Owerri: The Federal Government (FG) has announced the disbursement of N1.48 billion in loans to 29,000 small business owners in Imo. The Managing Director of the Bank of Industry, Dr. Olasupo Olusi, shared this during a town hall meeting focused on the FG’s loan scheme for Micro, Small, and Medium Enterprises (MSMEs) in Owerri.
According to News Agency of Nigeria, Dr. Olusi, represented by the bank’s Divisional Head, MSME South, explained that the loan scheme aims to tackle challenges that businesses in the state face, particularly in accessing finance and managing the cost of operations. Business owners can access loans up to N5 million each, with an interest rate of 9 percent per annum, a three-month moratorium, and a tenure of up to three years.
Olusi highlighted that these funds are part of the FG’s N200 billion Special Intervention Fund, aligning with President Bola Tinubu’s prosperity agenda. He encouraged business owners to seize this opportunity to expand their ventures.
Dr. Olusi also called on stakeholders, including the National Association of Small and Medium Enterprises (NASME) and the Nigerian Association of Chambers of Commerce, Industry Mines, and Agriculture (NACCIMA), to mobilize their members to access the loans. He emphasized the importance of community involvement, urging MSME owners, community leaders, youth groups, women associations, and local government authorities to promote the scheme actively.
Mr. Ugochukwu Ohaegbu, the Secretary of NASME in Imo, encouraged owners of registered businesses to engage with the association for maximum benefits. Chief Nduka Norbert, a pig farmer and one of the beneficiaries, expressed gratitude for a N50,000 grant he previously received, which significantly supported his business during challenging times.
The News Agency of Nigeria reported that the meeting featured a documentary showcasing the success stories of beneficiaries of the FG’s grants and loans.
