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Aganga Tasks BOI To Raise Funds For Small Businesses

The Minister of Trade and Investment, Dr Olusegun Aganga, has asked the Bank of Industry (BOI) to scale up its funding to owners of small … Continue reading Aganga Tasks BOI To Raise Funds For Small Businesses


olusegun-agangaThe Minister of Trade and Investment, Dr Olusegun Aganga, has asked the Bank of Industry (BOI) to scale up its funding to owners of small and medium businesses from the present 15 per cent.

Dr Aganga, who spoke at the inauguration of the newly constituted board of directors of the bank in Abuja, said the  increase is key to the Federal governments transformation agenda and the attainment of all inclusive growth in the country.

Responding, the Chairman, Board of Directors of the Bank of Industry, Mr Abdulsamad Rabiu promised to ensure that financial assistance is provided to owners of small businesses.

The Bank of Industry (BoI), at the weekend unfolded plans to partner Business Support firms (BSFs) to drive its intervention agenda in the small and medium enterprises sector.

Besides, the bank also expressed its resolve to explore new funding alternatives in a bid to realise its mandates, following the pressure, which has continued to mount on government’s resources in terms of financing.

The bank noted that it was seeking new funds to make contributions to Federal Government’s National Industrial Revolution Plan (NIRP) as well as serve the small and medium enterprises.

Addressing journalists in Lagos, Managing Director, BoI, Rasheed Olaoluwa, noted that the bank was developing strategies to improve stakeholders’ access to funds.

“BoI is trying to achieve a balance in its functions as a development finance institution in terms of delivering social impact and maintaining a sustainable loan infrastructure.

“We have met with Business Support Firms to address the large percentage of substandard loan applications as we have discovered that a good way out is to engage with BSFs who will receive the applications and help review them as they better understand how a bankable proposal should look like,” he said.

He added that the SME sector would receive adequate attention from the development bank and their funding challenges addressed through concrete and visible steps.

the Bank of Industry (BoI), at the weekend unfolded plans to partner Business Support firms (BSFs) to drive its intervention agenda in the small and medium enterprises sector.

Besides, the bank also expressed its resolve to explore new funding alternatives in a bid to realise its mandates, following the pressure, which has continued to mount on government’s resources in terms of financing.

The bank noted that it was seeking new funds to make impactful contributions to Federal Government’s National Industrial Revolution Plan (NIRP) as well as serve the underserved, particularly the small and medium enterprises.

Addressing journalists in Lagos, Rasheed Olaoluwa, managing director, BoI, noted that the bank was developing strategies to improve stakeholders’ access to funds.

“BoI is trying to achieve a balance in its functions as a development finance institution in terms of delivering social impact and maintaining a sustainable loan infrastructure.

“We have met with Business Support Firms to address the large percentage of substandard loan applications as we have discovered that a good way out is to engage with BSFs who will receive the applications and help review them as they better understand how a bankable proposal should look like,” he said.

He added that the SME sector would receive adequate attention from the development bank and their funding challenges addressed through concrete and visible steps.

– See more at: http://nigeriacommunicationsweek.com.ng/e-financial/boi-strategises-to-increase-smes-access-to-loans#sthash.2mbunoqD.dpuf