One of Nigeria’s leading microfinance institutions, HoneyPays Mirco Credit Investment Ltd, held its annual celebration for Staff across Nigeria and celebrated empowering over 500 Small and Medium-size Enterprises (SMEs), with interest-free loans across Nigeria.
Speaking recently in Lagos, the Chairman, HoneyPays Micro Credit Investment Ltd, Mr. Jeremy Desmond, noted the organisation had been empowering SMEs by giving access to credit facilities for business elevation.
He said: “It’s a process, it starts from getting entrepreneurs to be credit worthy and that begins with getting them to do proper book keeping, we mentor them, teach them how it’s done, you make five naira today, you record it then you take out five naira, u have it recorded. So we know how much a difference does, and how you handle your expenditure, once you stick to the process of learning that, how to become credit worthy, then we come evaluate your business, see if the loan you are applying for can work.
First of all, you must have an existing business, you must be involved in your business, our involvement in your business teaches you how to book keep basically. We allow you practice it, then come back and see if you are now credit worthy and before giving you our loan; of course its without interest but you will have to provide guarantors.
“The guarantors are just strictly maybe your next door neighbor that does the same business or just anyone that does business like you, we will also go to that business and ensure that business can also book keep, because that business can end up helpful to pay back the loan.
So whether the guarantor get to help you pay back or not, you guys have learnt how to book keep from us so beyond giving you the credit, we’ve also impacted you in a way teaching you how properly to run your business, so it start from teaching how to be credit worthy, evaluate your business and you providing guarantors”.
Speaking on the event, Desmond said the event also celebrated staff for their commitment over the years towards the growth of the organisation.
we are also here because we are celebrating our end of the year event, appreciating our staff for how much work they have done this year and by extension celebrating the number of entrepreneur we’ve been able to empower in the year 2019 alone. It’s impressive so we felt the people behind this, is there some form of commendation for a work well done, is what today’s event is all about.” he said.