The Bank of Industry (BOI) has expressed its readiness to provide loan facilities to the tune of N1 billion to empower entrepreneurs in Ekiti State.
The bank’s manager in Ondo and Ekiti States, Mr Seyi Ashaolu, made this known in Ado Ekiti, the state capital during a visit to the State Commissioner for Trade and Industry, Muyiwa Olumilua at the weekend.
Ashaolu stated the readiness of the bank to collaborate with the ministry and actualize the vision of the state government, to raise young entrepreneurs by providing development loans for them.
He added that BOI is ready to give loans worth one billion to individuals with excellent enterprise, adding that the bank is interested in the areas of health, hospitality and food production.
The bank’s chief, however, urged the commissioner to come up with modalities for recovering previous unpaid loans that were accessed by some entrepreneurs in the state.
In his response, the Commissioner for Trade and Industry, Olumilua, commended BOI for reviving its partnership with the state government through the ministry, saying that government would provide the necessary logistics to enable entrepreneurs access the loans.
Olumilua who frowned at the inability of previous beneficiaries of the loans in repaying stated that subsequent loans would be disbursed through cooperative societies so that it would be easier for the government to recover the funds.
In another related development, the Director of Enterprise Grooming Institute (EGI), Mr Ade Ajisefini, expressed the readiness of the institute to work with the ministry in collating the database of all cooperative societies and businesses in the state.
He said EGI would provide support in the areas of sensitization, training of the youth, and revalidation of the cooperative societies.
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