News Column

Edo Government Disburses N200 Million Loan to Business Operators

July 11, 2014

Adibe Emenyonu

Edo State Government has disbursed over N200 million to small and medium-scale business operators under the Bank of Industry loan Scheme since 2009.

This was disclosed yesterday by the state Commissioner for Commerce and Industry, Mr. Macdonald Obasuke, while issuing out over N45 million cheque to beneficiaries.

Distributing the cheque, Obasuke explained that the scheme which was jointly financed by the Edo State Government (N250 million) and the Bank of Industry (N250 million) was part of the efforts of the state government to assist small and medium scale entrepreneurs in the state due to the high interest rates in the banks.

According to him, "the scheme is for serious and responsible minded business owners across the state whether you are an indigent or not. And we have over 200 people who have benefited and the good news is that while few other states who operates the same scheme ask beneficiaries to pay interest, the state governor, Adams Oshiomhole said our own will be interest free.

"We are already having the impact in our state because a lot of businesses are cropping up each day. The economy is growing, employment is being generated every day and that is the primary concern of this administration so that our people can be self-reliant. That is why government is providing the conducive environment for businesses.

"I want to appeal to the beneficiaries to ensure that adhere strictly to the instructions by paying back the loans as at when due so that more people will benefit from the scheme" he said.

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Source: AllAfrica

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