The Bank of Industry (BoI) has advised artisan miners in the extractive industry and Small and Medium Enterprises (SMEs) to take advantage of the bank’s single-digit loans to boost their businesses.
The Enugu State Manager of the Bank, Mr Gabriel Jonathan, gave the advice while delivering an address at the BoI Day at the ongoing 31st Enugu International Trade Fair.
Jonathan said the bank had single-digit and free collateral loans between N100,000 and N5 million for SMEs and artisan miners to access, which would help to push the much needed economy diversification.
“You only need to bring two credible guarantors to help surety the loan.
“At times, we also give single-digit loans to artisan miners to buy machineries meant for their small scale mining.
“The bank also gives a monitorial period for each of the loan; before the loan borrower will be expected to start repaying the loan at agreed installments.
“Our loan for these categories of people last for between two to five years depending on the agreement,’’ he said.
According to him, BoI has opened a great opportunity for Nigerians to access loan for business start-ups and business expansion as well.
Jonathan, however, said that the bank also gave out loans of huge amounts under reduced interest rate lower than the conventional banks.
“But for the huge loans, we need more than two sureties; there is a need to provide collateral security and fulfill other necessary requirements set for the bank for its customers at this category,’’ he said.
Earlier, the Director-General of the Enugu Chamber of Commerce, Mr Nduka Awuregu, lauded the bank for being consistent in showcasing its products and services at the fair-ground yearly.
The fair, which was organised by the Enugu Chambers of Commerce, started on March 13 and would end on March 23.
The theme of the fair is: “Advancing the Growth of SMEs through Corporate Governance for Rapid Economic Development.’’
