Ignorance blocks SMEs from CBN N200bn facility

 Many owners of Small and Medium Scale Enterprises (SMEs) could not ade- quately accessed the Cen- tral Bank of Nigeria (CBN) N200 billion and Bank of Industry (BoI) loans due to ignorance and lack of ade- quate awareness, according to Ibiye Ekong, executive director, Skye Bank plc.

Speaking at the Skye Bank Business Seminar for SMEs held in Ibadan, Wednesday, Ekong said many SMEs operators do not have the knowledge that the interest rate of the said facility was a single- digit rate from the apex bank to the financial insti- tutions who stand to access the facility on behalf of the identified sector.

She pointed out that many were not aware of the available CBN facility meant for small medium enterprises, “and even when you tell them that the interest is 9 percent, they will be surprise, saying it is not possible.”

At the seminar, attended by over the 350 enterpre- neurs, the executive direc- tor noted that the essence of the seminar was to con- nect the SMEs customers, both existing and potential, to the needed support and guidance.

According to her, what we found is that a lot of the SMEs do not have the information to enable them to do their business.

“So, when you come to a forum like this, we tell them that they can access loan at single digit. A lot of them are surprise, saying are we serious, is it possible but this facility is available with both CBN and the BoI. But a lot of people do not know.

“We also have the Real Sector Financing Fund. I think the interest rate there is 9 percent. The CBN will give it at one rate. The banks will provide some guaran- tee and access it on behalf of the sectors that have been identified. So, those are some of the facilities that we have but a lot of people do not know that they are avail- able and accessible. And we have customers who are getting them, so it is not a fluke. We have customers who are getting them.”

Also, Ayo Abina, Skye Bank general manager (South West), said many customers of the bank had been receiv- ing information on how to ac- cess available funds to nurture their businesses.

REMI FEYISIPO, Ibadan