FG Disburses N1.48 Billion Loan to 29,000 Businesses in Imo State
The Federal Government has disbursed a total of N1.48 billion in loans to over 29,000 micro and small-scale business owners across Imo State as part of its economic empowerment initiatives.
Loan Scheme Announced at Owerri Town Hall Meeting
The announcement was made during a town hall meeting on the Federal Government’s Micro, Small, and Medium Enterprises (MSMEs) loan scheme held in Owerri on Friday.
Details of the Special Intervention Fund
Dr. Olasupo Olusi, Managing Director of the Bank of Industry (BOI), revealed that the loans are part of the N200 billion Special Intervention Fund established under President Bola Tinubu’s prosperity agenda.
Represented by the Divisional Head of MSME South at BOI, Olusi explained that the scheme aims to address critical challenges facing MSMEs, including:
- Lack of access to affordable finance
- High operational costs
Loan Terms and Conditions
Eligible business owners can apply for loans of up to N5 million each with the following terms:
- 9% annual interest rate
- 3-month moratorium
- 3-year maximum repayment period
“Application is open to the public, and the Bank of Industry facilitates verification of applicants’ data to ensure transparency and ease of disbursement,” Olusi said. “We call on all stakeholders, community leaders, youth groups, women’s associations, and local governments to act as active advocates of the scheme.”
Key Implementation Strategies
The BOI is collaborating with professional associations including:
- National Association of Small and Medium Enterprises (NASME)
- Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA)
This partnership aims to improve awareness and accessibility of the loan program among eligible businesses.
Local Business Community Response
Mr. Ugochukwu Ohaegbu, Secretary of NASME in Imo, emphasized the importance of proper documentation:
“It is essential for business owners to be properly documented and aligned with structured groups to ensure their access to these funds is streamlined.”
Success Stories from Beneficiaries
The town hall meeting featured testimonies from beneficiaries, including Chief Nduka Norbert, a pig farmer who received a N50,000 grant that helped sustain his business during challenging times.
A documentary screened at the event showcased how government-backed financial interventions have transformed grassroots enterprises across the state.
Economic Impact and Future Outlook
With this disbursement, the Federal Government demonstrates its commitment to:
- Empowering MSMEs as drivers of economic recovery
- Creating employment opportunities
- Stimulating local economic growth
Full credit to the original publisher: Nairametrics