Chamber decries banks’ reluctance to grant SMEs loans

The Port Harcourt Chambers of Commerce, Industries, Mines and Agriculture (PHCCIMA) has blamed the dwindling fortunes of the Small and Medium Scale Enterprises (SMEs) on banks’ reluctance to grant loans.

President of the chambers, Emeka Unachukwu, said the challenge is the major problem facing the Organised Private Sector (OPS).

He spoke at the inaugural quarterly business roundtable by the OPS and the Rivers State Government in Port Harcourt. The theme of the event was, “Charting a new pathway: Strengthening partnerships between public-private sector.”

Mr. Unachukwu lamented that despite the impressive performances of banks, they demonstrate insignificant consideration for lending to the SMEs, adding that they deserve greater attention as the nucleus of a developing economy.