How to attract bank funding to your business

Ask any entrepreneur what is the biggest challenge in running his business and he will be quick to tell you that it is finance. This is because in recent times, finance has been identified as one of the most important factors that determine the growth and survival of any business.

This is because the maturities of bank loans that are extended to MSMEs are often limited to a period far too short to pay off any sizeable investment. Based on official statistics from the Bank of Industry, the funding gap for MSMEs is estimated at about N700bn. Besides funding, the growth of this sector according to experts has been hampered by low access to local markets, poor access to credit; poor information flow; discriminatory legislation and poor access to land.

For instance, most microfinance banks have various units and products that could assist in boosting the activities of MSMEs.

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