The Bank of Industry has commenced the presentation of cheques to selected Micro, Small and Medium-scale Enterprises in its N2 billion MSME Development Fund in Benue State.
Benue State and BoI had last year signed a pact on the N2bn matching fund to boost the entrepreneurial potential of people in the state.
Under the financing model, both parties gave commitment to contributing N1bn each for lending to mainly businesses that had high employment-generating potential and value addition to local raw materials.
The Managing Director, BoI, Mr. Olukayode Pitan, explained that the loans’ beneficiaries were those who met the bank’s pre disbursement conditions.
According to him, the matching fund was capable of developing SMEs in the state. He urged other businesses in the state to take advantage of the unique opportunities offered by the
scheme.
He said, “As part of our moves to ensure effective utilisation of the loans, a two-week entrepreneurship training programme would be organised to build the capacity of the beneficiaries.
“The partnership with the Benue State Government goes beyond providing loans. As part of the package, all beneficiaries will undergo two weeks entrepreneurship training to help their capacity to manage these businesses successfully.
“We like to remind them to take seriously, their obligations to repay the loans so that others can benefit.”
Pitan added that BoI had granted loans of over N1.5bn to businesses across sectors such as food processing, fruit juice processing, piggery, yam/cassava flour, rice processing, fashion designing, and quarries/solid
minerals.
