Loans: NASSI seeks Kwara Govt’s intervention for SMEs loans
NAN-HE-17
Loans
By Bushrah Yusuf-Badmus
Ilorin, Nov. 28, 2016 (NAN) The National Association of Small Scale Industrialists (NASSI), Kwara chapter, has called on the state government to facilitate access to loans by members from the Bank of Industry (BoI).
Chairman of the association, Mr Solomon Olawoyin, told newsmen on Monday that the requirements by the BoI in acquiring Federal Government funds for SMEs were too stringent and frustrating.
The News Agency of Nigeria (NAN) reports that the Federal Government recently released N200 billion intervention fund through the BoI to boost the small and medium scales enterprises.
Olawoyin listed credit worthy promoters required to prove their commitment to the project by contributing at least 25 per cent of the project cost excluding land as one of the conditions.
There must also be a project that uses largely domestic raw materials with at least provision of a sponsor and financier with one’s local environment.
“Also it must be technically feasible, commercially viable and economically desirable and the conditions for collateral are not within reach of members, “he said.(NAN)
BAY/GOM/IA
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Edited by Gregory Mmaduakolam/Idris Abdulrahman