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In a groundbreaking move to bolster the economy, the Delta State Government has announced that its ₦1 billion loan scheme for Micro, Small, and Medium Scale Enterprises (MSMEs) will soon be available. The initiative, approved by the State Executive Council in February, is set to launch in early April, pending final documentation with the Bank of Industry.
Speaking on a live radio program in Asaba, Mr. Olisa Ifeajika, Executive Assistant to the Governor on Public Enlightenment, Projects, and Policies, highlighted the administration’s commitment to supporting small businesses. He emphasized that the partnership with the Bank of Industry was chosen due to its stellar reputation and proven track record in aiding Nigerian entrepreneurs.
The loan, offered at a single-digit interest rate not exceeding 9%, aims to revive small-scale businesses and boost the state’s Gross Domestic Product (GDP).
“The current interest rates by commercial banks had made it difficult for small businesses to thrive, this soft loan is a single digit interest rate and would not be above 9 percent.
“Governor Sheriff Oborevwori is focused on growing the people and the economy by introducing a more efficient and flexible loan administration system,” Ifeajika stated.
This initiative comes as a response to the challenges posed by high commercial bank interest rates, which have stifled the growth of small businesses. The revolving loan scheme is expected to provide much-needed relief and drive economic progress across Delta State.
With the Memorandum of Understanding nearing completion, the state government is optimistic about the program’s impact.
Ifeajika also praised Governor Oborevwori’s dedication to ensuring value for money in project execution and urged residents to support the administration’s MORE Agenda for broader community development.
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