By Yinka Kolawole

NUTS About Cakes, a bakery located in Lekki Phase One was established in 2010 by Nike Majekodunmi, one of the first beneficiaries of the Lagos State Employment Trust Fund (LSETF). The bakery specializes in freshly baked cakes, pastries and bread for both corporate and retail clients; with the concept of creating fun and tasty, yet superior quality snacks that can be enjoyed by all at anytime. It has since opened a new bakery at Agungi, Lekki.

Speaking on experience to LSETF Digest, Majekodunmi said she found out about the Fund when it was commissioned by Governor Akinwumi Ambode. According to her, “the loan application process was much smoother than you would expect and a lot less was required than a bank would ask you to provide”.

Nike Majekodunmi

Small and medium businesses

Majekodunmi stated: “Two weeks after the interview, I received a confirmation via SMS that we had been approved for the loan. My business changed significantly after getting the loan. We were able to open up an additional branch of our bakery. This meant that we could service a whole new community with our products.”

She described the LSETF as being revolutionary. “It breaks a barrier that a lot of small and medium businesses encounter when starting and growing, by providing the funds to be able to actualise a dream and create jobs for our unemployed in the process. Ordinarily, someone seeking a loan would have to go to a bank who will ask for land collateral that SMEs might most probably not have.

Or, they will be forced to take high percentage loans that will cripple the business before it has had a chance to succeed. LSETF provides quick decision and affordable loans. The funds we received helped to open a new branch located at Agungi, Lekki Expressway. We have so far recruited a total of 8 people as store assistants and bread and pastry bakers,” she asserted.

Majekodunmi said Nuts About Cakes currently has 3 branches located in Lekki Phase 1 , Osapa, and Agungi, adding that they focus on e empowerment of young women by providing them with baking skills and subsequently jobs. On how to ensure the sustenance of business growth for the company, she said internal controls and proper audit are constantly being done to ensure that they are able to get a return on their investment, and subsequently, use that return to further expand and open up additional branches.