Small & Medium Scale Businesses Get Financial Assistance Through The Office Of The Vice President Of Nigeria

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This has been a week of positive activities for Acting President Yemi Osinbajo, not only has he been pulling heavy weight in the political space by the immediate sack of DSS DG yesterday, over the invasion of National Assembly (NASS) by the Department of State Service (DSS). He has also opened up channels to impact the economy especially the SME’s.

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The Office of the Vice President through the Special Adviser (SA) on SME’s to the Vice President, conducted an event called SME Clinic, in conjunction with Lagos State, Corporate Affairs Commission (CAC) and Bank of Industry (BOI), on Monday 6th and Tuesday 7th respectively. The SME Clinic is an empowerment program chaired by the Office of the Vice President, and has been rotational in all states of the federation. It presents an opportunity for SME’s to register their business names with CAC at #10,000 instantly, and thus avoid the attendant hurdles which discourages SME’s from registering their business with the corporation.

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The SME Clinic also provides a one-on-one opportunity for potential business people to have easy access to funds up to about #10,000 000 through BOI, also free of the normal hurdles and bureaucracy with such institutions. The loan facilities from BOI comes with no collateral, and 5% flat rate, all courtesy of the office of the VP.

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The registration of business names and individuals who needed the loan facilities was done on Monday 6th August, while the main event and exhibition held yesterday 7th. As expected the Teslim Balogun venue of the event was filled with people, who were seated according to their local governments of residence. Over a hundred exhibitors showcased their products and of course were on ground to make sales, answer questions and collect data of customers.

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The event ended late in the evening, with consumers buying an assortment of products at very cheap prices. And the potential businesses who have been assured that they would secure the loans, expressed their happiness at this very thoughtful investment push for their businesses by the Vice President.

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Do you think such efforts should be made to encourage SME’s?

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