Society tasks Karu SMEs on loans


Small scale businesses and medium enterprises operating in Karu local government area of neighbouring Nasarawa state have been urged to avail themselves of the financial incentives at their disposal by the existing cooperative societies in the area to boost their ventures.
This charge was handed down by the President, Fish-tech Multi-purpose cooperative Society (FTMCS) Limited, Mr. Jacob T. Fanen, while declaring the sale of two million shares of the outfit at N5 per unit to its members lasting from August to October, 2018.
He said: “The way the economy is at the moment, small scale businesses have no choice than to think of how to join hand and make things happen for them; the commercial banks are not helping matters; their interest rates are high for beginners to cope; but with cooperative societies, thrift savings are being encouraged and at the end of the day, the members become the beneficiaries by accessing loans at low interest rates.” The president disclosed further that the “Society intends to embark on estate financing through mortgage, purchase and sell of agro-allied commodities, organising empowerment seminars and training periodically for prospective members.” Blueprint gathered that the society is duly registered as a corporate entity with the Nasarawa state Ministry of Commerce, Industries and Cooperatives under Section 5 (1) of the Nigerian Cooperatives Societies Decree N0.
99 of 1993-NS1102 in September 2014, to among other things “encourage development of cooperative ideas, better business practices and explore areas of viable economic ventures; and to encourage thrift, savings, deposits and loan facilities among members at reasonable interest and payment.”


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