COVID-19: FG Promises Reform of SME Loans for Easy Access
The federal government plans to reform the loans given to small scale businesses to ensure that they are accessible to borrowers, the Vice President, Professor Yemi Osinbajo has promised.
Osibanjo said this was to ease the impact of the coronavirus pandemic on small businesses.
The Senior Special Assistant to the President on Media & Publicity, Office of the Vice President, Laolu Akande, in a statement Sunday said the VP made the promise during the 2020 presidential policy dialogue of the Lagos Chamber of Commerce and Industry held virtually.
The statement said the federal government will work with the central bank to ensure that many businesses that have taken loans will be able to restructure those loans.
According to the statement, “This is an ongoing conversation and we intend to keep the banks reassured that allowing generous restructuring programmes will be supported by the central bank and that the central bank will not throw them under the bus.
“We are hoping to do by a mixture of stimulus measures to support local businesses; the essence being to retain jobs and to ensure that we create the best possible circumstances for the most vulnerable in the society”.
Osibanjo said this was to ease the impact of the coronavirus pandemic on small businesses.
The Senior Special Assistant to the President on Media & Publicity, Office of the Vice President, Laolu Akande, in a statement Sunday said the VP made the promise during the 2020 presidential policy dialogue of the Lagos Chamber of Commerce and Industry held virtually.
The statement said the federal government will work with the central bank to ensure that many businesses that have taken loans will be able to restructure those loans.
According to the statement, “This is an ongoing conversation and we intend to keep the banks reassured that allowing generous restructuring programmes will be supported by the central bank and that the central bank will not throw them under the bus.
“We are hoping to do by a mixture of stimulus measures to support local businesses; the essence being to retain jobs and to ensure that we create the best possible circumstances for the most vulnerable in the society”.
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