Many operators of Small and Medium Scale Enterprises (SMEs) do not have the knowledge that the interest rate of the said facility was a single-digit rate from the apex bank to the financial institutions that stand to access the facility on behalf of the identified sector, according to Ibiye Ekong.

Ekong, at the Skye Bank Business Seminar for SMEs held in Ibadan, Wednesday, said many owners of SMEs could not adequately access the Central Bank of Nigeria (CBN) N200 billion and Bank of Industry (BoI) loans due to ignorance and lack of adequate awareness,  

The executive director, Skye Bank plc pointed out that many were not aware of the available CBN facility meant for small medium enterprises.

 “Even when you tell them that the interest is 9 percent, they will be surprised, saying it is not possible,” she said.

The over 350 enterpreneurs that attended the seminar heard that the essence of the seminar was to connect the SMEs customers, both existing and potential, to the needed support and guidance.

According to her, what we found is that a lot of the SMEs do not have the information to enable them to do their businesses.

“So, when you come to a forum like this, we tell them that they can access loan at single digit. A lot of them are surprised, saying ‘are you serious, is it possible?’ but this facility is available with both the CBN and the BoI. But a lot of people do not know,” she said,

“We also have the Real Sector Financing Fund. I think the interest rate there is 9 per cent. The CBN will give it at one rate. The banks will provide some guarantee and access it on behalf of the sectors that have been identified. So, those are some of the facilities that we have but a lot of people do not know that they are available and accessible. And we have customers who are getting them, so it is not a fluke. We have customers who are getting them.”