By; MATTHEW UKACHUNWA, Lagos
Small and Medium Scale investors have been warned against taking loans if they do not have an existing business.
They were also advised to understand financial intelligence if they want to succeed in business.
Pastor Victor Chibueze, an official of MB-Wealth Alliance, a cooperative organization, gave the advice to participants at a business management seminar organized by the South-West Zone of All Progressives Congress’s Coalition for Youth Awareness (APC CYA) in Lagos on Saturday April 23, 2022.
“If you don’t have an existing business, there is no need of collecting this loan,” the MB-Wealth Alliance chief told participants. If you don’t know what to put the money into, don’t collect the money. If have not started something that will be generating income for you it is useless collecting loan.”
Chibueze stressed that being ignorant of financial intelligence is a contributory factor to why businesses collapse.
According to him, ” the reason why the poor are getting poorer and the rich are getting richer is just a simple methodology: The poor is always greedy and mean, that when you do things (business) with them, they are always selfish, but the rich understand the power of social capital “
He stressed that when the borrower is able repay loan on the appointed time he or she will be given more to continue in business.
He pointed out the purpose of the loans given to cooperative members by his organization is for business expansion.
Chibueze disclosed that to be eligible for the loan requires the applicant to have an active bank account into which money deposits flow regularly.
He said that MB-Wealth Alliance grants cluster loan to registered members.
A cluster loan happens when, for example, a group of 10 are brought together to give them a unit of loan.
The mission of Master Bill, Chibueze emphasized, is to run a cooperative enterprise with shared prosperity and to empower members to be financially independent.
He declared that the sad experience people went through due to the outbreak of Novel Coronavirus disease (COVID-19) pandemic which made them struggling to survive in their business brought about recent innovations in the cooperative outfit.
The COVID-19-induced experience necessitated the need for MB-Wealth Alliance to come up with a strategy to help its members by enabling them access loans without collateral and at minimal interest rate, Chibueze explained.
Participants in the seminar included APC CYA local government area (LGA)and local council development area (LCDA) chairmen.
Other participants include five delegates from LGAs and LCDAs as well as Board of Trustee members and directors.
Personalities who facilitated the seminar include Princess Martins Remi Tina, a former senatorial seat candidate of Legacy Party of Nigeria (LPN).
