N1bn MSMEs loans to be available soon — Delta govt

Delta State Government has said the N1bn loan approved by the State Executive Council in February this year will be available to interested persons as soon as the state government completes documentation with the Bank of Industry.

According to the Executive Assistant to the Governor on Public Enlightenment, Projects and Policies, Mr Olisa Ifeajik, the state is currently putting the finishing touches to the Memorandum of Understanding with the bank so that in the first two weeks of April, the government will formally launch the disbursement of the loan scheme.

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Ifeajika who disclosed this while speaking on a Voice of Delta radio programme in Asaba at the weekend said Governor Sheriff Oborevwori’s administration selected Bank of Industry as a partner in the scheme because of its track record as a reputable financial manager with lots of testimonies from Nigerians on how the bank has assisted them in improving their businesses.

He stated that the state government knew the role of Micro, Small and Medium Scale Enterprises (MSMEs) in the economy of any nation hence it decided to provide soft loans for these businesses which were the major drivers of the economy and the loan would be given to Deltans at a single digit interest rate.

He said the N1bn revolving loan will revive small-scale businesses in addition to boosting the state’s Gross Domestic Product (GDP).

“The current interest rates by commercial banks had made it difficult for small businesses to thrive, this soft loan is a single-digit interest rate and would not be above 9 per cent.

“Governor Oborevwori is doing it to grow the people and grow the economy by introducing a more efficient and flexible system for the administration of the loan by the Bank of Industry,” he said.

He further said that the continuous supervision of projects by the governor was a deliberate effort to enable Deltans get value for money in project execution.

He commended Governor Oborevwwori for his giant strides in all sectors and gave assurance that with support from residents of the state, the MORE agenda will reach more communities.

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