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“Startups can get up to N10 million loan from BoI without collateral”

Startups can get a loan of up to 10 million naira and below if they can produce two guarantors who would ensure that the money can be returned.

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Startups can secure up to 10-million-naira loan through the Bank of Industry, without collateral, said Sunkanmi Oriyomi, Regional Manager, South-South, at the Bank of Industry Ltd.

Oriyomi stated this while speaking as a member of a panel discussing “Doing business in the South-South” at the just concluded StartupSouth Conference in Uyo, Akwa Ibom State.

“There are quite several interventions designed to provide funding to the real sector, but startups can get a loan of up to 10 million naira and below if they can produce two guarantors who would ensure that the money can be returned,” he said.

He said there should be lots of incentives to encourage startups in the region, but lamented that now, there are none.

Also, read ACCESS TO CREDIT: Poor identity management remains the greatest barrier in Nigeria – Sekibo

“Sadly, those who were supposed to do this do not know better,” he said, noting that government has no business being in business, but should instead concentrate on making the business environment, friendly.

The good news, he said, is that the market is large enough and viable for any business to thrive. For instance, the West African market alone has so huge demand that it has become an incentive for smugglers.

According to him, the BoI is not giving out loans as much loan as it should because the bank is regulated and must account for every penny entrusted to it.

“There must be regulatory security to secure any loan,” he said

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