I am..

First name / Last name

Abel Akeni

Country

Project Overview

Discovering Outliers (DO)

My idea is to create a platform called 'Discovering Outliers'(DO) online which will serve as a marketplace for innovative businesses to get equipment loans directly from corporate and individual impact investors while utilizing the purchased equipment/assets as collateral until the loan is repaid. For example, when a businessman in Nigeria receives N7million ($43,750)via the marketplace to purchase equipment for his new SME which provides Laundromat services, all assets in his company- to the value of N7million($43,750) belong to the different impact investors that participated in the N7milion ($43,750) funding round for him until he offsets the debt within the agreed loan tenure. This unique type of asset-backed loan facility is virtually non-existent from conventional banking establishments in Nigeria for small businesses. One of the main activities includes working closely with the 31 business incubators, co-working spaces and other stakeholders currently existing in Nigeria to recommend/feature outstanding SMEs every month on the platform who will receive financing investors. This activity ensures that sustainable SMEs will populate the platform. Each recommended SMEs video profile and other details will be featured on the marketplace and will be accessible only to a growing pool of accredited investors. Other activities will include accrediting corporate and individual impact investors who are willing to invest between N100, 000 ($625) and N100million ($625, 000) loans yearly in any SME of his/her choice that is featured in 'Discovering Outliers' (DO)platform. Impact investors can charge from 0% to a maximum of 5% as interest rate. The objective of charging an interest rate is to keep recipients accountable not necessarily to make a profit; the objective of having a ceiling on interest rates is to keep the cost of capital reasonable for SMEs.

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