The Bank of Industry (BOI) says it has successfully processed loans worth N2.2 billion for Micro, Small and Medium Enterprises (MSMEs) in Edo in the last 14 months.
Mr Christopher Omondiagbe, Manager, BOI, Benin office, disclosed this during the graduation ceremony of 22 young people who participated in an entrepreneurship training organised by Sabi Hub, Benin, on Tuesday.
Omondiagbe said the loan processing started in 2020 while the loan disbursement was ongoing.
He said the bank also provided more business support services for entrepreneurs other than loan services during the period under review.
Speaking on why some entrepreneurs found it difficult to access loans from BOI, he said it was due to their inability to meet the necessary loan conditions.
“For instance, most businesses do not pay taxes to government and as a result they can’t meet BOI’s loan conditions of presenting a tax clearance certificate.
“Also, some manufacturers cannot provide collateral when they come to the bank for loans,” he said.
He urged the young entrepreneurs who participated in the training to be focused, build integrity and know what it entailed to run businesses.
“Entrepreneurs need to have knowledge of the type of investment they want to go into before venturing into it.
“Young entrepreneurs need financial literacy, mentorship, market survey and business plan to successfully start a businesses,” he added.
Also, Mr John Imalingmhe, Director General, Benin Chamber of Commerce, Industry, Mines and Agriculture, said it was exciting to see young Nigerians aspire to become entrepreneurs.
Imalingmhe said the chamber also provided mentorship for young people venturing into businesses.
He commended the organisers for the training and urged participants to make good use of acquired knowledge and skills.