Make the lending process less cumbersome for small business owners, Foundation urges financial institutions
The Executive Director of the May and Frank Akpo Foundation (MFAF), Dr. Eric Akpo, has urged Nigerian financial institutions to simplify the process for small business owners to obtain loans.
He said this Wednesday in Calabar as the foundation helped small business owners with microcredit loans.
Akpo said the foundation’s determination to support small businesses was born out of the current economic situation and the fact that several businesses were struggling to survive after the COVID-19 pandemic.
He said the loan would have an impact on the beneficiaries as it would enable them to grow their businesses and be long-term employers of labour.
“We made the decision to support people with loans, to develop their businesses and it’s interest free.
“We understand the current economic situation in the country and the impact of the COVID-19 pandemic which has left many businesses struggling.
“They were carefully selected after reviewing their applications and visiting their various businesses to learn about their needs.
“In giving the support, we advised them to cultivate the habit of saving so that they can benefit from the second phase that we are planning,” he said.
Akpo also said plans were underway by the foundation to open a school that would accommodate the less privileged in society.
A beneficiary of the loan, Mr. Charles Michael, while praising the foundation, said that it would enable him to store enough goods and increase his profits. (NOPE)