Gov. Alex Otti launches N1bn interest free loans to SMEs | Read More
The Abia state governor, Dr Alex Otti on Thursday, launched a one billion naira interest free revolving loan scheme for nano and micro businesses in the state.
The loans which will run under the Abia State Cooperative Support Scheme, is targeted at 10,000 business owners drawn from the 184 Wards in the state.
The governor in his speech at the event held at the International Conference Centre in Umuahia, said the scheme is in line with the community-oriented economic rejuvenation agenda of his administration.
“The Abia State Cooperative Support Scheme represents the practical commitment of the State Government to support our army of nano, micro and small-scale entrepreneurs to build new levels of success on the strength of the leverage provided them by public-sector driven initiatives such as this” Otti stated.
He added;
“Through this Scheme, the State Government will, between today and the next few days, reach a minimum of 50 different entrepreneurs in every ward in the State, offering them the financial support they need to grow their businesses, earn money to support their families, and contribute even more to the economic growth of the communities where they live.
Our administration is very particular about developing the business-consciousness of the people at the grassroots because it is the most effective way to tackle the crisis of endemic poverty, and worrisome unemployment rate. As we had said many times before now, Ndi Abia are very industrious and will move mountains if given the right support.
Thousands of the beneficiaries selected for this batch are petty traders, farmers, and artisans who have over the years toiled on their own without the kind of structured support that their peers from other parts of the world take for granted.
Our target, beyond the present number of beneficiaries, is to reach about 100, 000 businesses directly over the next 36 months because we are optimistic that today’s beneficiaries will put in honest effort to repay the loans in time so that others can benefit. Each of us must appreciate that the success of this scheme lies entirely in the willingness of beneficiaries to repay what had been borrowed.”
Speaking to Trustbase News at the event, the national vice chairman of Labour Party South East, Mr Ceekay Igara, lauded the governor for the initiative.
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