BaoBaB Microfinance empowers SMEs with N500m
BaoBaB Microfinance Limited has concluded plans to disburse N500million loan to Small and Medium Enterprises as part of efforts at empowering entrepreneurs in the country, its Chief Executive Officer, Kazeem Olanrewaju Rashid has said.
Speaking at the bank’s Customers’ Day in Lagos recently, he said the imperative of SMEs to the growth of economy around the world cannot be over emphasized.He stated that the bank has been at the centre of driving creativity, capacity and capital for SMEs business in recognition of its great contribution to national development.
According to him: “We would also continue to ensure that we provide the necessary opportunities and collaborations to empower our women and youths to become successful business leaders of tomorrow”.He noted that all countries are trying hard to develop entrepreneurs, promote SMEs and facilitating their graduation into large industries for rapid industrialisation.
He further stated that currently, the institution is supporting SME development in the country in order to facilitate employment generation and poverty alleviation. He added that the bank has successfully disbursed over 112,000 loans to the tune of N32 billion and has over 400 staff on its payroll to effectively manage its clients’ portfolios.
Introducing the bank’s loan products to customers, he said the lender has among its product offerings, mini micro loans ranging from N20,000 to N99,000; N100,000 to N500,000 and SME loans ranging from N500,000 to N40 million.He hinted that the bank recently gave a loan of N40 million to one of its customers, which it intends to increase if any customer meets the requirements.
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