The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and Bank of Industry (BOI) have sensitised Ebonyi stakeholders in business enterprises in the efforts to accelerate the nation’s economic growth.
Mr Asochukwu Chigozie, SMEDAN’s Manager in Ebonyi said at the occasion of business engagement with Nano, Micro and Small and Medium Enterprises (nMSME) stakeholders in Abakaliki on Wednesday, that his Agency was committed to improving business relationships.
It reports that the engagement meeting was tagged: “”Empowering nMSMEs for Sustainable Economic Growth in Ebonyi State”.
The Manager said the aim of the meeting was to harness challenges faced by artisans and other entrepreneurs in Ebonyi in carrying their business activities.
He listed those huddles to include: limited access to finance, inadequate infrastructure, regulatory bottlenecks, insufficient technical support among others.
Asochukwu, however stressed that the importance of nMSNEs to economic growth of any nation could not be over-emphasised.
According to him. nMSNEs form the backbone of our economy, contributing significantly to employment, innovation, and grassroots business development.
“There are the unsung heroes driving local economics, supporting families, and sustaining communities.
“Our mission today is clear: to chart a strategic path forward; one that provides practical solutions, fosters collaboration between public and private sectors and creating an enabling environment where entrepreneur can thrive.
“We must rethink policies, improve access to markets and funding, support digital transformation, and promote inclusive business models that empower women, youth and rural entrepreneurs,” he stated.
Mr Chukwudi Asiegbu, Manager of the Bank of Industry (BOI) in the state said, the business engagement was good and critical towards achieving sustainable economic growth.
Asiegbu called for the need to register individual or cooperate businesses with the Cooperate Affair Commission, secure good accommodation and free from all sorts of bad loans when venturing into a business.
“So, today mark significant move in creating enabling environment for business development. We have advised the stakeholders (Cooperatives), to desist from using private Bank accounts for their businesses. Create avenue in bringing grantors that meets bank criteria for loan.
“Here, we want a situation, where we can have enough applications coming from Ebonyi in order to have easy access to finance.
“You cannot borrow when you have an existing loan. We are educating the stakeholders to ensure the entrepreneurs meet the requirements for loan because these funds are available to improve business.
“So, once you meet the criteria, fund will be released to you. You are qualify once you have registered business,” the Manager stated.
One of the stakeholders, Mr Chika Una, Executive Director of an Non-governmental Organisation (NGO), Caring Heart Development Foundation for Good Governance commended SMEDAN for putting up the business engagement meeting and pledged to support business growth in the state.
Some of the stakeholders were drawn from the Ministry of Commerce and Industry, BOI, CBN, Artisan, Ebonyi Chambers of Commerce, Industry, Mining and Agriculture, (EBCCIMA), NAFDAC, Sterling Bank, and City Boys Movement among others.