Nigeria - Business creation project

Describe your project or startup in a few words

LIFT SUPPORT makes accessing credit earsier for financially excluded rural small businesses. We offer a user-friendly mobile app and partner with trusted local cooperatives to build trust and simplify loan processes through their existing Networks.

01.01 Describe your project in more detail

LIFT SUPPORT empowers rural micro-entrepreneurs in Eke-Imoha market, Ebonyi State, Nigeria, by tackling financial exclusion. Our user-friendly mobile app simplifies remote loan applications and leverages alternative data like mobile usage patterns to assess creditworthiness, eliminating the need for traditional collateral. To do this and also to factor in those who may not be that mobile friendly, our second approach is to partner with existing trusted local cooperatives, leveraging their established 'Ajo system/register to build trust and streamline loan processes for the unbanked population. This innovative, community-based approach empowers entrepreneurs, fosters business growth, and unlocks economic development not just in Ezza-South LGA our pilot location but in every other location this business model is replicated.

01.02 What is the main problem you are trying to solve?

LIFT SUPPORT tackles the many challenges crippling rural micro-entrepreneurs in Nigeria. Distance to traditional lenders is a major hurdle. Our user-friendly mobile app bridges this gap, offering remote loan applications. High-interest rates stifle growth; LIFT SUPPORT seeks to offer competitive rates. Traditional models often lack understanding of rural businesses. We leverage partnerships with trusted local cooperatives familiar with the local context. Additionally, harsh repayment schedules can be restrictive. LIFT SUPPORT is exploring flexible repayment options tailored to the realities of rural businesses. Beyond access to capital, LIFT SUPPORT is exploring financial literacy training. We're also investigating e-commerce integration to expand market reach. By addressing these multifaceted issues, LIFT SUPPORT empowers entrepreneurs, fosters sustainable business growth, and unlocks economic development in rural Communities.

01.03 Tell us the major benefits and/or advantages of using the product/service that your project intends to provide (at least 3).

LIFT SUPPORT tackles the multifaceted challenges crippling rural micro-entrepreneurs in Nigeria. Distance to lenders is a nightmare – our mobile app and partnering local cooperatives bridge the gap with remote applications. Traditional models often strangle growth with high-interest rates and a lack of understanding of rural businesses. We address this through partnerships with trusted local cooperatives familiar with the local context, offering competitive rates, and exploring flexible repayment options. But financial illiteracy and limited market access are further hurdles. LIFT SUPPORT is a comprehensive solution, exploring financial literacy training and e-commerce integration to empower entrepreneurs, foster sustainable business growth, where it was difficult and rebranding rural economies for economic growth and development.

01.04 Please describe who exactly your project is aimed at serving. Who are the targeted beneficiaries?

This project, LIFT SUPPORT, is specifically aimed at serving rural micro-entrepreneurs in Nigeria. These are individuals who run small businesses in remote, non-urban areas. Here's a breakdown of the target beneficiaries: Location: Rural areas of Nigeria (focusing on Ezza-South LGA initially). Occupation: Micro-entrepreneurs (individuals running small businesses needing expansion or boost) Financial Situation: Limited/no access to traditional financial services due to factors like lack of collateral, high cost and distance from lenders.

01.05 When did you start working on your project?

2023-11-01

01.06 How many other partners are associated with your business venture?

3

01.07 Among the other partners, how many are female?

2

01.08 Please describe the profile of each of the other partners (skills, experience, etc.)

Vivian leverages her financial expertise (Loan Officer, Standard Life Org. 2021-present) to empower rural entrepreneurs. She excels at creditworthiness assessment, loan term structuring, and managing loan processes. Prior to finance, Vivian nurtured young minds as a Marketing graduate (Federal Polytechnic Nekede) and a dedicated teacher (Girls Secondary School Abakaliki). Vivian's passion for financial inclusion fuels her drive to bridge the gap for rural businesses. 2. Usang Patience Bassey, a seasoned credit Officer with over 7 years experience with Standard Life Organization (2017-present), and currently an acting branch manager of same Organization brings expertise in credit disbursement, recovery, and client training. 3: Dr Joshua Vincent CEO Inspint International Career Center and Inspint International Academy and Founder, Light Embassy International Church brings his supervisory and advisorship skills to the team as mentor and partner.

01.09 If you have a website, a social media page (Facebook, Instagram, Linkedin…), or app, please provide the link here:

01.10 Which industry best describes your project?

g) Financial services

02.01.01 My project contributes to the No poverty goal

7 - Strongly Agree

02.01.02 No poverty - Justification

We empower low-income rural businesses and entrepreneurs through access to affordable and "remote credit" and community development programs. By providing access to capital and resources, Lift Support helps people build their businesses and escape poverty, directly addressing SDG 1: No Poverty.

02.02.01 My project contributes to the Zero hunger goal

7 - Strongly Agree

02.02.02 Zero hunger - Justification

As these credit hit these rural Entrepreneurs leading to business expansion, their purchasing power should increase they should easily not only eradicate hunger but also increase their diet and possibly produce their own food through farming as money should be available to purchase seedlings.

