echelons:
Goid

Today is my Birthday... I neeed like 500 likes. I wana feel good.

Good one I hope its not a mere talk and d banks will comply.

I hope d banks will comply and its not a mere talk.

Impressive!

ThundrCork:
I hope the banks comply

They won't ,they will simply give it to politicians and businesses owned by top shots in the society as well as their cronies.

Sounds juicy , but the truth is that the loans will be given to those who HV existing business ,banks are never interested in new business !
I pray they do as they have said.

higherhyte:
Banks in Nigeria finance start ups?, iffa hia

Good design by CBN though.

. Bank of Industry has been funding many startups and the bank even gave me N1 million gratis to launch my outdoor cinema start up Screen Outdoor Open Air Cinema (SOOAC) and asked me to recommend managers the bank will finance to start branches of outdoor cinemas in every local government in Nigeria. There are still rooms for eCommerce start ups to compete with Jumia, Konga and others.

Orikinla:
. Bank of Industry has been funding many startups and the bank even gave me N1 million gratis to launch my outdoor cinema start up Screen Outdoor Open Air Cinema (SOOAC) and asked me to recommend managers the bank will finance to start branches of outdoor cinemas in every local government in Nigeria. There are still rooms for eCommerce start ups to compete with Jumia, Konga and others.

BOI only assist those with Innovative ideas, and not just any business

darlenese:
Sounds juicy , but the truth is that the loans will be given to those who HV existing business ,banks are never interested in new business !

I think they will. The Bvn will go a long way in helping the banks . Once someone collects a loan and refises to pay,the person Bvn is sent to all banks and the bank can monitor the person .it I the Bvn that they are lending to. So losing access to all banking facilities in the nation will compel ppl to repay the loans and loan repayment is all the banks are after

Mmmm

Chai! Wailers will be boiling in the belly now

Good idea so far!

Demmocrats:



Its a welcomed development coming from the new "Clueless One", It will help fund start ups and even enable already SME a breathing ground but for a Maize to grow it doesn't only need sun light, it needs water, fertile ground and modern ways of farming so to provide funds for SME and start ups with out tackling problems in the power sector, High rate of tax imposed by different local and state governments, transportation cost, etc its good as robbing Peter to pay Paul.

This country is heading to the right direction, a direction of been better but it has a potential to be great and i want to see it become great than to settle as been better, we all have to come together and say NO to corruption and work with my Sai Buhari to make this Nation great.


Sai Buhari.

Lmao!@ "the new 'clueless one' "

On the issue of 'fertile ground', you should know that most of these start-ups would end up being a platform that would not only generate employment but would cause the springing forth of many other businesses.

For e.g a start-up that provides a power solution becomes a fertile ground for most others to be firmly rooted in.

But the major issue is,this loans may not help the economy much ,I forsee a lot of ppl running into debt.what will eventually happen is that ppl will collect the money and start importing goods. Giving loans to startups with the nation having a good infrastructural system is like pouring water into a basket.nigeria is a difficult terrain to do business and which makes it capital intensive. Until the power situation is at least partially solved and good roads constructed ,startups will have many problems except the agricultural sector.

FANE4Naija:


Lmao!@ "the new 'clueless one' "

On the issue of 'fertile ground', you should know that most of these start-ups would end up being a platform that would not only generate employment but would cause the springing forth of many other businesses.

For e.g a start-up that provides a power solution becomes a fertile ground for most others to be firmly rooted in.

Yes i agree with you, Nigerians are blessed with enormous human capacity but due to factors so many are wasting. Nice analysis bro!!!

geesilver:
Make I rush go borrow before e finish
I hope no be dasuki they in charge of the money o

I swear, you be correct Nigerian.

ok

UTMOST10:
Nigeria with the issue of borrowing! Let's change for better for once. God bless Nigeria

the ability to access funds in terms of borrowing is very important for growth of the economy, this is one major difference between developed and developing country. its a nice move to encourage entrepreneurship and will drive economic growth by increasing cash flow

This grammar is too much, they should make easier to understand.

echelons:
Good initiative. The problem is that we don't have credible credit rating system in the country and the bank's will never be comfortable lending (or giving Bank Gauranty) to Start ups.
If this us strictly monitored and adequately implemented, the SME sector of the economy will be adequately stimulated.
Young Entrepreneurs should come together and put together profitable and sustainable ideas that can win them the facilities.

