By Kunle Adeliyi/Goodluck Ikiebe.
Participants at the event and Mrs Rose Gyar
The Director General of GLOCHEED, Mrs. Rose Gyar, has appealed to Micro, Small and Medium Enterprises owners to register their businesses with the CAC and fulfill other conditions.
She made this plea in Abuja at the May edition of Citizens engagement which focused on access to finance for Micro, Small and Medium Enterprises.
Mrs. Gyar explained that owners of MSME will gain much by formalising their existence through registration and maintaining bank accounts which will facilitate access to not only government intervention funds, but also other facilities by commercial banks.
Two banks, Sterling and Wema, participated in the citizens engagement forum.
Sterling bank introduced its non-interest banking which provides for invoice financing of every activity required for business with direct payment to vendor at 9 per cent mark up repayable in 2 years maximum and payment of 5 per cent cash collateral for agribusinesses and 15 per cent for Micro, Small and Medium Enterprises (MSME).
In its engagement, Wema bank provided Micro, Small and Medium Enterprises (MSME) product of up to N5 million without collateral at an interest rate of 2 per cent, but, does not include any agribusiness, while the repayment period is 12 months, with the presentation of bank statements, which will determine the amount of loan to be obtained.