02.03.01 My project contributes to the Good health and well-being goal

5

02.03.02 Good health and well-being - Justification

Mental health is a very serious health issue both for women and men. When people cannot predict where else the next meal, rent, school fees and upkeep is to come, they develop mental health related issues which may affect their physical health. We resolve this by being a supportive partner to their livelihoods

02.04.01 My project contributes to the Quality education goal

5

02.04.02 Quality education - Justification

Outside providing credits to these rural small businesses, we ensure efficiency by providing basic practicable financial education like basic business management, balance sheet, cash flow, income/expenses account and more making them better fit to administer both the credits and their businesses for better results.

02.05.01 My project contributes to the Gender equality goal

7 - Strongly Agree

02.05.02 Gender equality - Justification

Our credit disbursement do not discriminate for anything, we are more interested in cancelling out the disparity in accessing credits by both genders. That's why our 50/50 or where important, 60/40 disbursement ratio in favour of women Entrepreneurs is not to be mistaken and helps a lot to build a strong rural economy.

02.06.01 My project contributes to the Clean water and sanitation goal

3

02.06.02 Clean water and sanitation - Justification

02.07.01 My project contributes to the Affordable and clean energy goal

4

02.07.02 Affordable and clean energy - Justification

02.08.01 My project contributes to the Decent work and economic growth

7 - Strongly Agree

02.08.02 Decent work and economic growth - Justification

Our credit support, basic business and financial management trainings should see a lot of especially greater number of underpaid women employees scale their small businesses for better living and work.

02.09.01 My project contributes to the Industry innovation and infrastructure

6

02.09.02 Industry innovation and infrastructure - Justification

Lift Support Organization contributes to SDG 9 (Industry, Innovation and Infrastructure) by focusing on Skills Training and Facilitating Investment. They equip rural communities with the skills to operate new technologies and manage businesses effectively. Lift also connects rural businesses with investors. By helping them access capital, Lift empowers innovation in industries and infrastructure development.

02.10.01 My project contributes to the Reduced inequalities goal

7 - Strongly Agree

02.10.02 Reduced inequalities - Justification

Lift Support Organization tackles SDG 10 (Reduced Inequalities) by equipping rural communities with the skills and financial tools they need. Through training programs, individuals gain the knowledge to secure better jobs, while access to investment and financial literacy empowers families to build businesses and manage finances effectively. This approach fosters economic opportunities and reduces wealth and income inequality in urban/rural areas.

02.11.01 My project contributes to the Sustainable cities and communities goal

7 - Strongly Agree

02.11.02 Sustainable cities and communities - Justification

While Lift Support Organization's focus seems to be on rural communities, their work can indirectly contribute to SDG 11 (Sustainable Cities and Communities) in a few ways: Reduced Rural-Urban Migration: By empowering rural communities economically, Lift can potentially decrease the pressure on already crowded cities. People might be more likely to stay and contribute to their local economies. Sustainable Practices: Training programs offered by Lift could incorporate elements of sustainable agriculture or resource management, which could benefit the environment in both rural and urban areas. Market Access for Rural Products: By helping rural businesses grow, Lift could facilitate the flow of sustainable or locally-sourced products to cities, promoting more sustainable consumption patterns.

02.12.01 My project contributes to the Responsible consumption and production goal

4

02.12.02 Responsible consumption and production - Justification

02.13.01 My project contributes to the Climate action goal

4

02.13.02 Climate action - Justification

02.14.01 My project contributes to the Life below water goal

4

02.14.02 Life below water - Justification

02.15.01 My project contributes to the Life on land goal

4

02.15.02 Life on land - Justification

02.16.01 My project contributes to the Peace justice and strong institutions goal

3

02.16.02 Peace justice and strong institutions - Justification

02.17.01 My project contributes to the Partnerships for the goal

4

02.17.02 Partnerships for the goal - Justification

05.01 There are a large number of customers who already use a product/service very similar to the product/service we envision creating.

3

05.02 The product/service we envision creating represents an entirely new type of product/service.

5

05.03 The product/service we envision creating could be described as a new technology.

5

05.04 The product/service we envision creating is an improvement on an existing product or service.

7 - Strongly Agree

05.05 The product/service we envision creating could be described as an extension of a range of products or services.

1 - Strongly Disagree

05.06 The product/service we envision creating responds to a demand or need that has not been satisfied by other products/services.

7 - Strongly Agree

05.07 The product/service we envision creating is a new version of an old product/service.

4

05.08 Justification

While our products may not be entirely a new product but what makes us different is our business model which integrates local Ajo registers and mobile phone usage with our innovative approach make us the best for what we do.

05.09 Who are your main potential competitors and what makes you stand out from them?

While organizations like LAPO and Standard Life Organization work in similar spaces, Lift Support Organization takes a unique approach to address SDG 1 (No Poverty) and SDG 10 (Reduced Inequalities) in rural communities. Lift's focus is on empowering mostly rural ventures, women and youth, a demographic often left behind. We achieve this through innovative mobile technology/physical training programmes, delivered in an accessible way. This sets us apart from competitors who rely on traditional methods. The key differentiator is Lift's strong partnership with local cooperatives. These partnerships leverage existing trust within communities, allowing Lift to seamlessly integrate their programmes and potentially connect beneficiaries with microfinance opportunities offered by us and partnering Organizations. This combined approach of mobile technology, targeted demographics, and local partnerships allows Lift to deliver impactful skills development and financial empowerment Programmes

10.06 Are you initiating actions within your community to promote the role of female entrepreneurs?

Yes, my current business idea "Lift Support Organization" not only advocate for the role of women entrepreneurs but also seek to empower them by making credit accessible to them.