Relief may soon come the way of Small and Medium Enterprises (SMEs) in the country, as the Federal Government has concluded plans to address the funding challenges experienced in the sector by unveiling a single digit interest rate regime for on-lending to such businesses.
According to the Federal Ministry of Industry, Trade and Investment (FMITI), efforts are underway to bring down the cost of borrowing available to small businesses as well as making such funds available.
The Minister, Industry, Trade and Investment, Dr. Okechukwu Enelemah, said the federal government through its government development finance institution would lend within the capacity of government to SMEs at single digit interest rate.
Enelamah during a one-day interactive forum with captains of industries in Lagos, yesterday, noted that the federal government is reviewing challenges limiting the growth of the real sector.
He said: “We are going to lend within the capacity of government and the government development finance institution at single digit interest rate.