FG Disburses N1.48bn Loan to Imo Businesses

More than 29,000 micro and small-scale business owners in Imo State have received a total of N1.48bn  in loans from the Federal Government, under an initiative aimed at boosting economic recovery and job creation.

The loans, disbursed through the Bank of Industry (BOI), are part of the N200bn Special Intervention Fund introduced under President Bola Tinubu’s prosperity agenda to support Micro, Small, and Medium Enterprises (MSMEs).

At a town hall meeting held Friday in Owerri, BOI’s Managing Director, Dr. Olasupo Olusi, revealed the disbursement.

According to Olusi, “Application is open to the public, and the Bank of Industry facilitates verification of applicants’ data to ensure transparency and ease of disbursement. We call on all stakeholders, community leaders, youth groups, women’s associations, and local governments to act as active advocates of the scheme.”

Each business owner is eligible to access up to N5m in loans at an annual interest rate of 9 per cent. The loan package includes a three-month moratorium and a three-year repayment window.

He said the bank is also collaborating with groups like the National Association of Small and Medium Enterprises (NASME) and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) to mobilize more business owners to access the funds.

Mr. Ugochukwu Ohaegbu, Secretary of NASME in Imo, advised local entrepreneurs to ensure they are properly registered and affiliated with business groups to improve their chances of benefitting from the program.

“It is essential for business owners to be properly documented and aligned with structured groups to ensure their access to these funds is streamlined,” he said.