Stanbic Bank poised to grow more entrepreneurs

Stanbic Bank Ghana has resolved to assist more entrepreneurs and small businesses by offering them technical support and mentorship training with the launch of its Business Incubator Unit.

The Stanbic Business Incubator programme, which has been operational since 2018, trains, manages businesses hands-on and ensures the commercialization of goods and services by linking entrepreneurs to markets.

Speaking at the launch of the Business Incubator Unit at the Bank’s Silver Star Tower branch at Airport City in Accra, Managing Director of Stanbic Bank Ghana, Alhassan Andani said the rationale behind the establishment of the incubator was to help SMEs to overcome some of traditional challenges faced they face in the sector.

“The business incubator is running capacity building and entrepreneurship development programmes for SMEs and as well support and nurture SMEs to prepare for and harness business and growth opportunities,” Mr Andani said.

He added that the programme had impacted over 5,000 individuals and businesses mainly through capacity building in the last one year and assured that Stanbic Bank Ghana would continue to support small businesses to drive the country’s economic growth.

Since 2018, some 1,241 entrepreneurs have received mentorship; 2,923 youth have been trained; while 790 women have been directly impacted by Stanbic’s Business Incubator programme.

An additional 375 businesses have received technical support while 18 businesses were recorded to have benefitted from market linkages.

The Stanbic Business Incubator Unit offers entrepreneurs and businesses co-working space and hot desk services, meeting rooms, training facilities, coaching and mentoring, and business advisory.

It also provides funding opportunities for SMEs and helps them with market Linkage.

Head of Digital Transformation at Stanbic Bank Ghana, Patrick Quantson, said the bank had identified the need to develop and nurture SMEs so that they contribute to the socio-economic development of the country.

He noted that data in Ghana shows that 80 per cent of new enterprises fail within 24 months hence the need to assist them grow.