The Federal Government (FG) has announced the disbursement of ₦1.48 billion in loans to 29,000 small business owners in Imo State. The loan is to support their budding businesses with the much-needed capital.
Dr Olasupo Olusi, the Managing Director of the Bank of Industry, shared this information during a town hall meeting held in Owerri. The focus of the meeting was the FG’s loan scheme specifically designed for Micro, Small, and Medium Enterprises (MSMEs), which are vital for economic growth.
Representing Dr Olusi at the event, the bank’s Divisional Head for MSME South explained that this loan scheme is strategically intended to tackle the persistent challenges faced by numerous businesses within the state.
These challenges include difficulties in accessing adequate financial resources and the often-burdensome cost associated with conducting business operations on a daily basis.
He said that individual business owners now have the opportunity to access substantial loans, with amounts reaching up to ₦5 million per beneficiary, offering a significant financial boost.
The loan terms include an appealing interest rate of just 9% per annum, coupled with a three-month moratorium period before repayments commence, and a flexible tenure extending up to three years, providing a supportive framework for business growth.
Expanding Financial Access and Economic Empowerment
Dr Olusi further clarified that these recently disbursed funds are an integral part of the Federal Government’s larger ₦200 billion Special Intervention Fund.
This initiative directly aligns with President Bola Tinubu’s overarching prosperity agenda, which prioritizes the growth and sustainability of small and medium-sized enterprises across the nation.
Consequently, he strongly encouraged all business owners in Imo State to seize this valuable opportunity without hesitation.
By leveraging these funds effectively, they can actively pursue the expansion and development of their respective businesses, contributing to the overall economic vibrancy of the region.
Furthermore, he called upon key stakeholders, including prominent organizations such as the National Association of Small and Medium Enterprises (NASME) and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), to play a proactive role in mobilizing their extensive membership base, ensuring that a greater number of eligible businesses can successfully access these crucial loan facilities and benefit from their favorable terms.
Speaking directly about the accessibility of the scheme, Dr Olusi affirmed, “Application is open to the public, and the Bank of Industry diligently facilitates the thorough verification of applicants’ data to streamline and expedite the disbursement process, ensuring that funds reach beneficiaries efficiently.“
“We, therefore, call on all stakeholders – MSME owners, community leaders, youth groups, women associations, and Local Government authorities to be active advocates of the scheme, promoting its benefits and encouraging widespread participation.“
He concluded with an inspiring vision of empowerment, asserting, “It is our shared prosperity, and we need to empower our young people to be architects of their own future, fostering innovation and economic independence through such supportive programs.”
Voices of Support and Tangible Benefits
Mr Ugochukwu Ohaegbu, the Secretary of NASME in Imo State, echoed the positive sentiment surrounding the loan scheme. He called on owners of formally registered businesses to actively engage with the association so that business owners can unlock optimal benefits from government initiatives designed to support the MSME sector.
Providing a real-world example of the scheme’s impact, Chief Nduka Norbert, a dedicated pig farmer and a direct beneficiary, expressed his sincere gratitude to the Bank of Industry for an earlier grant of ₦50,000.
He recounted how this initial financial support proved to be a “major boost to his business at a critical time when some of his valuable animals were unfortunately dying,” highlighting the immediate and tangible difference such financial aid can make for small-scale agricultural enterprises.
A particularly noteworthy aspect of the event was the engaging visual display of a documentary. This documentary effectively showcased compelling success stories from various individuals and businesses across Imo State who had previously benefited from the Federal Government’s grants and loan programs.
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