He added that over 95 per cent of businesses in Nigeria were MSMEs, “so the clinic has become imperative to significantly address challenges of access to finance and institutions for the budding entrepreneurs. Our expectation is that his (Osinbajo) presence will match the expectations of MSMEs especially as it requires funding, certification, accountability and documentation.”
Emu went on: “We believe that some waivers will be granted. We believe that some mileages will be achieved. Access to the institutions and finance is a challenge, and with them being here for two days, it will be addressed. The second one is the collateral, the requirement for draw down of some of the facilities.
“Some of the MSMEs don’t have them, they are just start-offs. So, they should be needing funds that will sustain their start offs. It is not recurrent when you spend a lot of money to grow MSMEs to start up their businesses. The reason being that it is a capital venture.
“If each state is giving one billion naira to the chambers of commerce to be drawn directly by beneficiaries at a single-digit interest rate without collateral, we will hold the chambers responsible even if we end up losing those money without paying back. I can tell you that we would have achieved a lot of mileage in the process. We truly expect that we will be achieving result.”
Story Credit: Guardian
Categories: Domestic Business