Access Bank advises entrepreneurs on funding

Access Bank Plc has advised entrepreneurs on steps they need to take in addressing funding challenges they face in their businesses.
Speaking yesterday at the ongoing fifth annual Young Entrepreneurs Network (YEN) conference in Lagos, Titilola Familoni, head, women banking unit, Access Bank, said the entrepreneurs need to keep proper records of their transactions and operations, as such would support their loan application process.

She said lenders approve loans based on statistics or information available to them as required by Central Bank of Nigeria (CBN). According to her, there is also need for entrepreneurs to put the right structure in place in their businesses, adding that proper accounting shows seriousness on the part of the entrepreneurs. Familoni said a bank will always ask for collateral for a loan because it is a requirement from the CBN.

Familoni said: “Entrepreneurs need to get their records right as such would help them in accessing funding from banks. When the records are right, no bank can say no to a loan request”.

Besides, she advised the entrepreneurs to invest in their personnel and staff training to equip them with challenges that face businesses.

“You do not need to reinvent the wheel. See what other entrepreneurs have done and learn from that. Such experience will help speed up your growth and development,” she said.

Familoni said entrepreneurs do not need to be in a hurry to grow their businesses without doing proper homework. “Entrepreneurs need to know how banks think. Banks do not like funding a customer’s risk. A bank will endure that it is protected from whatever risk that lending to a customer carries. Equity is important in business. A customer desirous of a loan need to have a savings culture,” she said.

“Entrepreneurs need to prepare themselves before approaching a bank for a loan. Preparation makes the borrower to approach the bank from superiority point of view and he will get the loan,” she said.