Governor Okezie Ikpeazu has unveiled the Micro SME Product, Easy-Credit, a product of the Abia SME Microfiance Bank Limited. The product was designed to stimulate economic development in Abia State by providing funds to Mico SMEs, such as the Traders, Artisan, and Enterprenus at single digit interest rates .
Governor Okezie Ikpeazu, who officially launched the product equally presented different categories of Cheques for Credits to the Bank customers from different market Clusters.
Speaking after presentation of the cheques, Governor Ikpeazu charged MSMEs to leverage opportunities offered by the bank to support and grow their businesses. He assured the bank’s customers that he is poised to support MSMEs in the State survive the economic shocks occasioned by COVID-19 pandemic and other socio-economic upheavals.
The Governor maintained that since inception, he has continued to sustain his support for entrepreneurs in the State through many policies, programmes and projects. He opined that the function of government is to create an enabling environment for private sector growth and he expressed gratitude that Abians and even external bodies have recognized the State Government as one that is supportive of MSMEs in the state.
Governor Ikpeazu announced that the State Government will boost the loan basket with additional 25 million Naira and donated an SUV to support the bank’s operations.
Speaking on behalf of the board, Barr Gabbe Iboko remarked that the vision of the Governor is to leverage the Bank to assist entrepreneurs bridge their access to finance gaps by providing soft loans with very convenient terms and conditions.
In his remarks, the Managing Director of the Bank, Mr Kingsley Nwobilor also highlighted other products offered by the bank such as , Save to Acquire keke/ Minibus, Thrift Credit Scheme and Disposal Investment Scheme which where all designed for SMEs.
Responding on behalf of other beneficiaries, Mrs Cynthia Nwosu thanked the Governor for establishing the bank as a way of supporting their enterprises. She assured that they will play by the rules and ensure prompt and accurate repayment of the loan so that others will benefit too.
ABIA ONLINE gathered that the loan categories ranges from 500,000, 300,000, 200,000, 100,000, 50,000 while leaders of the Aba business community, trade associations, market leaders were present during the event.