FG disburses loans to 102 micro businesses in Bayelsa
On Friday, the National Directorate of Employment (NDE) disbursed N2.36 million in loans to 102 microbusinesses of various types in Bayelsa.
The director-general of the NDE, Abubakar Nuhu Fikpo, said at the ceremony in Yenagoa that 98 beneficiaries under the Micro Enterprise Enhancement Scheme (MEES) would earn N20,000 each.
Mr Fikpo said the remaining four businesses under the Basic Business Training Scheme would get N100,000 each.
Represented by Aham Osuchukwu, the Bayelsa coordinator, the DG said the loan had a moratorium period of three months and that the repayment had been stretched to favour the beneficiaries.
He urged them to invest the loan in their microbusinesses and, from the returns, gradually repay the loan.
Mr Fikpo said paying the loan would qualify them for larger tranches in the future.
According to him, there is evidence of beneficiaries who started with low grants but have grown and attracted loans of N500,000 from the NDE.
Ayibabebara Jonathan, a beneficiary, thanked the DG and assured that they would repay their loans as agreed and hope to be granted bigger tranches to expand their businesses.
(NAN)
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