Executive Director, Skye Bank Plc, Ibiye Ekong yesterday said that many owners of Small and Medium Scale Enterprises (SMEs)   could not adequately accessed the Central Bank of Nigeria (CBN) N200billion and Bank of Industry (BoI) loans due to ignorance and lack of adequate awareness.
Speaking at the Skye Bank Business Seminar for Small Medium Scale Enterprises (SMEs) held in Ibadan yesterday, Ekong  said many SMEs operators do not have the knowledge that the interest rate of the CBN of the said facility is a single rate digit from the apex bank to the financial institutions 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 nine percent, they will be surprise , saying it is not possible”.

The seminar attended by over the 350 entrepreneurs, the Executive Director noted that the essence of the seminar was to connect the SMEs customers both existing and potential, and render 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 with single digit. A lot of them are surprise, saying are we serious, is it possible but this facility is available with both with Central Bank of Nigeria, and the Bank of Industry. But a lot of people do not know. The federal government has come up with initiative. We have the Bank of Industry loan, then we have the Central Bank of Nigeria that has facilities for this sector, SMEs and the interest rate is single digit.

” We also have the real Sector Financing Fund . I think the interest rate there is 9 percent . The Central Bank of Nigeria will give it at one rate . The banks will provide some guarantee 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 available and accessible. And we have customers who are getting them, so it’s not a fluke . We have customers who are getting them.”

Also, the Skye Bank General Manager, (South West), Ayo Abina
explained that many customers of the bank have been receiving information on how to access available funds to nurture their businesses.

According to him, “It is important that we support the small,medium scale businesses, but we need both parties to be on the same page , the financial institution , in this case, Skye Bank and our various small, medium scale businesses to understand what we both need to support each other . That is the essence of this forum. “

Abina said that SMEs remained the bedrock of many big economies in the world. “It creates employment and touch every bit of the nation’s economy and so there is need to provide the necessary enabling environment for the sector to thrive” he added.
He noted that 70 percent of Skye Bank customers are into SMEs.
Remi Feyisipo

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