BoI Harps On Easy Access To SME Loans

As part of its efforts in developing SMEs and engendering ease of doing business, the Bank of Industry (BoI) has said that easy loans are now accessible for Small and Medium Scale Enterprises in the country.
The Managing Director and Chief Executive Officer of the BoI, Kayode Pitan, made this disclosure in Lagos, recently (actually today), during a workshop/seminar organised by the Bank of Industry.
Addressing the question of inaccessibility of the loan for SMEs, despite its availability, Pitan said:
“Yes, we know that there are lots of people who are quite frustrated about that now but the loans are there and are easily accessible.
The problem is that people don’t know how to access them. You can even meet some of our consultants spread across the country to help you on how to access the loans.
We actually pay these consultants to do the job for us. Most people don’t even know that there are consultants for that purpose and that’s the major problem they have. As I speak to you, we have offices in 2 states of the federation where you can easily walk in an access the loan.”
On the interest rate and lifespan for repayment, the BoI boss added: “Some of these loans come with single digits interest rates and can be paid over two to three years.”