I wish we had Emefiele as CBN governor all these while, not this Northern King we had that turned the bank as a political party and propaganda unit.

The same emefiele who doesn't know the implication of releasing billions of dollars to Dasuki in cash? The same cbn governor trying to save his arse by stopping naira cards from functioning outta naija Abegiii park well

Lol, I hope CBN is ready to bare the losses when borrowers refuse to pay back?


Nigerians are stack loan defaulters. SMEs in this country hardly survive, most fold up 1-3 years after establishment (a fact that has been substantiated by the National Bureau of Statistics, Doing Business and the World Bank).

Until we raise genuine entrepreneurs, this stats won't change. Majority delve into entrepreneurship to come out of poverty and idleness. 90% of entrepreneurs will abandon their businesses when they see "mouth-watering" white collar offerings , and even government offerings.


How do we describe the turn out during the immigration scam recruitment? Over a million showed up, but I'm certain a large percentage of these folks had stable businesses, some are beneficiaries of SURE-P, etc.

This is the greatest reason why businesses FAIL. FUND should only be released to genuine entrepreneurs who are ready to FACE the THORNS AND CHALLENGES OF Business, FUND should only be released to people who are eager to operate, sustain and build a business, not those who are in to keep body and soul together pending when GTB or KPMG offers them a job.


We've been releasing loans since the past 16 years of democracy, but nothing has really changed.

A serious minded entrepreneur won't rely on CBN for 100% capital in the first place, it is not done anywhere in the world.

Giving loans to fund ideas (instead of struggling businesses) will further collapse the status quo.

Someone should tell them to bring back Youwin

onatisi:
But the major issue is,this loans may not help the economy much ,I forsee a lot of ppl running into debt.what will eventually happen is that ppl will collect the money and start importing goods. Giving loans to startups with the nation having a good infrastructural system is like pouring water into a basket.nigeria is a difficult terrain to do business and which makes it capital intensive. Until the power situation is at least partially solved and good roads constructed ,startups will have many problems except the agricultural sector.

You can not wait for infrastructure to be perfect before stimulating the economy... Investment in infrastructure never stops... Running a business in Nigeria is hard but there are successes.

tbaba1234:


You can not wait for infrastructure to be perfect before stimulating the economy... Investment in infrastructure never stops... Running a business in Nigeria is hard but there are successes.

I agree but In my subsequent post I highlighted the sector which should be singled out. This should be an agric loan for new or existing farmers. It will boost agriculture if properly channeled and reduce unemployment while at the same time increase food exportation

Banks still won't lend you any money if you have no credit history or if you're not connected. Let's stop deceiving ourselves.
Access to finance is not the most critical problem facing startups, having a viable, feasible, flexible, and bankable business plan is the first step.
Most Nigerian startups have no solid business plans and proposals to back them up.
So, at the end of the day, the MSME funds from the CBN will go majorly to existing businesses because they generally lower risk profiles.

Hope this is not just a speech on paper, campaign period is over oh.

Meanwhile I'm calling my account officer tomorrow. Thanks

lets seat and watch them, even till now ppl are nt getting alart. tht finance minister shld be probed

so how i apply for the loan... pls help me

geesilver:
Make I rush go borrow before e finish I hope no be dasuki they in charge of the money o

U better pray its Dasuki dats in charge...he sure knws hw to distribute money

Its true, but its easier if you go through MAN (manufacturing Association of Nigeria) to be a part of this please contact
2B8433B2

Icecomrade:
This is one the good initiative of the GEJ administration.
Whats new here .?

The condition given by CBN TO DMB which customers must meet before accessing these funds is quite stringent

This present administration should do review if they lack fresh initiative

Please tell them that this was in place even before the last dispensation. He's only borrowing ideas. Last time i checked,accessing those funds na government job and WAEC join together