Bayelsa State operators of Micro Small and Medium Enterprises are transacting and expanding their businesses with unfettered access to loans at single digit repayment interest rate in the state.
Making the disclosure, the Director-General of the State Micro Small and Medium Enterprise Agency, Mr. Ebiekure Jasper Eradiri said the single digit repayment was the best thing to happen to entrepreneurs in the state.
He noted that the process is transparent, such that the Izon Ibe Microfinance Bank disburses the loan on application by operators of micro small and medium enterprises, even as he noted that with branch in the eight constitutionally recognize councils none would be left in the lofty gesture put in place by government to grow businesses in the state.
Eradiri, who noted that previous loans collected were diverted to acquire wives and properties, noted that the misconception has been changed; as borrowers no longer see the money as grant but instrument that should be repaid.
He alluded that if there be default in paying back, the cooperatives members would be blacklisted and it would make it difficult for the Central Bank to deliver the next tranche of loans to the state.
To this end, he however commended business operators in the state for growing their business with the loans, and for repaying as at when due; to enable the state continue to access the CBN windows of offer to businessmen and women in the state.