BOI, LCCI partner to get single-digit loans to small businesses

The Bank of Industry (BOI) and the Lagos Chamber of Commerce and Industry (LCCI) on Tuesday, entered into a partnership to  take funds to small businesses in need of them.

The partnership, which was flagged off at the LCCI Commerce and Exhibition Centre, Ikeja, was aimed at fast and effective delivery of micro-credit to small and medium scale businesses.

Waheed  Olagunju, the acting managing director of the bank said the strategy of the bank was to ensure that MSMEs drive Nigeria’s much-needed economic growth.

Olahunju, who was represented by Yinka Adegboye, group head, strategy and corporate transformation of the bank, assured  the MSMEs present that they could tap into the N140 billion Government Enterprise and Empowerment Programme (GEEP).

Presentations were made by BOI on various packages available for businesses in Lagos and Ogun state.

He said that the bank was increasing its nationwide footprints to reach more businesses through its 22 offices located in different parts of the country.

The bank said its strategic partnership of matching funds with various state governments, agencies and high net worth individuals is designed to support SMEs at five percent interest rate.

Olagunju said that BoI had N11 billion fund in its matching fund partnership with 22 state governments.

He said that the bank was managing over 10 special funds valued at N1 trillion for Federal Government institutions and high net worth individuals under various schemes.