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Skye Bank reiterates partnership with SMEs with N50m loan

By BusinessNews Staff on May 11, 2015

To further enhance partnership with Small and Medium Enterprises (SMEs), Skye Bank plc has disbursed the sum of N50 million support loan under the Central Bank of Nigeria’s (CBN) MSME Intervention fund.

According to a statement issued by the bank, business owners can access the intervention fund if they have a good credit record, loan request is above N5 million, and they operate in any of the following specified sectors of manufacturing, education, agro value chain and renewable energy.

Speaking about the N50 million SME loan, Timothy Oguntayo, the bank’s group managing director/CEO, said the bank would continue to partner small business owners interested in creating value and contributing to the development of the country.

The CEO said beyond the loans, the bank had put structures in place to make the SME sector the true driver of development by helping the operators to overcome their problems and grow their businesses through its sector-based seminar series (Skye Business Seminar) initiative to improve the financial, marketing and managerial skills of the business owners in partnership with affinity groups like BDSPs, etc., nationwide.

He assured all SME operators of the bank’s support to grow and expand their businesses, as the bank’s SME support package takes care of all operators.

It would be recalled that the CBN N220 billion SME Support Fund was set up to provide funding to operators in the SME sector who lack capital to expand their businesses and who find it difficult to access loans from the commercial banks due to high interest rates.

Under the scheme, loan beneficiaries pay a single digit interest on loan facilities, and have a longer repayment period, unlike facilities from commercial banks that attract higher interest rates.

[Business Day]

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