Inability to access loans affects our businesses

Chairman, Nigeria Association of Small and Medium Enterprises, Kwara State, Prince Tajudeen Ajisefini has bemoaned his members' inability to get loans from the Bank of Industry. It would be recalled the Federal Government last year gave approval to the Bank of Industry to loan industry owners N2.5 million without any collateral in order to improve their businesses and impact on the nation's economy.

Speaking to Pilot Business at the weekend in Ilorin, Ajisefini said that in spite his members meeting all requirements from the bank, they are yet to have access to the grant as promised.

He stated that some of his members out of frustration were forced to withdraw their deposits from the commercial banks involved after a period of seven month and the loan is still not granted.

The chairman however commended Kwara State Government for supporting the association over the years, enjoining it to further assist his members particularly in the areas of loans to help boost their various businesses.

He added that the small medium enterprises importance could not be over emphasised as they have over the years been contributing their quotas to boost both the states and nation economy.

#economy