Charles Odii, director-general of the Small and Medium Enterprises Development Agency , says loans given to small businesses are strictly for upscaling of production and not “free money”.
Odii’s statement signals his concern about bad loans — a subject that has become a source of worry for many financial institutions, including thethe global standing instruction against loan defaulters under the scheme. The aim was to initiate direct debits on the bank accounts of loan holders to settle defaults.Speaking on the incessant defaults, the SMEDAN boss, said the loans are not for “beer” and should be returned as and when due.
“It’s not free money, it’s not money you use to buy beer. This is the money you need to build your business and get huge investments.“What had happened in the past is if you have pre-existing loans and you come to us, we might not know then we fall the risk of giving the money.“The commercial bank is not going to be chasing you from pillar to post to pay back. The bank will deploy all the risk assessments before you get the funds.
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