Operators of Small and Medium Enterprises (SME), have decried the absence of funding for the start up of new businesses as well as the expansion of existing businesses in Umuahia.
Expressing their views in the 2nd Business Summit organised by the Umuahia Chambers of Commerce, Industry, Mines and Agriculture (UMCCIMA), in Umuahia, the attendees said the challenges facing SME operators are enormous, ranging from security to finance.
They said most businesses in Umuahia have short down because of lack of finance, stating that the commercial banks are not helping matters as they do not give loans without interest or collateral, worst thing is that, most SME operators do not even have the needed collateral that would qualify them for the loan.
Addressing the attendees,Representatives of the Bank of Industry (BOI), after listening to their complains , said the BOI gives loan for business expansion, pointing out that the BOI was majorly set up to help build up businesses, advising them to always visit their office for information
The commissioner for SME, Mr Onyema Wachukwu while interacting with newsmen, said the Summit was organised to assist SMEs on what they need to do to access credit for their business.
According to him, the Ministry of Small and Medium Enterprise created a One Stop Shop, for the purpose of addressing issues confronting SMEs in Abia, since it is a known fact that SMEs have a short lifespan and cannot survive frustration which comes as a result of lack of fund for a long time.
Hon Wachukwu further revealed that, this made his ministry put all modalities in place to fight against any factor that could kill small businesses.
He stated that the longevity of SMEs could be increased only if the operators avoid frustration that could come as a result of lack of finance and avail themselves of information that could help them in the running of their businesses,adding that once SMEs are successful, the economy would rise.
While calling on SME operators to identify with the Ministry of SME,so that they could be assisted and aligned with the necessary information that could help them grow their businesses, revealed that the governor of the state is an SME friendly governor and has been doing much to ensure businesses thrive in the state, with his emphasis on ‘Made in Aba’ goods
However,the chairman of UMCCIMA, Chief Chidi Aruoma, while giving the vote of thanks, encouraged the SME operators to continue with what they do, as the UMCCIMA would do everything possible to support them, adding that the Abia government have put all modality in place to ensure local businesses grow.
Aruoma further thanked the attendees for coming and promised to always do his bit as the UMCCIMA Chief to see to it Abia economy is skyrocketed through SME operation.
