Business

SMEs: ECCIMA wants flexibility, transparency in funds disbursement

Enugu Chamber of Commerce, Industries, Mines and Agriculture (ECCIMA) wants relevant financial institutions to be flexible in the disbursement of funds for Small and Medium scale enterprises.

The ECCIMA President, Mr Emeka Udeze disclosed this on Friday in Enugu during the 45th Annual General Meeting of the chamber.

Udeze said that the Federal Government had taken the right step by recapitalising the capital base of the concerned financial institutions, thereby boosting the services.

“We also commend the efforts of the Federal Government in bringing down the interest rate of loans from Bank of Industry (BoI) to a single digit by providing N10 billion to them.

“The setting aside of N15 billion for the recapitalisation of the Bank for Agriculture and BoI will always give confidence to SMEs in doing business with these banks.

“However, we wish to note that the Federal Government should increase the funds being allocated to the two banks as this will grow the nation’s SMEs which is the livewire of every economy,” he said.

The president said that the administration of SME and industrial development funds needed not defeat the purpose it was meant for by undue stringent hurdles.

Udeze said that the chamber was excited by the Federal Government’s resolve in fixing infrastructure across the country by shroud budget implementation.

He said that ECCIMA was optimistic that going forward the economy would be stimulated by the implementation of the 2019 budget.

He said that though the economy is expected to be stimulated by the financing of contracts across the country.

The president appealed to the Federal Government to take the issue of diversification of the economy with a view to building a strong and virile economy.

Udeze commended Enugu State government for sustaining and improving the peace, stability and orderliness in the state.

“This has resulted in the current report of World Bank ease of doing business which placed the state in second position,” Udeze said.

In his remarks, the Director General of ECCIMA, Mr Emeka Okereke said that the AGM was a period of stocktaking and mapping out new ways of taking the chamber to greater heights.

Okereke pledged the willingness to contribute its quota towards the economic development of the state and the nation at large.

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