Governor Udom Emmanuel of Akwa Ibom State has reiterated his administration’s continued readiness to support start-ups and growing businesses as part of efforts to ensure wealth creation and poverty alleviation.
Ime Uwah, senior special assistant to the governor on Microfinance and Enterprise Development stated this during the November Dakkada Networking Experience edition, a monthly business and networking event organised by the Micro-Finance & Enterprise Development Unit of the Governor’s Office.
Uwah said the governor would continue to promote entrepreneurship and encourage its development in the State through every available platform such as the Dakkada Networking Experience which he described as a business parley with the drive to help entrepreneurs network, share ideas and collaborate with relevant stakeholders on better and easier ways to conduct their businesses.
According to him, the Dakkada Networking experience, a monthly event is geared towards bringing entrepreneurs together with the focus of networking and building better relationships while encouraging and consolidating on entrepreneurship development.
He said the meeting became necessary to gather entrepreneurs in an informal setting to have them network, discuss and tinker of the way forward for their business growth.
“Our plan is to mobilise entrepreneurs in Akwa Ibom state to live up to expectation and uphold the industrious, enterprising and spirit of hard work which is synonymous with the Akwa Ibom people,” he added.
In his remarks, the company secretary, Akwa Savings and Loans limited, Abasiama Idiong explained that often times, entrepreneurs complain about difficulty to access credit facilities maintained that the meeting was meant to afford both the entrepreneurs and stakeholders the opportunity to ask relevant questions on how to access.
In her presentation, Ime-Umanah Kokoette, a representative of one of the commercial banks in the state stated that there are packages for growing businesses in the informal sector, adding that they are presently facilitating and disbursing SME loans for women entrepreneurs.
Kokoette further stressed women needed to own more than 50percent of the business and that no collateral was required to secure the loans, only BVN and evidence of existing business adding it covers areas ranging from agriculture, fashion, cosmetology, confectioneries, hospitality, among others.
Speaking on the effort of the Akwa Ibom State Government to helping entrepreneurs access credit, Monday John, Secretary, Akwa Ibom Microcredit scheme hinted that Governor Udom has contributed a tangible quota to the growth of businesses in the state by facilitating over 17,000 interest free loans to SMEs from 2015 till date.
John stressed the present administration has not relented efforts in helping entrepreneurs especially market women, technicians and business people from the informal sector. He added that plans are on ground to ensure every entrepreneur that needs credit facility is accommodated in the scheme.
Also speaking, the state manager of Small and Median Development Agency of Nigeria (SMEDAN) Lucy Ekpenyong said that Micro Small and Medium Enterprises (MSMEs) in Akwa Ibom state lack the basic education on how to access credit, what package is available and how the packages can be accessed, stressing that most SMEs frustrate the process of getting credit by applying for amounts which automatically robs them of credit assessment.
She listed programes of the agency which include women entrepreneurship scheme, conditional grant scheme and One local Government One Product (OLOP) scheme which she said were all at providing funding support to enterprises in the state aimed at supporting the growth of MSMEs in the state.
She also highlighted the importance of business upgrade programme in which the agency in partnership with political office holders is engaged in to formalise informal businesses in different local government areas of the state
“When small business owners who should request for 1 million naira end up requesting for 5 million instead, definitely the application is going to be turned down because SMEDAN looks critically at the business cash flow, viability and the capacity of the entrepreneur to pay back the loans before approving any loan or grant.”
She further maintained that SMEDAN as close partners with CBN had put up a new system that encourages credible and profitable SMEs funding by eliminating guarantors system, providing a low interest rate and convenient payment period.
Highlighting the role of the Microfinance and Enterprise Development Center, coordinator of programmes at the centre, Brian Ekwere revealed that the center has a responsibility of linking ideas to opportunities, helping start ups and growing businesses access credit facilities as well as training them to take informed decisions that translate to business progress.
Ekwere said the centre was poised to building a network of young enterprising leaders in Akwa Ibom state through commitment to continuous learning and provision of mentorship, stating that the attendees of this month’s Dakkada Networking Experience were selected from Alumni members of the “My Entrepreneurship Goals Programme (MEGP) and also members of the Dakkada Multipurpose Cooperative Society.
ANIEFIOK UDONQUAK, Uyo
