The Federal Government has disbursed the sum of₦1.48 billion in loans to 29,000 small business owners in Imo State as part of its action taken to ease access to finance and boost enterprise growth.
The information was announced publicly during a town hall meeting in Owerri, where the Bank of Industry (BoI) revealed that the loans are part of the ₦200 billion Special Intervention Fund under President Bola Tinubu’s prosperity agenda.
Managing Director of BoI,Dr Olasupo Olusi represented by the bank’s Divisional Head for MSMEs in the South, said beneficiaries could access up to ₦5 million at a 9% annual interest rate, with a three-month moratorium and a repayment period of up to three years.
Olusi encouraged business owners, youth groups, community leaders and associations such as NASME and NACCIMA to help spread awareness and urge more entrepreneurs to apply.
He laid emphasis on the fact that the application process is open to the public and verification is being handled by the Bank of Industry to ensure smooth disbursement.
“This initiative is about shared prosperity and empowering our young people to take charge of their futures,” he said.
NASME Imo State secretary, Mr. Ugochukwu Ohaegbu, encouraged entrepreneurs to register with the association to enjoy wider benefits, while a beneficiary, pig farmer Chief Nduka Norbert, hailed and appreciated the program for helping sustain his business during a difficult time.
The event featured a documentary showcasing success stories from past beneficiaries of FG’s loan and grant programs.