Despite commitments by financing institutions to fully support small- and medium-sized enterprises (SMEs), most entrepreneurs are still finding it hard to access credit and loan facilities. Lou Pasawa, city director of the Department of Trade and Industry (DTI), said there are still a large number of SMEs whose loan applications were denied by the financial institutions.
He cited a recent study to assess the problems confronting the SMEs, which showed that they are hounded by financing-related concerns and the need to increase the market for their products.
Pasawa added that lenders are still concerned about the safety of lending to this sector and, while there are government agencies and government organisations that provide support to the SME’s, most lack information on what services they could access. “It is difficult to access and there are those who are unaware of the services offered,” he added.
