N1.48 billion loans disbursed to 29,000 business owners in Imo: BoI

The Federal Government said it disbursed N1.48 billion in loans to 29,000 small business owners in Imo State.
The Managing Director of the Bank of Industry, Dr Olasupo Olusi said this at a town hall meeting on the Federal Government’s loan scheme for Micro, Small and Medium Enterprises (MSMEs) in Owerri, on Friday.
Mr Olusi, represented by the bank’s Divisional Head, MSME South, said that the loan scheme was intended to address challenges facing businesses in the state, such as access to finance and cost of doing business.
He said that business owners could access up to N5 million each at an interest rate of nine per cent per annum with a three-month moratorium and a tenure of up to three years.
He added that the disbursed funds were part of the Federal Government’s N200 billion Special Intervention Fund in line with President Bola Tinubu’s prosperity agenda.
He, therefore, urged business owners to take advantage of the opportunity to grow their businesses.
He also urged stakeholders such as the National Association of Small and Medium Enterprises (NASME) and the Nigerian Association of Chambers of Commerce, Industry Mines and Agriculture (NACCIMA) to mobilise their members to be able to access the loan.
He stated, “Application is open to the public and the Bank of Industry facilitates the verification of applicants’ data to facilitate disbursement. We, therefore, call on all stakeholders – MSME owners, community leaders, youth groups, women associations, and Local Government authorities to be active advocates of the scheme. It is our shared prosperity, and we need to empower our young people to be architects of their own future.’’
Speaking, the Secretary of NASME in Imo State, Ugochukwu Ohaegbu, called on owners of registered businesses to identify with the association for optimal benefits.
One of the beneficiaries and pig farmer, Nduka Norbert, thanked the bank for a grant of N50,000 which he had earlier received, adding that it provided a major boost to his business at a time when some of his animals were dying.
Highlight of the meeting was the visual display of a documentary about the success stories of beneficiaries of the FG’s grants and loans.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette

Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices

Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”

World
Iran War: Three U.S. servicemen killed
Another American service member has been reported killed by fragments of a downed Iranian drone in northern Iraq, raising the number of U.S. troops killed last week to three.

Anti-Corruption
NBA president-elect submits self to post-election audit amid fraud, rigging allegations
Oyinkansola Badejo-Okusanya, the president-elect of the Nigerian Bar Association, says she is ready to subject herself to a post-election audit following her victory.

Anti-Corruption
Bank CFO jailed 36 months in U.S. prison for fraud scheme
Mr Luneke defrauded Bank of the Valley, obtaining two loans totalling approximately $4,320,000.

Sport
Mbappe wins historic second World Cup Golden Boot as Spain sweep major individual awards
Mbappe is the first player to win the World Cup Golden Boot twice, having struck eight times to finish top scorer in the 2022 World Cup in Qatar.

World
Food delivery rider wins China’s Lu Xun Literature Prize in poetry
A 56-year-old Chinese food courier, Wang Jibing, has been named the winner of China’s Lu Xun Literature Prize in poetry.

Showbiz
Portable challenges Terry G to boxing match
Nigerian singer Habeeb Okikiola, aka Portable, has challenged veteran artiste Terry G to a boxing match, saying the bout would revive Terry G’s career.





