Not fewer than 20 entrepreneurs have receivedn SME Support Fund of the Governor Okezie Ikpeazu administration Abia State SME Microfinance Bank.
This falls line with the avowed determination of Governor Okezie Ikpeazu to continously build the capacity of MSMEs in Abia State.
The special loan support which is targeted at small businesses operated mostly by young entrepreneurs, is aimed at enhancing their financial abilities to expand their businesses.
Speaking through his Special Adviser on Job Creation, Mr. Chinenye Nwaogu, the Governor charged the beneficiaries to ensure the judicious use of the funds.
Ikpeazu said his administration is poised to develop the MSME ecosystem in the state, maintainig that since 2015, the Governor’s policies and programmes have had positive impacts on the entrepreneurs in the state.
Highlighting the efforts of the Governor in the areas of road infrastructure, access to power like the Ariaria independent power project, promotion of made in Abia products, exhibitions and fashion events and the establishment of the Microfinance Bank are all geared towards enhancing the business operating environment in the state.
He disclosed that Abia has maintained the lead in the MSME sector in the country because of the focused attention, programmes and determination of the the government that sees MSME as the engine room for economic growth.
Governor Ikpeazu stated that as the country is currently facing serious economic and employment challenges, one of the ways out of the socioeconomic quagmire is to grow MSMEs nationally and urged the all governments at all levels to emulate such strides in the sector.
He assured the public that it will be a continuous exercise, as that is the only way to build a stronger and viable economic environment in the state.
Disbursing the funds the Ag MD of the Microfinance Bank, Mazi Ijioma expressed appreciation to the Governor for setting up the Bank as a way of easing access to finance for entrepreneurs in Abia State.
Responding on behalf of the other beneficiaries Mr Friday Chisom thanked the Governor for his passion to support small businesses and his determined efforts to create the right environment and support for the growth of MSMEs. He assured the Governor and the bank that beneficiaries will apply the funds judiciously and also keep to the terms of the loan.
The single digit loan with a moratorium of 3 months and repayment period of 9 months is part of the Governor Ikpeazu’s MSME Support Fund launched during the commissioning of the Abia Microfinace Bank. As directed by the Governor women and youths constituted over 70% of the beneficiaries.
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