 Bank of Industry Loans. Are they worth it? Time to make some hashtag good trouble. Back in April of this year, I shared a rant regarding my experience of applying for the Bank of Industry's Creatives Loan. This got the attention of CBN and BOI. But, lo and behold, one year later we are still no further along on this matter, and so I would like to talk about it. The fact that these loans even exist is a fantastic step in the right direction. SMEs are what keep this country afloat, and the federal government should be doing more to support. Statistically, it has been shown that women are a low risk for loans as we pay them back. The creative industry, thanks to Lollywood, has established itself as viable by its own blood, sweat and tears, and so it was about time it got some long overdue support. Then COVID lockdown showed the urgent need to depend less on importation and invest in self-sustainability in agriculture. Over the past few years, CBN and BOI have strategically put a focus on SMEs in regards to access to low-interest loans and funding, particularly in areas such as women-owned business, creative industries and agriculture. Now this all sounds great on paper, right? Finally, entrepreneurs and small business can get access to much needed support and funds. But, have you ever ordered something from the internet then when it came, it arrives and looks nothing like what you ordered? Or when you give a picture of an outfit to a tailor and what they sewed on this route? Well, it's the same situation here. What they say about the loan sounds great, but reality is a whole different ball game. Personally, in our process, we have met some very sweet people in BOI and I agree there should be requirements and parameters that must be met. However, there are many hidden and unnecessary hurdles throughout the process, such as the system is antiquated. To apply for loans, you often have to use BOIs accredited intermediaries who are still working as per the 20th century and struggling with technology. Therefore, you are paying someone else to be able to apply for the loan, but you end up doing the work anyway. The issue of collateral. Most times, ability to access a loan depends on your ability to put up collateral because the bank is unable or unwilling to back loans. Look, I'm clearly not a banker or a finance person, but doesn't that defeat the purpose of being a bank? The process is also often robotic. A check of marks rather than thinking and reasoning when looking at individual applications and circumstance. This highlights a lack of reasoning and critical thinking in the process. Time factor. It takes literally forever to go through this process. How many businesses can survive the one year I've been going through this? Think of all the amazing entrepreneurs, products, ventures that were lost, the dreams and hopes of hard working young people that were dashed as a result. Now, don't get me wrong, there are people and companies that have been able to access these loans, but they are few and far between. And with the law of probability, there is always an exception to every rule. So what hope is there for small business, for entrepreneurs in accessing loans here in Nigeria? Is it even worth trying, or are we just wasting our time? Is there hope, or like everything else in this country, do we go the road alone? I think you literally took, you put the light on one major issue that all the general conversations I'm talking about. So exactly, let me pick it. You both have been going around, I was talking about conversations. Let me give you one specific problem. And it's hard rendering, it's just hard to read this, to hear this. And I can imagine the millions of people who want to do business and are facing hurdles and obstacles like this. I personally thought that I used to run from business and entrepreneurship. I just used to think to myself that those people was having a hard time. They had a steel stone, they must be really hard-hearted. And I do hope that, I mean, one year after your rent and this coming up again, maybe this time around, something will come out of this. But then, looking at it again, technology, anti-crater systems, and I've just decided. I was just like, why in this day and age, in the 21st century, where the way fintech is growing and we're having to deal with the hurdles being things like technology and the hurdles having intermediaries and middlemen. And with the fact that I see a lot of advertising, all things that BOI puts out there. Packaging. I was like, really? This is sad. But then maybe we will be able to change this by having this crucial conversation. Well, the laws are made for men and not meant for the law. I love that. Whatever policy is being made, laws or policy, in this case, policy, BOI, CBN, it should be done to help lift up Nigerians out of the shackles of poverty or under development. So whatever it is, the government and stakeholders should fasten the processes to enhance entrepreneurial development. Let me give you an example because it is so people through this process, the amount of messages I received, DMs from young people in their 20s who have a vision and there's one lady in particular who contacted me and I wept for