BoI disburses N1bn loans to 1,000 MSMEs in Bauchi

The Bank of Industry (BoI), says it has disbursed N1 billion to 1,000 Micro, Small and Medium Enterprises (MSMEs) in Bauchi State.

The Manager of the bank, Mr Isa Nadada, stated this during an MSMEs sensitisation exercise on Tuesday in Bauchi.

He said the gesture aimed at encouraging growth of small businesses across the 774 local government areas in the country.

Represented by Mr Kabiru Musa, Project Officer, BoI, Nadada said the Federal Government’s intervention targeted 75,000 MSMEs, to create jobs and enhance wealth creation.

According to Nadada, the core mandate of the bank is not only to disburse funds but also to create job opportunities to relieve the burden on the federal government

“The interest rate is soft because it’s nine per cent all inclusive either it is a term loan or a working capital.

“The tenure of the facility is three years and there is a six month moratorium.

“I have successfully disbursed N1 million to four beneficiaries today, who have met the requirements and we are here to enlighten some of the beneficiaries,” he said.

On application requirements, Nadada said that applicants should submit their application online after which the bank officials would inspect his business premises and made recommendations for approval.

He said the bank had earlier disbursed N50,000 grant each to Nano businesses across the 20 LGAs of the state.

Mr Mohammed Shira, the state Commissioner for Cooperatives, Small and Medium Enterprises Development, lauded the gesture.

“Together, we can build a sustainable framework that not only addresses the immediate needs of our businesses but also lays the foundation for long term growth.

“I want to emphasise that the Bauchi state government through the Ministry for Cooperatives, Small and Medium Enterprises Development is here for you.

“We are committed to ensuring that this programme is implemented effectively and that it reaches those who need it most,” he said.

Also, Abdulrasheed Aliyu, representative of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), said the agency offered business clinics and development services to the beneficiaries.

This, he said, was necessary to enable them to utilise the funds and engage in productive activities.

One of the beneficiaries, Ibrahim Musa, commended the gesture, adding that it would encourage growth of small businesses at the grassroots.