The Akwa Ibom State Manager of the Bank Of Industry (BOI) Mr Tolu Toluwase, on Tuesday sensitised MSMEs in the State on the need to key into the Presidential Loan Scheme of the Federal Government.
Our correspondent reports that federal government grants and loans Programmes are financial assistance initiatives provided to support various sectors, individuals, and organisations.
Toluwase said the federal government has already budgeted N75 billion for the loan, which prospective beneficiaries across the states, including the FCT, will access.
He urged prospective beneficiaries to apply in time as the applications shall be treated on a first come first serve basis.
He said any applicant who comes out successfully and meets all the requirements shall be given N1 million (One Million Naira) loan to boost his/her business operations.
He added that the repayment plan shall span three years and shall be made monthly with a month’s grace period before the commencement of the refund.
He said the project targeted 75,000 MSMEs, 75000 Direct Jobs and 150, 000 Indirect jobs.
He added that applicants must present a guarantor not less than grade level 10 at the federal government civil service, BVN/NIN, four passport photographs, valid means of identification of himself and that of his guarantor.
“We believe that one million Naira per beneficiary if injected in a small and medium scale operation, shall make a desired impact.
“Since it’s a loan there must be some documentation and anyone who wants to access must first of all be in business.
“Must be a sole proprietorship and must be registered with Cooperate Affairs Commission, (CAC), the interest rate is a single-digit interest rate,” he said.
In his remarks, the Commissioner for Trade and Investment Mr John James, urged the prospective beneficiaries of the programme to make judicious use of the loan to improve their businesses.
James appealed to those who would qualify to obtain the loan to invest in the business purpose the loan was obtained to enhance the economic growth of the state.
“The MSMEs are the backbone of every Government in the world and Nigeria is not an exception.
“MSMEs employ about 80 per cent of our population and contribute about 40 per cent to our Gross domestic product in Nigeria.
“Over the past five years, the average contribution has been about 48 per cent because of the economic activities of MSMEs, there have been tremendous degrees of innovations and entrepreneurship in our economy.
“I want to at this point thank the Federal Government headed by our President Bola Tinubu.
“I don’t want when you get this money something happens, your brother will get malaria and your wife wants to buy a brocade for the child naming ceremony.
“Please, I want to plead, when you get this money apply to the business purpose for which it was obtained.
“If you take a little of that money and do something else, that will be the beginning of the downfall of the original purpose.
“I don’t want that to happen to you, as you know this money is not a gift, so you apply it to the business purpose it was intended,” James said.
One of the beneficiaries of the N50,000 grant Mr Anietie Udoh, a poultry farmer disabused the minds of people who assumed the scheme was a scam.
Udoh urged Akwa Ibom business people to key into the programme adding that is real, without bias, no political dichotomy.
Mr David Bassey, who has applied for the N75 billion loan scheme, said he will invest it in his agricultural business when he obtains the loan.
Bassey appealed to the federal government to ensure that the programme is not hijacked by politicians to achieve its purpose.