Date: 2016-11-29

The Kwara State chapter of National Association of Small Scale Industrialists (NASSI) has called on the state government to facilitate access to loans by members from the Bank of Industry (BoI).

The Federal Government recently released N200billion loans through the Bank of Industry to boost the small and medium scales enterprises last month.

Speaking to Pilot Business on Sunday, the state Chairman of NASSI, Mr. Solomon Olawoyin said "the requirements by the BoI in acquiring recent Federal Government intervention funds for SMEs is stringent.

Some of the conditions, according to him include credit worthy promoters who will be required to prove their commitment to the project by contributing at least 25 per cent of the project cost excluding land.

"Project that use largely domestic raw material with at least provision of a sponsor and financier within one's local environment.

"It must be technically feasible, commercially viable and economically desirable and the conditions for collateral are not within reach of members," he added. Olawoyin also noted that the demand for creation of forward and backward linkages with the rest of the domestic economic is a major challenge for another the association.

The NASSI boss stressed that the Federal Government has a lot of SMEs loans but the procedures and processes by BoI is frustrating.