The Chairman of Innoson Vehicles, Chief Dr. Innocent Chukwuma OFR, has stated that the Bank of Industry is more reliable to support young entrepreneurs than the commercial banks. Chief Chukwuma stated this during an interactive session he had with young entrepreneurs via a zoom session organized by AnaedoTV.
During the interactive session, Chief Chukwuma was asked how difficult it has been for young people to get financing for their ideas and whether Is there something they can do differently to get financial backing from banks and investors? In his response, he advised young entrepreneurs to avoid commercial banks when seeking loan facilities for their business but should focus on the Bank of Industry because they are the hope of entrepreneurs in Nigeria. “Bank of Industry is more interested in growing your business from ground level up to the top unlike some commercial banks who are thinking of how to profit from you.
Leverage On The Loan Facility Of Bank Of Industry, Innoson Advises Entrepreneurs
Stating how Bank of Industry has helped him to become big, Chief Chukwuma said “When I first went to Bank of Industry I didn’t know anybody there. I am just there with my proposal. After looking at the proposal, they saw I was qualified and gave me loan. I used the money in buying my first manufacturing equipment and repaid back the money when it was due. After I went back to them and applied for a higher sum, they gave me another one and I repaid when due. I went back and took another loan from them. They supported my factory till it became the largest plastic manufacturing plant in West Africa and even put my name and picture in the Bank of Industry hall of fame.
“Therefore my advice is that the Bank of Industry is more ready to help young entrepreneurs than most commercial banks, even better than taking foreign loans. Foreign loans will crash your business fast because of the instability in the forex market. How can you explain that you borrowed money in USD at N160 only to be repaying at N500? How can you survive it as in how? Your business will just crash.
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Chief Chukwuma further advised the young entrepreneurs not to rush into investment but to focus their energy on growing their business from the ground till it becomes profitable, then they can now look out for the best investment opportunities to invest their money.
Zoom Chat with Innoson was organized by Anaedoonline, an online based media outfit based in Southeast.
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