From Owen Akenzua, Asaba
Delta State government said the N1billion loan approved by the State Executive Council in February would be available to interested persons as soon as documentation is completed with the Bank of Industry.
Executive Assistant to the governor on Public Enlightenment, Projects and Policies, Mr Olisa Ifeajika stated this while speaking on a radio programme in Asaba.
He said Governor Sheriff Oborevwori’s administration selected Bank of Industry as a partner in the scheme because of its track record as a reputable financial manager with lots of testimonies from Nigerians on how it has assisted them in improving their businesses.
He stated that the state government knows the role of Micro, Small and Medium Scale Enterprises in the economy of any nation, hence it decided to provide soft loans for these businesses who are the major drivers of the economy and the loan which will be given to Deltans at single digit interest rate.
He said the N1 billion revolving loan would revive small scale businesses in addition to boosting the state’s Gross Domestic Product, GDP.
Ifeajika said currently, the state is putting finishing touches to the Memorandum of Understanding, MoU, with the bank so that in the first two weeks of April, government will formally launch the disbursement of the loan scheme.
“The current interest rate 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 nine percent.
“Governor Oborevwori is doing it to grow the people and the economy by introducing a more efficient and flexible system for the administration of the loan by the Bank of Industry,” he said.
He said the continuous supervision of projects by the governor is a deliberate effort to enable Deltans get value for money in project execution.
He commended Governor Oborevwwori for his giant strides in all sectors and assured that with support from residents, the ‘MORE’ agenda would reach more communities.
