The Edo State Government has revealed that over 300 business owners across the state have thus far benefited from the N2 billion Micro, Small and Medium Enterprise (MSME) loan of the government in partnership with the Bank of Industry (BoI).
The state government added that more business owners have submitted applications for verification in order to benefit from the fund which was launched on August 25, 2021 to support entrepreneurs in the state.
The Managing Director, Edo State Skills Development Agency (EdoJobs), Mrs. Ukinebo Dare, on Saturday, February 5, 2022 during a live broadcast on the agency’s Facebook page, appealed to residents of the state to take advantage of the golden opportunity.
She said: “The minimum and maximum amounts that can be borrowed are N100,000 and N20 million respectively; and the micro scale businesses can only access between N 100,000 and N500,000 while the others can access above N500,000 up till N20 million.”
“The interest rate is 5 per cent per annum. Only businesses that have been in operation for a minimum of one year are eligible for this loan. There will be an increase of the fund to N10 billion before the end of the year.”
Businesses eligible for this fund are micro, small and medium scale enterprises, and limited liability companies.
The loan is in three (3) categories; namely, Category 1 – N 100,000 to N500, 000 (for micro businesses); Category 2 – N1 million to N10 million (Small and Medium scale enterprises); and Category 3 – above N10 million to N20 million (Limited Liability Companies). Each category has its own requirements and criteria.
The time period for the refund of the loan is as follows: Micro Enterprises – Moratorium-2months, Tenor-12 months; Small and Medium Enterprises – Moratorium-6months, Tenor-3 to 5years; and Limited Liability Companies – Moratorium-6months, Tenor – 3 to 6 years.
For details about the requirements and application process, interested persons are to contact Edo Innovation Hub (ICE Road), EdoJobs office (Government House) or Bank Of Industry (BoI) office on Sapele Road, Benin City.
The Making Edo Great Again (MEGA) agenda of the Obaseki-led government is committed to empowering the good people of the state by extending the much-needed credit facility to micro, small and medium enterprises.
