Business
Funding SMEs’ll Bridge Class Gap -Experts
An expert in the co-operative sector, Dr. Larry Goodwill Ajiola, has stated the need for government and philanthropic organisation to fund Small and Medium Enterprises (SMEs) in the country.
Dr. Ajiola, who is the Chairman/President of IBBS Matrixx Co-operative Investment and Credit Society Ltd, said the funding of SMEs would bridge the socio-economic gap between the rich and the poor.
According to him, the funding of SMEs will go a long way in closing the huge gap that exists between the rich and the poor in the Nigerian society, especially as COVID-19 counts down.
Ajiola, who is also the Eminent Peace Ambassador to the United States told The Tide in an interview in his office, in Port Harcourt, that the “Matrixx makes moves to secure loans to help those in business”.
He advised SME owners to always take opportunities that are available from different sectors in the society, especially the Central Bank of Nigeria (CBN) recovery loan.
He explained that grants take time to mature due to the documentation associated with the non refundable fund, adding that the moves by Matrixx to secure grants and loans for SMEs would soon pay off.
He noted that the Covid-19 pandemic slowed down the economy, stating that “many companies operated online during the lockdown and have continued that way to cut down cost even after the lockdown”.
In his contribution, the Financial Secretary of the Co-operative, Mr Aghominukanse Olumide, said that some SMEs fail to secure loans due to ignorance on how the system works.
Olumide stressed: “SMEs should ensure that money for business transactions move in and out of their business bank accounts. This is called cash flow.
“Pay every money into your account, no matter the number of days it stays before removal. Even in securing VISA, you need cash flow”.
The Secretary of the Co-operative, Mr. Ifeanyi Nwaefuna, called on entrepreneurs to have a rethink and exploit opportunities where other people complain.
“Until you think, you cannot grow. Opportunities showcase themselves where people complain”, he said, stating that many entrepreneurs became millionaires during the lockdown.