News Column

Edo Disburses N200 Million Loan to Business Operators

July 14, 2014

Francis Onoiribholo

Edo State government has disbursed over N200 million to small and medium scale business operators, under the state government and Bank of Industry loan scheme for micro, small and medium enterprises since 2009.

This was disclosed by the state Commissioner for Commerce and Industry, MacDonald Obasuke, while issuing out cheques for over N45 million to beneficiaries of the scheme in Benin City.

The Commerce commissioner explained that the loan scheme which was jointly financed by the state government and the Bank of Industry 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 commercial and other banks.

According to him, "the scheme is for responsible and serious minded business owners across the state, whether they are indigenes or not.

"We have over 200 people who have benefited and the good news is that, while few other states, which operate the same scheme ask beneficiaries to pay varied interest, Edo State Governor, Adams Oshiomhole, has made the state's portion of the scheme interest-free", he said.

The Commissioner further said, "We are already having the impact in Edo State because a lot of businesses are cropping up each day in the state; the economy is growing; employments are being generated and that is the primary concern of this administration so that our people can be self-reliant because government is providing the enabling environment for businesses".

He therefore appealed to the beneficiaries to ensure that they adhere strictly to the instructions by paying back the loans as at and when due so that more people could benefit from the scheme.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: AllAfrica

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters