Polaris Bank Supports Entrepreneurs With N2Million, Reiterates Commitment To SMEs With Sponsorship At The Fashion Souk 2021

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Polaris Bank Supports Entrepreneurs With N2Million, Reiterates Commitment To SMEs With Sponsorship At The Fashion Souk 2021
Left-Right: Chairman Eventful Limited and Convener of Fashion Souk, Yewande Zaccheaus; Ist Equipment Prize winner Oluwatosin Ogunbanjo and Polaris Bank MD/CEO Mr. Innocent Ike presentiing N750,000 cheque to the winner at the fifth edition of Of Fashion Souk 2021 on Sunday.

Rashidat Olushola Okunlade Writes

Polaris Bank, a leading retail bank with outstanding global SME’s support, and the best digital bank of the year because of their VULTE platform, the lead sponsor of Fashion Souk 2021 for five consecutive times has reiterated its commitment by funding entrepreneurs with N2 million to support their businesses at the fashion fair event.

The event held at HabourPoint Event centre on Sunday, 5th of December, 2021 host many dignitaries, entrepreneurs and buyers. Polaris Bank also provided business advisory at no cost and free stand at the fashion fair venue for constant participants.

Polaris Bank, a digitally-enabled bank focused on providing superior financial solutions and products to their customers. The Bank has developed SME-friendly products to cater to the needs of SMEs based on sector/industry-specific, ranging from SMEs in the Health sector, Education, Manufacturing, General business, Agriculture, Export, Creative Industry, etc.

The bank in its statement said “This is an expression of our support to SMEs as the catalyst for propelling the growth of the Nigerian economy. The event (Fashion Souk 2021) is an enabling platform for SMEs to showcase their products/services to buyers, be it Business to Person (B2P) and Business to Business (B2B)”.

Mr. Innocent Ike, MD/CEO of Polaris Bank in his statement at the fifth edition of Fashion Souk 2021, said “It’s a great event, as we came together to make it what it is today and what makes the difference is the idea, that creative idea in young entrepreneurs and the ability to sit down and put it together diligently and articulate”. “A lots of young entrepreneurs will complain of inability to do some things because of funding or lack of capital, let me put it straight to you that this is a testament to the fact that the most important capital you need is the ENTREPRENEUR SPIRIT. Good creativity and innovative idea will always attract funding from banks even individuals who will like to invest in the idea because they know is viable” while appreciating co-sponsors and everyone.

Mrs. Yewande Zaccheaus, Chairman Eventful Limited and Convener of Fashion Souk, while appreciating the main and lead sponsors at the fifth edition of the fashion fair stated that “It’s extremely passionate to my heart because it is a way to help the entrepreneurs and create a platform to express themselves. If we don’t have organisations like this to sponsors, we are unable to make it happen, it just not possible. “We can have all the skills and gather as many vendors but if we don’t have the money to back it, we can’t do it”.

She also acknowledged Main Sponsors such as Eventful, LIRS, HabourPoint Event centre, BOI, MTN that provided free wifi, and Lead Sponsor Polaris Bank.

Toyin George owner of Eva & George store for kids and Olushola Christy Adeyanju who was camera shy won the most original and best-decorated store prize.

Royal Klassic by Tunde Isah won 3rd Equipment Prize of N250,000, Victoria Udoh who based on fabrics won 2nd Equipment Prize of N500,000, and Oluwatosin Ogunbanjo Avenue 7 who makes bags and shoes won the First Equipment Prize of N750,000.

Polaris Bank Supports Entrepreneurs With N2Million, Reiterates Commitment To SMEs With Sponsorship At The Fashion Souk 2021
Polaris Bank Supports Entrepreneurs With N2Million, Reiterates Commitment To SMEs With Sponsorship At The Fashion Souk 2021
Polaris Bank Supports Entrepreneurs With N2Million, Reiterates Commitment To SMEs With Sponsorship At The Fashion Souk 2021
Polaris Bank Supports Entrepreneurs With N2Million, Reiterates Commitment To SMEs With Sponsorship At The Fashion Souk 2021
Polaris Bank Supports Entrepreneurs With N2Million, Reiterates Commitment To SMEs With Sponsorship At The Fashion Souk 2021
Polaris Bank Supports Entrepreneurs With N2Million, Reiterates Commitment To SMEs With Sponsorship At The Fashion Souk 2021

“In line with our strategic thrust as a leading retail bank, we are committed to channeling resources and funds into impacting the growth of SMEs across segments, one of such is players within the Fashion and beauty industry. Indeed, we have not only sponsored the sector but have also provided business loans to enable interested SMEs to stock up for the event. We chose this path alongside other key stakeholders such as the CBN and BOI to develop small and medium businesses to achieve their potential.

The one-day Fashion/business fair provides a platform for over 150 SMEs in Nigeria’s fashion industry to showcase their creativity, product lines, and economic potentials. Some of the categories of
SMEs at the Fashion Souk 2021 include; Manufacturers, Retailers, Leather, and Jewelry/ accessories. The fair creates the much-needed road to market for budding fashion entrepreneurs whilst also expanding the target market of the more established designers. Several visitors and buyers are also graced to attend.

Nigeria’s fashion sub-sector has huge and untapped potentials capable of reducing the rate of unemployment in the country. According to statistics by the Fashion Association Designers of Nigeria (FADAN), Nigeria’s fashion industry is valued at $10 billion. According to Africa Development Bank (AfDB) figures. The Global fashion industry is worth over $2.5 trillion with Africa’s share estimated at less
than 1% of the total values in 2020, putting Africa’s entire textile/clothing market at more than $31 billion.

Polaris Bank said they are committed to reviving the fashion industry as well as other key viable sectors and industries beyond sponsorship but with products/services and financial advisory even for the key players within the value chain.

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