78 Small and Medium Enterprises (SMEs) have received loans of N50,000 each from the Bank of Industry (BOI). The aim of these loans is to help them foster their businesses.
This was facilitated by Women Arise Development and Humanitarian Initiative – a non-governmental organization.
The loans have a repayment plan of six months.
Temitope Owolabi of the Micro Enterprise Division of BOI, advised the women as she presented the loan certificates to them in Abuja. She urged them to make the most of the loans to grow and sustain their businesses.
Owolabi urged the beneficiaries to maintain financial integrity so as to avoid negative credit rating that would affect their chances of securing bigger loans. She said to them: “Without default, you can get more loans.”
Owolabi stated that, failure to provide accurate information needed to process loans is what accounts for the difficulty entrepreneurs face in securing credit facilities.
Owolabi said: “You must have an existing business and provide accurate details. Some people have failed to access loans because they provided wrong Biometric Verification Number and account numbers. There are situations where some husbands get the loans and find it difficult to inform their wives. Some earn more and still apply for this small loan.
“There is no point trying to play smart because the bank does screening and will fish out such people.” Owolabi added.
Owolabi, while saying that BOI did not give credit to start-ups, still encouraged entrepreneurs who intended securing loans to endeavour to set up businesses in order to facilitate credits.
Magi Ladan, a poultry farmer, speaking on behalf of the beneficiaries, commended the BOI and WADHI for the opportunity.
Ladan assured that the beneficiaries would efficiently utilise the loans as their own contribution to growing the country’s economy.