An Economist, Mr Godwin Anono, says many small businesses fail because budding entrepreneurs fail to plan their business proposals in a manner that will lure investors to partner with them.
He said that the advice became necessary because of the difficulty encountered by entrepreneurs while accessing credit from banks.
“The cheaper way of accessing credit in modern businesses is to design a well robust business plan that will enable investors to inject funds regardless of the sector.
“This is one of the easiest options to fund up-and-coming businesses without much huddles,” he said.
He said that gone were the days when entrepreneurs secured their proposals for selfish reasons against other investors.
Onono urged the Federal Government to expedite its plan to establish an entrepreneurs bank to fund budding businesses.
“It is becoming clear that it is only the government that can fund the SMEs effortlessly through the establishment of such a bank.
“This is because budding entrepreneurs will access credit from the bank with unnecessary bottle necks,” he said.
NNN reports the Federal Government had hinted of plan to establish a low-interest rate entrepreneurs bank to support beneficiaries of its N-Power and other welfare programmes.
Vice President Yemi Osinbajo said in January at Nsit Atai Local Government area of Akwa Ibom that the aim was to enable many entrepreneurs access cheap loans to boost their businesses.