Traditionally, loans are popular forms of financing business ventures likewise vital channels of business fund. That’s why many business owners seeking fund for their business operations or opting for expansion recourse to loan from whatever sources they deem fit. But this may not be easy as it sounds in Nigeria for various reasons. This is why WHERE To Print VOX POP Crew sought the opinion of business owners (on loan issues) that attended the just concluded Business Clinic/ Access to Finance Initiative for Printers by Lagos State Employment Trust Fund (LSETF) organized and held at Chartered Institute of Professional Printers of Nigeria (CIPPON) Secretariat in Lagos. Their answer to the above-subject matter question is in excerpt below:
- BENJAMIN DARE – BENCO COLOR MEDIA LTD
Accessing loans is practically impossible in our industry and because of the huge cost of acquiring machinery for print production, the capacity of most printing presses are limited due to the fact that banks and other financial institutions demand for unrealistic collaterals and stringent requirements. That’s why today’s training is the right step in a right direction for (the) knowledge and exposure to accessing loans from Governments like this one from the Lagos State Government.
- OWOLABI KOLAWOLE – KAYPRO PRINTS
Getting business loans in Nigeria is not easy because there are lots of things to consider in making decision on which type of loan to take. More importantly, we have to know the pros and cons of getting a business loan in Nigeria and this initiative has exposed me to one that I will consider in future.
- ABIODUN SEKONI – RASHEEK ENTERPRISES
Business loan is what helps business owners like myself expand our businesses. Although I have not accessed any business loan so far in my business but I hope to do so very soon, and because the information from this programme is quite timely, I will be talking with LSETF soon.
- ADEBIYI ADEYEMI – LAGOS GOVERNMENT PRESS
Business loans are normally gotten from avenues such as banks and corporative societies but as a Government Institution, though we have access to banks and others but the Government is our major source of funding. I do hope that Printers like us will take advantage of this initiative to source for different kinds of loans from LSEFT that fit their operations and business models without stress and unrealistic collateral as been experience from other sources.
- ADEBISI AZEEZ – PIONEER PRINTING PRESS
This is a great initiative, and good opportunity where Printers like me can get business loans. I commend CIPPON for putting up this programme for Printers.
- SHONDE BABATUNDE – OWOLABI ENGINEERING VENTURE
My business is still at the stage where I am yet to get involved in any source of business loan but with the information available to me right now, I can make informed decision for moving my business to the next level.
- FIKAYO BABATUNDE – THE SME MALL
I believe good business practices make it possible to access financing. I will advise business owners like the Printers in today’s programme to practice good accounting procedures and if they can’t do that themselves, they should contract this out to professionals who can help them put their books in order. Most importantly, if they want to access loans and move to the next level, they should separate their business account from personal account and judiciously manage their resources to aid their business growth.
- SHITTU OLUSHOLA – HARDEN PRINTS
LSETF is a very brilliant idea particularly for us – the SMEs. The sustainability of the project depends on the effective and efficient loan repayment by applicants. So, I will advise business owners like myself to pay their loans as at when due so that others can benefit and the much-needed development of our nation is realised as we engage in productive endeavours.
- AYINDELE MURITALA – AYINKS PRESS
The major problem we are facing as print professionals is the issue of quick and easy access to realistic loans. I think if we have more initiatives like this, it can help in providing loans to us and our industry will be better for it.
- ADETOLA ADESANYA – INZANDEORT CREATIONS
Sourcing for business loans in Nigeria is difficult due to the level of corruption in the system. The best way forward is for Nigerians is to be faithful in their loan repayments without default. In case of any challenge in loan repayment, communication is key as well as being truthful in all transactions.
- TAYO SAMUEL- TOPBRAND PRODUCTION
I access loan through financial institution but this LSETF alternative is an eye-opener and I will explore this in future.
- ODES OLA – JUSTPEAK PRINT VENTURES
From my own point of view, I believe getting business loan is one of the best ways of supporting businesses. And when Government does that, the multiplier effect of this on the entire economy will be great.
- EMMANUEL OKOH – PRINTMALL.NG
If what I have heard today from LSETF is possible, it means Nigeria is thinking of moving forward in helping SME businesses grow and I will enjoin my counterparts to take advantage of initiatives like this to grow their print businesses.
- COMRADE BABAJIDE SALAKO – CIPPON VP
We know that getting business loans in Nigeria can be very cumbersome and at unattractive interest rates. But with CIPPON collaboration with LSETF, Printers in Nigeria are in for the best form of accessing easy, stress-free, and cost-effective loans to expand their businesses. I say this because I’ve worked with LSETF before and their process is very professional and I can vouch for their quality services; so, Printers should take advantage of this initiative to expand their businesses.
- ADEKOYA YUSUF – PRINTPOINT PRODUCTION
With the teachings today from the LSETF representatives, I believe accessing business loans in Nigeria is becoming much easier and I would love to get a loan for my business right away.
OUR VERDICT?
While businesses have numerous avenues to access loan facilities for their business expansion plans, WHERE To Print believes that business owners should not only explore different loan options but also endeavour to acquaint themselves with all information related to their business needs and aspirations before making investment decision of which fund source is an important part of. Again, Printers should liaise with the Institute and network with their peers to learn from each other in not only accessing suitable loans but in sustainably growing their businesses.