Lucky Obukohwo, Reporting
The Bank of Industry (BOI) has announced the disbursement of loans amounting to N1 billion to 1,000 Micro, Small, and Medium Enterprises (MSMEs) in Bauchi State to help boost their businesses.
The intervention which is a federal government initiative is designed to help MSMEs enhance their operations, promote job creation, and boost the country’s overall economic growth
The Manager, Bank of Industry, Bauchi state branch, Mr Isa Nadada, who was speaking during the sensitisation of the beneficiaries in Bauchi, said that the aim of the intervention is to revive the MSMEs in all the 774 local governments across the country.
According to him, the target of the federal government is to have 75,000 MSMEs as beneficiaries in order to create job impacts.
Represented by Mr Kabiru Musa, Project Officer, BOI, Bauchi branch, Nadada explained that the mandate of the bank is not only to disburse funds but also to create job opportunities in order to relieve some burdens on the federal government
“The interest rate is soft because it’s nine percent all inclusive, either it is a term loan or a working capital.The tenure of the facility is three years and there is a six month moratorium”
“As I am talking to you now, I have successfully disbursed N1 million to four beneficiaries today who have met the requirements and we are here to enlighten some of the beneficiaries,” he said.
He said that after the applicant has successfully submitted his application online, officials from the bank would go to the place to see the business and make recommendations for final approval for the loan disbursement by the management.
Nadada maintained that the bank had earlier disbursed the sum of N50,000 to some nano business owners as a grant across the 20 Local Government Areas of the state in order to boost their businesses.
Also speaking, Mr Mohammed Shira, the state Commissioner for Cooperatives, Small and Medium Enterprises Development lauded the federal government for working toward the development of MSMEs in the state.
“Together, we can build a sustainable framework that not only addresses the immediate needs of our businesses but also lays the foundation for long-term growth.
“I want to emphasize that the Bauchi State Government through the Ministry for Cooperatives, Small and Medium Enterprises Development is here for you.
We are committed to ensuring that this programme is implemented effectively and that it reaches those who need it most” The Commissioner said
In his address, Mr Abdulrasheed Aliyu, from Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Bauchi office, said the agency provides business development services and business clinics to the beneficiaries.
He said this is necessary in order to utilize the money for the purposes it was meant for.
Thanking the bank on behalf of the beneficiaries, Ibrahim Musa, said they have been yearning for such an intervention for so long, pointing out that it would help the women who are based on petty trading.