The Kogi Enterprise Development Agency in partnership with Jaiz Bank, Lokoja, is preparing to roll out financial support to business owners across Kogi State, reaffirming its commitment to empowering entrepreneurs through expanded access to finance and stronger collaborations with financial institutions.
According to the Agency, the initiative aims to boost entrepreneurship and stimulate economic growth by providing accessible loan options to both registered and unregistered enterprises, aligning with the broader economic development agenda of the Kogi State Government.
The loan scheme comes with an attractive interest rate of 15 to 17 percent per annum, which is notably lower than rates offered by commercial banks. This makes it a major opportunity for business owners seeking affordable capital to expand and sustain their businesses.
KEDA explained that it recognizes the many challenges faced by small and medium-scale businesses, especially in accessing funds required to grow, and has adopted a proactive approach to reduce these barriers by fostering financing opportunities and building strategic partnerships.
As part of this effort, KEDA said it recently concluded a successful engagement with Jaiz Bank, resulting in a financing window designed specifically for entrepreneurs in the state. The partnership offers two loan categories. Category A provides between ₦100,000 and ₦500,000 and requires only a National Identification Number and Bank Verification Number. Category B offers between ₦1,000,000 and ₦5,000,000 and requires Corporate Affairs Commission registration, National Identification Number, and Bank Verification Number. The Agency noted that the loan facility attracts no processing fees and requires self guarantee.
KEDA urged interested business owners to visit its office at No. 26, Federal University Road, Lokoja, to meet the desk officer for guidance and processing. It added that the Agency will continue to consolidate the achievements of the State Government and strengthen support systems for entrepreneurs, with the goal of creating an enabling environment where businesses can thrive and contribute to economic development in Kogi State.
