The Rivers State Government and the Bank of Industry (BOI) on Friday flagged off the disbursement of a four billion naira matching fund loan scheme for micro, small and medium-scale businesses across the 23 local government areas of the State.
The loan scheme has a low interest rate pegged at a single digit of seven-point five percent and is designed to support entrepreneurial development and growth of businesses through access to credit in the form of soft loans
Governor Sim Fubara explained that the loan scheme is part of efforts by his administration to stimulate business activities to create wealth and jobs through policies and programmes that would engender greater public access to credit and financial inclusion.
The initiative is coming at a time businesses, especially small ones, are battling to stay alive.
Many have closed while others are struggling to survive due mostly to a lack of access to credit, which the banks can only provide at high interest rates
3,066 individuals and 100 companies are benefitting from the loan scheme with female borrowers accounted for 58,25%
Governor Sim Fubara noted that the aim of the programme is to financially empower the people to achieve their full economic potential and contribute to the development of the state
The governor further appealed to the Bank of Industry to grant more credit opportunities and business support funds to more Rivers State entrepreneurs.
Governor Sim Fubara maintained that his administration will continue to invest and promote partnerships that would empower the people and create wealth and development for Rivers State
(Editor: Ebuwa Omo-Osagie)
