The name OG Capital may not be too popular but their impact in the small business space is inspirational. For a startup whose focus is to help financially marginalized business people by offering them the necessary advisory and capital to operate their business, OG Capital has within few months brought hope to many small business owners across Nigeria.
From available data, it is believed that 8 out of 10 micro businesses in Nigeria fails within 18 months. This failure according to some research is usually due to poor planning and inadequate funding since these small businesses are unable to receive;
- Financial assistance from traditional financial institutions because of a lack of security or an articulate business model and/or
- Business planning or advisory from skilled professionals or consultants because of the cost
According to Nigeria’s Ministry of Industry, Trade and Investment, there are over 36 million micro enterprises in Nigeria which account for about 99.8% of SMEs, and provide up to 80% of jobs in Nigeria while also contributing to around 50% of total GDP
But despite their significant contribution to Nigeria’s economy, challenges still persist that hinder the growth and development of micro enterprises in Nigeria .
The Role of OG Capital
OG Capital was launched in January 2020 to provide business planning and funding to entrepreneurs at the bottom of the micro credit pyramid with little or no cost. This was done in a bid to support the growth of micro enterprises and equip them with the necessary tools aimed at strengthening and sustaining their businesses.
From research, there is a consensus that most small business owners sees business planing and development as a premium service meant only for larger enterprise. In a quest to change the narrative, OG Capital has provided many small business owners with a tailored niche-targeted business plans that actually solve their most pressing needs; sales.
The company has also solve the problem of inability of small business owner to access loan and grow their because of collateral. This, they achieved by implementing an age long community monitoring and security model that has allowed it remove a major barrier to entry for loans to micro businesses, while keeping a 0% default rate.
The brand is growing and their dream is to reach out and inspire the growth of many small business owners across Nigeria.