FG to disburse N1bn loan to 1,000 MSMEs in Bauchi

Rauf Oyewole, Bauchi

The Federal Government through the Bank of Industry is set to disburse N1billion loan to boost the Micro, Small and Medium Enterprises across the 20 local government areas of Bauchi State.

Government had earlier announced a N75bn intervention fund to boost MSMEs across the country. While speaking in Bauchi on Tuesday, the Project Officer of BoI, Kabir Saidu Musa, said that application is ongoing where entrepreneurs could apply via (https://fgnboimsmeintervention.boi.ng) to access up to N1million.

Musa said that apart from the loan, the government had earlier disbursed N50,000 grants to beneficiaries across the 20 councils of Bauchi State. According to him, benefiting SMEs were selected by the Bank’s focal person attached to the State government.

“For the FGN Intervention that is currently ongoing, it is fully online, those whose applications are successfully submitted will be redirected to our office, then we would verify them. We will give them a call if necessary, visit the business and make recommendations for the final approval of the application,” he said.

He explained that the loan would repaid within three years and six months moratorium with nine percent interest.

Also, the Representative of Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Bauchi office, Mr Abdulrasheed Aliyu, said the agency provides business development services and business clinics to the beneficiaries.

He said this is necessary in order to utilise the money for the purposes it was meant for. He added that the training became necessary to avoid diversion of the fund by the beneficiaries.