For the greater than half one million small companies working in Indiana, money stream may be an ongoing problem. Manufacturing, healthcare and social providers, lodging and meals service, and retail commerce are the highest industries for self employment within the state based on analysis revealed by the SBA Office of Advocacy. Could have been impacted by the coronavirus pandemic.
Posts tagged as “Business Loans”
Abuja – Just like the deposit money banks, operators of Small and Medium scale Enterprises (SMEs) may still be having difficulty accessing funds from the Micro Finance Banks (MFBs), the Daily Trust reports.
The key challenges, according to some of the SME owners, are the unchanged demands for collateral and evidence of business registration and other supporting documents, guarantors and high interest rates prevalent among the MFBs.
A record obtained from the Central Bank of Nigeria (CBN) on the list of MFBs showed that there are 980 registered MFBs in Nigeria. Out of these, none has national presence, 103 are present across some states while 869 have presence only as a unit in certain places.
Business operators said although some of the MFBs in Abuja, including Aso Savings, Fortis MFB, and Hasal MFB, are willing to give medium term loans of N100,000 to N2 million, the Conditions Precedent (CP) they set are often difficult to meet.