The Federal Government has disbursed N1.48 billion in loans to 29,000 small business owners in Imo State through the Bank of Industry (BoI). This funding is part of the N200 billion Special Intervention Fund created to support Micro, Small and Medium Enterprises (MSMEs) across Nigeria, in line with President Bola Tinubu’s prosperity agenda.
At a town hall meeting in Owerri, the Managing Director of BoI, Dr Olasupo Olusi, represented by the Divisional Head, MSME South, said the initiative was designed to reduce challenges like lack of access to finance and high business operating costs. Each qualified business owner can access up to N5 million at a 9% annual interest rate, with a three-month moratorium and repayment period of up to three years.
The bank explained that the application process is open to the public and encourages interested applicants to follow proper channels. Applicants are required to submit valid business information, including registration details and bank records. The Bank of Industry then verifies each applicant’s data to ensure transparency and effective loan disbursement.
To assist more people in accessing these low-interest business loans, the BoI is partnering with 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). These groups are expected to mobilise their members, especially registered business owners, to benefit from the scheme.
Community leaders, youth groups, women associations, and local government authorities have also been encouraged to act as advocates for the loan programme. The goal is to empower young people and business owners to build sustainable ventures and contribute to national development.
One of the beneficiaries, pig farmer Nduka Norbert, shared how a previous N50,000 grant saved his business when some of his animals were dying. He expressed gratitude, noting that the new loan will enable him to expand.
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A documentary was shown at the event to highlight the success stories of other entrepreneurs who have benefited from the government’s grants and business funding schemes.