Business

Why FG should consider low interest loans for young entrepreneurs- Expert

An entrepreneur, Mr Olanrewaju Ajayi, has called for low interest loans to young entrepreneurs, adding that it will boost businesses and create jobs.

Ajayi, who is the Managing Director, U & I Foods and Bakery, told newsmen on Tuesday in Lagos that low interest loans would attract more budding entrepreneurs into small-scale businesses.

According to him, Federal Government needs to encourage young entrepreneurs to reduce the number of jobless youths in the country.

“Federal Government should increase support to young entrepreneurs and create enabling environment that will help small and medium enterprises to grow sustainably,’’ he said.

The entrepreneur said that unstable economic policies were making it difficult for some growing businesses to survive in spite of various interventions from the government and private investors.

“Government needs to grant zero per cent interest loans to young entrepreneurs to survive in their businesses.

“The economic situation is not favourable, it requires more incentives for entrepreneur to grow in their businesses, ” Ajayi, also the founder of Lanre Butter Cream Cakes, said.

He said that government’s funding was important because some businesses had shut down due to inadequate funds to sustain them.

“Some of these entrepreneurs have closed production, some have downsized, while some have migrated.

“We find it difficult to access credit facilities from the banks. This leaves operators at the mercy of smaller financial homes that give loans at high interest rates,’’ he said.

Ajayi urged the government to implement programmes that would facilitate low interest rate loans for entrepreneurs.

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