Enugu Urges Business Owners to Leverage FG’s Loan Scheme

Gideon Arinze in Enugu

The Enugu state government has charged owners of Micro, Small, and Medium Enterprises (SMSEs) in the State to leverage the federal government’s N75 billion loan scheme for businesses across the country.

Special Adviser to the Enugu State Governor on SMSEs, Arinze Chilo-Offiah gave the charge Wednesday during a town hall meeting to mark the commencement of the loan disbursement in the state.

In his address, Chilo-Offiah said that the loan, disbursed through the Bank of Industry under the presidential conditional grants and loans Scheme, is intended to help reduce the cost of production for N75,000 MSMEs in the country.

He commended the federal government for setting up the intervention loan while also urging business owners in the state to make good use of their opportunity to expand their businesses.

Earlier, the Enugu State Manager of BOI, Anulika Akabogu explained that any business seeking for the intervention loan must be registered with the Corporate Affairs Commission of Nigeria, adding that selected beneficiaries of the loan would be given 1 million naira to enable them boost their businesses.

“Businesses operating sole proprietorship, partnership, and limited liability company are qualified for the loan,” she explained.

She further noted that the loan is given at a 9% annual interest, adding that only applicants made on the loan portal and with complete documentation will be processed.