20 Entrepreneurs Benefit From 1st Phase Of Abia SME Support Fund
About twenty entrepreneurs have benefited from the first phase of the SME Support Fund, an initiative of State Government to support small businesses in the State.
The special loan support, which is targeted at small businesses operated mostly by young entrepreneurs, is aimed at enhancing their financial abilities to expand their businesses.
Mr. Chinenye Nwaogu, special adviser to Abia State Governor on Job Creation, who represented Governor Okezie Ikpeazu at the presentation of cheques to the beneficiaries in Aba, stated that Governor Okezie Ikpeazu-led administration, is poised to develop the MSME ecosystem in the state.
He explained that Ikpeazu’s policies and programmes have impacted positively on entrepreneurs in the state.
Some of the policies include, road infrastructure, access to power, like the Ariaria independent power project, promotion of made in Abia products, exhibitions and fashion events and the establishment of a State owned Microfinance Bank.
He disclosed that Abia has maintained the lead in the MSME sector in the country, because of the focused attention, programmes and determination of the government that sees MSME as the engine room for economic growth.
He observed that as the country is currently facing serious economic and employment challenges, one of the ways to get out of the socioeconomic quagmire, is to grow MSMEs nationally and urged governments at all levels to emulate such strides in the sector.
He assured the public that it will be a continuous exercise, as that is the only way to build a stronger and viable economic environment in the state.
Mazi Ijioma Nta, acting managing director, of the Microfinance Bank, expressed appreciation to the Governor for setting up the bank, as a way of creating access to finance for entrepreneurs in the State.
Mr. Friday Chisom, one of the beneficiaries, thanked the Abia State Governor for his passion to support small businesses and his determined efforts to create the right environment and support for the growth of MSMEs.
He assured the Governor and the bank that beneficiaries will apply the funds judiciously and also keep to the terms of the loan.
The single digit loan with a moratorium of 3 months and repayment period of 9 months is part of the Governor Ikpeazu’s MSME Support Fund launched during the commissioning of the Abia Microfinace Bank.
As directed by the Governor, women and youths will constitute over 70 percent of the beneficiaries.
#orientdailynews
