Ikorodu chamber partners BoI on funding for SMEs
Speaking at a business luncheon organised by the chamber, in Lagos, recently, ICCI President, Prince Jamiu Saka noted that the contributions of SMEs in ensuring economic growth in terms of its employment potential at relatively low capital cost cannot be downplayed.
He therefore urged the development finance institution to assist entrepreneurs in realising their dreams, adding that such businesses assist in the promotion of equitable development.
“It is gratifying that since his appointment to office by the Federal Government earlier this year Mr. Olaoluwa has spared no efforts in spreading the gospel of the various aids to businesses by his establishment to ensure that they thrive.
“At a recent outing, the BOI helmsman advocated the encouragement of Micro Small and Medium Enterprises (MSMEs) because of their ability to create equitable distribution of income, low capital for start-ups, greatest capacity to generate employment opportunities and connection with large enterprises in terms of materials. Our Chamber has a large concentration of MSMEs, so Mr. Olaoluwa might as well have been speaking about us when he was making his submission.
“As we all know, it is a new dawn in Nigeria and expectations are very high of a change for the better in the life of the nation. Businesses and industries especially look forward to and are sincerely entitled to improvement in their fortunes, howbeit in terms of provision of better infrastructure, conducive environment and not at the least, access to loans and credit to finance their operations”, he added.
On his part, BoI’s Managing Director, Rasheed Olaoluwa, represented by the bank’s Regional Head, Lagos, Obaro Osah, noted that the bank has unveiled new products and initiatives to drive its intervention to small businesses.
Obaro stated that the bank would be willing to assist customers with good credit history; credit worthy promoters who will be required to prove their commitment to the project by contributing at least 25% of the project cost excluding land; borrowers whose management capability, financial situation (including availability of collateral and guarantee), character and reputation are incontrovertible and clients with demonstrable ability/track record to meet loan repayments.