The Bank of Industry (BoI) has called on small and medium enterprise (SME) owners in Akwa Ibom State to take advantage of the federal government’s N75 billion loan scheme designed to alleviate socio-economic challenges.
Tolu Toluwase, BoI’s branch head in Akwa Ibom, emphasized the importance of the scheme during a sensitization session at the Ibom Leadership and Entrepreneurship Development (Ibom-LED) center in Uyo.
The loan program, open to applicants nationwide, offers qualified business owners loans of up to N1 million with a three-year repayment period and a three-month grace period. The scheme aims to empower over 75,000 SMEs, generating 75,000 direct jobs and 150,000 indirect jobs. To qualify, applicants must be registered sole proprietorships with the Corporate Affairs Commission (CAC) and demonstrate adherence to the application process.
Toluwase noted that the loans, carrying a single-digit interest rate, could have a substantial impact on small businesses if properly invested. The Akwa Ibom Commissioner for Trade and Investment, John James, encouraged beneficiaries to use the funds responsibly, focusing on the intended business purpose to boost economic growth within the state.
Beneficiaries like Anietie Udoh and David Bassey praised the initiative, urging the federal government to monitor its implementation closely to prevent political interference.
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