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)