The Banks of Industry (BoI) entrusted with the management and disbursement of the federal government’s N75 billion loan scheme aimed at cushioning the prevailing socio-economic challenges facing the ordinary Nigerians, has appealed to the targeted people of Akwa Ibom State to key in.
BOI branch in the state, Tolu Toluwase, dropped the hint while sensitising owners of Medium and Small Enterprises (SMEs) in the State on the need to embrace the Presidential loan and grants initiative aimed at offering financial assistance to various sectors, individuals, and organisations.
Addressing intending beneficiaries at the Ibom Leadership and Entrepreneurship Development (Ibom – LED), at the State E – Library complex, IBB Way, Uyo, the State capital, Toluwase, disclosed that the federal government had already budgeted N75 billion loan to be accessed by the prospective beneficiaries across all Nigerian States including the Federal Capital Territory (FCT).
He, therefore, urged prospective beneficiaries to apply in time as the applications shall be treated on first come first serve basis, assuring that any applicant who comes out successfully and meeting all the requirements shall be given N1 million loan to boast his/her business operations.
The BOI chief explained that the repayment plan shall span for three years and shall be made on a monthly basis with a three month grace period before commencement of refund.
He explained the project targeted at lifting over 75,000 SMEs, creating 75,000 direct Jobs and 150, 000 Indirect jobs, and told applicants that they must follow the due process in the application to be able to access the facility.
He said: “We believe that one million Naira per beneficiary if injected in a small and medium scale operation, shall make a desired impact.
“Since it’s a loan there must be some documentation and anyone who wants to access must first of all be in business.
“Must be a sole proprietorship and must be registered with Corporate Affairs Commission, (CAC), the interest rate is actually a single digit interest rate,” he said.
In his remarks, the commissioner for Trade and Investment, John James, urged the prospective beneficiaries of the programme to make judicious use of the loan to improve their businesses.
James appealed to those that will qualify to obtain the loan to invest in the business purpose the loan was obtained to enhance economic growth of the state.
“The MSMEs are the backbone of every government in the world and Nigeria is not an exception. MSMEs employ about 80 per cent of our population and contribute about 40 per cent to our Gross domestic product in Nigeria.
“Over the past five years the average contribution has been about 48 per cent because of economic activities of MSMEs, there has been tremendous degrees of innovations and entrepreneurship in our economy.
“I want to at this point thank the federal government headed by our President Bola Tinubu. i don’t want when you get this money something happens, your brother will get malaria and your wife wants to buy brocade for a child naming ceremony.
“Please, I want to plead, when you get this money apply to the business purpose which it was obtained.
“If you take a little of that money and do something else, that will be the beginning of the downfall of the original purpose.
“I don’t want that to happen to you, as you know this money is not a gift, so you apply to the business purpose it was intended,” James said.
Some of the beneficiaries including Anietie Udoh and David Bassey, lauded the initiative and appealed to the federal government to effectively monitor its implementation for fear of being politicised.
