BANK OF INDUSTRY IN WHOPPING N16 BILLION SUPPORT TO SMALL&MEDIUM ENTERPRISES (SMEs)

 EXCLUSIVE INDUSTRY WATCH BY CERUTTI OSAGIE

Any country in the world, desirous no experience nonstop  growth in her economy must not in any way underrate the role being played by the Small and Medium Enterprise(SMEs) category of business

To this end, the  Bank of Industry(BOI) have openly pledged  to continue to support the SMEs sector, which BOI described as the  engine room of growth of any economy because of the potentials of the real sector to generate mass employment

To match action with words, CERUTTI MEDIA GROUP (Corporate Business unit) can reveal today that so far till date, BOI has approved more than N16 billion loans to various cooperative groups across the Country in a renewed bid to stimulate the development and growth of small and medium business enterprise (SMEs) towards contributing to the expansion of the nations’ Gross Domestic Product (GDP)

In addition to that whopping money, the BOI MD, Ms Evelyn Oputu revealed that the bank has trained almost 10.000 small and medium entrepreneurs in entrepreneurial skills on how to establish and run bankable small business small business within the last three years    

FACTS ABOUT SMEs……

Small and medium enterprises or small and medium-sized enterprises (SMEs, small and medium-sized businesses, SMBs, and variations of these terms) are companies whose personnel numbers fall below certain limits. The abbreviation "SME" is used in the European Union and by international organizations such as the World Bank, the United Nations and the World Trade Organization (WTO). Small enterprises outnumber large companies by a wide margin and also employ many more people. SMEs are also said to be responsible for driving innovation and competition in many economic sectors.WE PRESENT FEW COUNTRY’S SAMPLES

United States

In the United States, the Small Business Administration sets small business criteria based on industry, ownership structure, revenue and number of employees (which in some circumstances may be as high as 1500, although the cap is typically 500).Both the US and the EU generally use the same threshold of fewer than 10 employees for small offices (SOHO).

India

Micro-enterprise

A micro-enterprise is one where the investment in plant and machinery (their original cost excluding land, building and items specified by the Ministry of Small Scale Industries in its notification No. S.O. 1722(E) dated October 5, 2006) does not exceed Rs.25 lakh

. Canada

Industry Canada defines a small business as one with fewer than 100 employees (if the business is a goods-producing one) or fewer than 50 employees (if the business is service-based), and a medium-sized business as one with fewer than 500 employees

Nigeria

 

The Central Bank of Nigeria defines small and medium enterprises in Nigeria according to asset base and number of staff employed. The criteria are an asset base between N5 million and N500 million, and a staff strength between 11 and 300 employees.

Israel

In Israel, a business is considered small if it has no more than 50 employees. A medium business holds between 51 to 250 workers