Nigerian banker-turned entrepreneur Mikail Jimoh is the founder and Managing Directorof Jim Products Limited (JPL). He worked in the banking industry for over 10 years before joining Anisere Herbal Consults to deepen his knowledge of herbal products prior to setting up JPL in 2001.
The business commenced production of herbal products in 2002 for sale and distribution in Nigeria and the West Africa Region. However, by late 2011, the factory and production facilities started showing visible strain. In June 2012, the company was supported by the GroFin Africa Fund (GAF) with a loan of N79m for building a new factory, replacing equipment and financing working capital. The building has since been completed, equipment installed and made fully operational.
His experience with GAF having exceeded the entrepreneur’s expectations on all counts, it was little surprise that Mikail approached GroFin yet again in 2015 when he needed working capital finance to grow his company’s client base.
GroFin showed no hesitation in stepping in with a loan of N89m spread over 5 years under its SGB Fund, to give the highest possible financial boost to the entrepreneur.
Besides finance, GroFin Lagos Investment Manager Femi Salami assisted the client ably on the business support front, providing help for critical working capital aspects such as inventory management, cashflow management and financial management.
“ESG compliance was also ensured by restricting staff movement in sensitive production areas and effective waste management within premises. Operations improvement was effected by putting an assets register and equipment maintenance logbook in place,” says Femi.
This investment will create an additional 10 jobs of which 8 will be semi-skilled or unskilled. It will also sustain 77 jobs of which 90% are semi-skilled or unskilled and 67% are female. Also, about 1,200 indirect jobs will be sustained by the existing 37 customersand 40 suppliers.
Finally, GroFin sees high impact from this investment as the client manufactures herbal healthcare products for teeth, skin and hair, thus considerably improving the health standards of his consumers. It may be noted that a significant percentage of the consumers hail from the bottom of the pyramid.
“What most conventional banks shy away from, remains the core business of GroFin – supporting SMEs,” concludes Mikail.