presents an awesome opportunity for business owners to take their businesses to the next level. Although the application is currently closed for the challenge, small business owners should be on the lookout for the next application session. It is one huge opportunity you don’t want to miss out on.
