LoftyInc Allied Partners, Nigeria’s pioneer start-up & project incubation firm is pleased to announce the closing of a short term project finance agreement with Vertext Media Limited. Vertext Media, the first company incubated by LoftyInc in 2008, is a family owned publishing and consulting concern based in Ibadan, Nigeria.
VML participated in the pilot phase of a new funding product offering by LoftyInc’s Project Incubation Group targeted at SGBs (Small & Growing Businesses). The funding product is targeted at SGBs with proven product sales seeking short to medium term project finance for their products or services and willing to subject this process to LoftyInc’s managed funding model that helps lower lenders’ risks in frontier markets.
While the size and detailed terms of the package remain undisclosed, the financing is for a one year period based on project plan submitted by the management of Vertext Media Limited, with a grace period of three months and no prepayment penalties.
Within the first two years of its establishment, Vertext Media have seen its turnover triple and net income double; a snapshot of the monitoring and evaluation (M&E) report prepared by LoftyInc for the firm in August, indicate net asset have grown by six fold as the company enter new markets like the energy industry and educational consulting for government in 2011/12. Indeed, the report predicts, VML “to more than double this projected revenues in FY 2012/13, once …it completes its current round of growth strategy execution”.
The project finance product currently in its pilot phase and set to launch officially in the first quarter of 2012 leverages the managed funding mechanisms developed by the start-up incubation group of LoftyInc (through the Wennovation Hub) and the social capital harnessing capabilities of LoftyInc’s USA subsidiary, Wazobia Investments LLC. This product further establishes LoftyInc’s credentials as a credible alternative to traditional sources of financing for small growing businesses (SGBs) in Nigeria and the broader ECOWAS region.
Want to participate in the first funding window in 1Q 2012? Contact us at firstname.lastname@example.org
LoftyInc Allied Partners Limited was founded in 2008, and is a start-up business and project development company focused on frontier markets especially those in the ECOWAS region. LoftyInc is the operator of Nigeria’s first for-profit incubator and enterprise accelerator: the Wennovation Hub. LoftyInc is not a lender, mortgage broker or loan originator. It works with international lenders that specialize in small business project financing. LoftyInc’s involvement is in the capacity of an offsite guidance and support team for clients. In no way do LoftyInc represent itself as loan officers for any lending institution.