ASBA Boss Gives Guidelines On How To Access Loans

CHIAMAKA EDOKWE 

The Managing Director/Chief Executive Officer (MD/CEO), Anambra State Small Business Agency (ASBA), Mr. Clement Chukwuka, has given a step by step guidelines on how to access loans from the Agency.

Speaking to newsmen in his office at Awka, the ASBA boss disclosed that over N2billion fund is available for on-lending to suitable beneficiaries.

He commended the governor of the state, Prof. Chukwuma Soludo, on his unwavering commitment in building the economic affairs of the state.

The MD/ CEO pointed out that easy access to loan starts with proper documentation of interests.

“You must come from a duly registered cooperative association, have an effective business plan that would demonstrate your passion for the service and most importantly, have honesty of purpose.”

He also made it clear that ASBA always disapproves information that are 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’.”

Speaking further, he said 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 plan while ensuring 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 said that the mission of the agency is to grow businesses from micro, small and medium to large enterprise while ensuring that by interfacing with developing financial institutions, the agency is able to generate funds for on-lending.

The agency has recorded a 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 ground to achieve about N1.5billion before the end of 2024.

The MD also said that by June 2024, the Anambra State Digital Shoe Factory with the governor as the Chief Marketing Officer will conduct a ground breaking of the well equipped shoe factory that can manufacture same quality of shoes made in Italy and other developed countries.

He explained that that was one of the major impacts of Governor Soludo’s administration in the area of industrialization.