The Anambra State Small Business Agency (ASBA), on Wednesday, issued step-by-step guidelines on how to access loans from the Agency.
The ASBA Managing Director/Chief Executive Officer (MD/CEO), Mr. Clement Chukwuka gave the guidelines in a chat with newsmen in his office in Awka.
According to the ASBA boss, over N2billion funds have been made available for on-lending to suitable beneficiaries.
Chukwuka expressed appreciation to the Governor of the state, Prof. Chukwuma Soludo for his unwavering commitment towards building the economy of the state, through strategic support to small businesses.
He pointed out that easy access to loans starts with proper documentation of interests.
“You must come from a duly registered cooperative association, and also have an effective business plan that would demonstrate your passion for the service and most importantly, have honesty of purpose,” Chukwuka said.
He also made it clear that ASBA has zero tolerance for information that is deceitful as honesty must be key to forwarding the documentation.
“In ASBA, asides from providing funds for micro businesses, we equally provide professional advice and mentoring to ensure that your business goes on successfully. Funds are also regulated and structured accordingly.
“For micro cooperatives, the maximum of N5million is to be accessed by a group of 10 persons, while for small and medium cooperatives, there is a maximum of N50million provision hence our mantra; “No matter how big your dream is, we can start small,” he said.
Speaking further, the ASBA boss revealed that “for small and medium scale businesses to access N25m, N35m to N50m to enhance their business operations, it is expedient that a year account statement from a recognized bank is attached for an in-depth credit review assessment.”
The MD assured small business owners of cheaper interest rates and payment plans while assuring that the process is easier once the documentations are properly done and that a maximum of seven days is enough time to receive offer letters.
The ASBA boss explained that the mission of the agency is to grow businesses from micro, small, and medium to large enterprises while ensuring that by interfacing with development financing
“The agency has recorded tremendous success within eight months after the inauguration of ASBA Board of Directors, from August 2023 till date, by providing soft loans of over N789million, while plans are strongly on the ground to achieve about N1.5billion before the end of 2024,” he said.
Chukwuka also said that by June 2024, the Anambra State Digital Shoe Factory, which Governor Soludo is the Chief Marketing Officer, will conduct a groundbreaking of the well-equipped shoe factory that can manufacture the same quality of shoes made in Italy and other developed countries.
According to him, that was one of the major impacts of Governor Soludo’s administration in the area of industrialization.
