MAKING IT, SPENDING IT: MAKE OR MAR MONEY CHOICES

MAKING IT, SPENDING IT: MAKE OR MAR MONEY CHOICES

8/1/2021 2:44:00 AM

MAKING IT, SPENDING IT: MAKE OR MAR MONEY CHOICES

According to the country manager at the World Bank Group – IFC, Eme Essien Lore, “Access to finance is a big challenge to Small and Medium

The Nigerian economy is made up of mostly informal businesses, which represent over 80 per cent of the entire labour force, thus, it is of utmost importance that SMEs are financed to ensure the security of this labour force.Virtually, all commercial banks in the country have specialised credit facilities for entrepreneurs to access, but most are unable to access it, partly because they cannot meet the criteria.

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Therefore, for SMEs to have their loan applications scale through bank approval process, certain information is needed.ADVERTISEMENTCriteria For Bank LoansBefore giving you a loan, banks need to ascertain that you are creditworthy, and your business has progressed to a certain level.

Prior to applying for a loan, your small-scale business must conform with the goals and interest of the financial institution you want to apply to.Other things banks put into consideration before disbursing a loan are: a well-written business plan, financial record, collateral and a guarantor. headtopics.com

Essien Lore advised SMEs looking for access to finance from banks, to recognise what will be required of them and have those things readily available. Also, as regards access to finance, business owners, she said, should understand that the financial institutions are not just interested in collaterals.

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