The Bank of Industry has conducted a sensitization workshop for micro, small, and medium enterprises in Rivers.
The sensitization was aimed at facilitating their access to the Federal Government’s N75 billion Intervention Fund available nationwide. Pacqueens Irabor, BOI’s divisional head for MSME South-South, disclosed this during the workshop held in Port Harcourt on Tuesday.
The event was jointly organised by the Port Harcourt Chambers of Commerce and Industry and Mines and Agriculture in collaboration with the BOI.
Mr. Irabor explained that the workshop was designed to educate MSMEs on the application process for the N75 billion federal government loan intervention fund.
Additionally, it covered the N3.7 billion Rural Area Programme on Investment for Development, a separate initiative created by BOI specifically for SMEs.
He clarified that the N75 billion federal government intervention fund was a nationwide programme targeting businesses across all sectors and geographical locations.
“This has the interest rate of nine per cent with a three-month moratorium on principal and interest repayment,” he said.
He said that the aim of the federal government’s MSMEs empowerment initiative in rural areas was to expand their businesses, create wealth and jobs, reduce poverty, and improve security.
Mr Irabor also stated that Rivers SMEs in rural areas had yet to access the RAPID fund, which had allocated N100 million to the state from the N3.7 billion made available by the BOI.
He stated that up to N10 million was available for each MSME in rural areas, with an interest rate of five per cent, and a three-month moratorium on principal and interest repayment.
Irabor said that the loan has a three-year repayment tenure with an option for a three-month extension on principal repayment.
“This has a grant component of 40 percent, which is N4 million on a N10 million loan, upon successful repayment and demonstration of capacity,” he said.
Irabor stated that the documentation has minimal requirements, with no application or appraisal fees, but the MSMEs would need to provide their valid identity cards, bank verification numbers, corporate affairs documents of their registered companies, bank account statements, guarantors, and other relevant documents.
He urged MSME business operators to take advantage of these funds for economic growth and development.