her. She started a chicken farm, right? She put in $30 million of her own money. It's walking, but she needs to build. She's applied for $10 million BOI loan and it's a problem. She's like me where she's like 8 months, 10 months later and still nothing. She's shown that it's a viable business, but she needs to build capacity. Why is it taking so long? Why is nobody getting back to her? In the meantime, she's just trying to make it work. And this is a business that will help local community. And she's shown that she's invested her own money. It's not about just collecting BOI's money and winning. The capacity is there. She just needs assistance and help. This country, you put your own money into business. Meanwhile, that's not the way it's meant to work. Yes, you put a little bit, but you don't 100% fund a new business. You get support from government, you get support from funds. But unfortunately here, you put your savings into your business. So yes, government has put them there. They will go through the process. Some haven't taken their time. In normal government institutions, of course, I haven't been to BOI. I'm not speaking to BOI, I'm speaking to government, the structures that we are used to. There's a structure where someone travels and every document on the desk remains on the desk till BOI comes back. And the truth is, while all that is going on there, I'm very sure there are people in the BOI who are not happy with the system, who will do anything. But they cannot speak too much because once you do that, then you're seeing to have interest in the loan that that client is coming from. Okay, so I can speak to that directly. Collateral. Okay, so we put up the first collateral and a weird reason was given. I won't go into that, but we have a sound on the case who has responded to them. In the meantime, while this was going, I put a second collateral. I put a second collateral in the meantime. Sent the pictures, sent the things. It's an incomplete structure on a land. Sent it in. Took almost one month for them to respond and say, sorry, they don't take incomplete buildings or land. What's up, my dear? Shouldn't you know that going in? Shouldn't that be on the frequently asked questions or things that you should know even before, when you're up in the stage of first even filling form and applying. These are the requirements for collateral. Instead, you wasted a month of my life. But the reasoning was given, maybe for a couple of weeks, one of the team was sick. So you see, so you see back to what I'm saying. Why would you even put that in the email to me? Back to what I'm saying. So that's true. He's just a beautiful one. Exactly. I think that Joyce would have a look on her face. She's here already. Go on, Joyce. I'll take it back from any tons. Advocacy about, will you also fail? Don't fail yourself. So, dear team member at Bank of Industry or any other Nigerian institution where you are, that the system is failing around you, will you also fail? Think about life after life for those of us who do believe in it. You will be asked what you did with your time on earth and you will give account for it. So your colleague has gone on a break because she's ill, he's ill and you could take up the job and deliver, but you say it's not my job. God will ask you what you did. If you won't do it for the client, do it for your destiny, for goodness sake, do it for your own destiny. Add to empathy. Add to... Yes, we will enjoy it. We all say that right now. We all know that right now. Your case is that you're processing the loan, you haven't got it yet. Now, on another credible station like Plus TV, someone was interviewing, and we're talking about this issue of loan, and the person said he knows somebody. I think the person is a thought leader like Joyce and said he knows somebody who he mentored through the process, did all the documentation and everything. The person actually got the loan approved, but months down the line, the loan has not been dispensed. Oh, man! Somebody else has gone for the loan using that guy's document. Now, and that's where Joyce, it really ties into what Joyce is saying, because at the end of the day, the other guy at the top knows that somebody has applied, but it is not going to that person. Now you're entering kickback territory. So, I mean, there are so many complications that we throw it back at the top, but the people in the system, our brothers and sisters, they need to end this, unfortunately. Let's try to be stronger institutions, stronger than individuals. Somebody in Bank of Windows 3 will be like that. Why can't the Bank of Windows 3 do their job? Well, with that, there's a lot of... There's a lot of pause for thought. And I'm sorry to end in such a depressing way, but join us again next week on another edition of The Advocate. The advocacy continues on our social media platforms on Facebook plus TV Africa. Hashtag The Advocate NG to catch up with previous broadcasts, go to plustvafrica.com forward slash The Advocate NG. Don't forget to subscribe to our YouTube channel Plus TV Africa. Join us next week. Same time on this station. Let's keep advocating for a better society. Let's do it. Let's do it. Come on, everybody. Let's do it.