Fubara Gives N3.6bn Loan To 3,066 SMEs, 100 Companies

Fubara Gives N3.6bn Loan To 3,066 SMEs, 100 Companies

by Ololade Adebeshin
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Fubara Gives N3.6bn Loan To 3,066 SMEs, 100 Companies


By People’s Voice Nigeria | News


The Governor of Rivers State, Sir Siminalayi Fubara has presented cheques worth N3.6 billion to 3,066 Micro, Small and Medium-Scale Enterprises (SMEs) and 100 companies across the state to boost entrepreneurial success and the economic prosperity of the people.


Fubara, who made the presentation at the flag-off and commencement of Rivers State Government/BOI N4 billion Matching fund loan scheme for SMEs at the Obi Wali International Conference Centre, Port Harcourt, noted that the beneficiaries will add to the state’s positive economic dynamics.


He restated his passion for businesses in the state especially the small ones, which he saw on assumption of office that they were struggling and some closed down due to lack of access to credit, which only banks can provide at cut throat interest rates.


The governor said that as a state there cannot be economic growth without stimulating business activities to create wealth and jobs through policies that will engender greater public access to credit and financial inclusion, noting that MSMEs are well known as critical drivers of inclusive economic growth and development.


“By empowering our people to cultivate available economic opportunities, access to credit is a powerful tool for achieving financial security and prosperity.”


“This was why we allocated substantial funds in our 2024 budget to support entrepreneurial development and growth of small and medium-scale businesses in the State.”


“To translate the budgetary provisions to reality, we agreed with the BOI to jointly set up a four-billion-naira (N4,000,000,000.00) naira matching loan fund with both parties contributing two billion (N2,000,000,000.00) each to the Fund, which has since been established and ready for disbursement to the beneficiaries.”


Fubara also charged the Bank of Industry to grant more credit opportunities and business support funds to more Rivers entrepreneurs to establish and expand their businesses, just as he implored the beneficiary MSMEs to use the loan to grow their businesses, expand into new ventures, hire more hands, and even aspire to become bigger in your businesses.


“It is important to make it clear that this is a very liberal loan, not given as a charity, and therefore, must be paid back so that some others, including your relations, friends, neighbours, and even your enemies can also access it to fund their businesses because the Fund belongs to all.”


He commended the Bank of Industry and the management of the Rivers State Microfinance Agency for consummating the financial partnership arrangement and expressed satisfaction with the professional approach in disbursing the loan, believing even more strongly that the potential outcome will be greater to further strengthen and cultivate it for the benefit of the people of Rivers State.


He also charged the management of RIMA to monitor the progress of the beneficiaries in their businesses and ensure 100 per cent recovery of the loans to guarantee the sustainability of the programme.


“I assure you that I will continue to support the scheme to enable Rivers people to take control of their financial circumstances and ensure that they overcome the present state of despair to economic security for themselves and their families.”

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