BoI Approves N3.5b For SMEs in Osun

In continuation of its support to entrepreneurs across the country, the Bank of Industry (BoI) said it has disbursed loans in excess of N3.5 billion to support Small and Medium Enterprises (SMEs) in the State of Osun.

Managing Director of BoI, Mr. Olukayode Pitan confirmed the figure at a Business Summit held in Osogbo, the state of Osun capital

He added that the move was in tandem with the bank’s integral plan to develop small and medium enterprises in the state.

Pitan explained that the focus of the organisation was to make the accessment of loans easier for small scale business owners.

The BoI boss identified high interest rate as a bane of SMEs in Nigeria. He assured the small scale business owners that the bank would work assiduously to give them soft loans at affordable interstate rates.

“We are doing everything possible to reduce the adverse effects of high interest rates on small and medium enterprises loans by partnering with some micro-finance banks who could give loans at an affordable rates to our business men and women,” he said.

“I want to assure everyone that BoI is open for serious business,” he said.

Meanwhile, the Commissioner for Commerce, Investment and Cooperative, Ismael Alagbada, has reiterated the commitment of the Ogbeni Rauf Aregbesola administration to make the advancement of SMEs a priority.

“SMEs remain the cornerstone of industrial revolution any where in the world. That is why we make the development of the sector a great priority in our six-point integral plans,” he said.

“Without small scale industries, there can’t be big industries. It is small and medium enterprises that metamorphosed to big ones, “Alagbada added.

The Chairman of Nigeria Association of Small and Medium Enterprises (NASME), Osun axis, Femi Ayedun, called on governmet to ensure prompt approval of land titles and Certificates of Occupancy which are key to banks and finance houses and for accessing bank loans.

Ayedun called on government to make bank loan process less cumbersome to make accessment easier for the people.