Senator Equips 1000 MSMEs, Unveils N100m Loan

MSMEs
Senator Equips 1000 MSMEs, Unveils N100m Loan

The Chairman, Senate Committee on Industries, Senator Mukhail Adetokunbo Abiru, has kicked off capacity development training for 1000 Micro, Medium and Small Enterprises, MSMEs, in the Lagos East Senatorial District.

Abiru, a foremost banker and one-time Managing Director of Polaris Bank, said the training was to enhance the capacity of micro, medium and small business owners in the senatorial district.

He said, ‘’MSMEs account for the majority of businesses worldwide and are important contributors to job creation and global economic development. They represent about 90% of businesses and more than 70% of employment worldwide.

The Senator also announced the launching of N100m soft business loan support for trained MSMEs with working capital, as well as asset finance for equipment acquisition at a highly subsidized interest rate.

The N100 million constituency Intervention revolving facility which will be executed in partnership with SMEDAN, has a minimum limit of N100,000 and a maximum of N1m with as low as 6% interest rate with a flexible repayment plan from 1 to 12 months starting end of the first quarter (Q1), 2022.

The senator mulled plans to increase the revolving facility in the same sum on yearly basis.

The Bank of Industry (BOI) also agreed to commit an additional 100,000,000(One Hundred Million Naira) to the scheme.

A former Lagos State Commissioner of Finance and Governor’s Advisory Council member, Mr Olawale Edun, applauded the gesture of Senator Tokunbo Abiru, describing the business aid as a great initiative.

 

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