Founder and Managing Director, Bolabright Multiventures, Bolanle Oyedotun, has highlighted the significance of amenable finance from Jaiz Bank Plc on the success of her budding vegetable oil business.
Oyedotun, an entrepreneur based in Ibadan, Oyo State, founded Bolabright Multiventures to pursue her passion for the food business.
She narrated how additional finance from Jaiz Bank and another financial institution helped her to scale up her business and achieve her dream of owning a thriving food business.
“Initially, I relied on my personal savings to kick-start the business. As the business grew, expansion was the next course of action so I sought additional funding through bank loans and facilities. It has really been a mix of my own resources and financial institutions support which was really the foundation of what I am building on till today,” Oyedotun said.
She noted that the bank was pleasant to work with as it has been providing essential financial support, enabling her to expand her operations.
Said she: “They have really given me the best of both worlds with the different options of services I explored depending on my needs”.
She said she also uses Jaiz Bank’s Mobile App for her business, which helps to facilitate seamless transactions and enhance her customers’ experience.
Read Also: 9Mobile needs $3b investment, says CEO
According to her, major challenges facing micro, small and medium enterprises (MSMEs) are lack of enough funding, high logistics and transportation costs.
She pointed out that the cost of moving goods from one location to another can be overwhelming, eating into profit margins.
On strategies to surmount the challenges, Oyedotun said she was exploring several options including seeking additional bank loans and facilities to boost working capital and to diversify product offerings beyond vegetable oil to increase revenue stream.
She urged banks to help smallholder businesses to grow by providing supportive finance, pointing out that the growth of small businesses would help to alleviate poverty in Nigeria
“In my opinion, banks can play a vital role in empowering small businesses. To do this, they should provide low-interest loans and facilities that are accessible to entrepreneurs like myself.
“In addition, banks should make their loan and facility criteria more flexible and friendly to small businesses. This would enable more people to access the funding they need to grow their ventures, and ultimately contributing to poverty reduction in Nigeria,” Oyedotun said.
She advised young entrepreneurs willing to start businesses to “keep grinding and striving till they make the most out of their businesses” as Rome was not built in a day.
She said her experience should motivate other young enterpreneurs.
“I’m happily engaged in the buying and selling of vegetable oil. It’s a thriving venture that I have been involved in for quite some time now. My long time passion for the food industry inspired me into this trade.
“I realized that food is an essential commodity, and people will always need it. I was exposed to the opportunities in selling vegetable oil and I realised its value compared to other food items. That exposure sparked my interest, and I decided to take the plunge. It’s been a rewarding decision ever since.
“Honestly, it is very profitable, and it is worth the risk despite the possible challenges. The demand for vegetable oil is consistently high, and with the right understanding of the vegetable oil industry, its supply chain management and the food industry in general, as well as guidance from one or two people, one can make significant gains,” Oyedotun said.
