By Sunday Ani
Delta State Ministry of Trade and Investment has revealed plans to engage stakeholders ahead of the disbursement of the N1 billion revolving loan for micro, small and medium enterprises (MSMEs).
Commissioner for Trade and Investment, Samuel Oligida, who disclosed this, described the N1 billion revolving loan approved by Governor Sheriff Oborevwori, as a significant milestone in the effort of the State Government to boost economic growth, promote peace and security, and reduce pressure on government through job creation, investment opportunities, stimulation of innovation and increase productivity, for the benefits of all Deltans.
He said apart from building first class infrastructure in the educational, health care and judicial sectors, as well as good road networks, rural and urban integration, the state government has also been consistent in building human resources capacity of the state by nurturing and encouraging entrepreneurs that will drive the economic growth of the state.
The Commissioner said the N1 billion funds would be disbursed as soft loans to eligible businesses with a single-digit interest rate. However, before the disbursement, he said the Ministry of Trade and Investment, in collaboration with the Bank of Industry, would officially launch the N1 billion implementation of the state management fund loan scheme under the Delta State Government partnership with the Bank of Industry.
The ministry will also organize a public enlightenment programme to engage stakeholders from the business sectors, women and other relevant stakeholders in the private sector, various ministries, MDAs, and agencies of government using sensitisation jingles to inform Deltans about the availability of the fund and the modalities to access it.
“They are those, who as a result of their social and economic status, do not have access to the conventional banking credit system with high interest rate. The Governor, in his wisdom, took it upon himself as a social responsibility to provide these categories of entrepreneurs with necessary credit, considering the fact that these categories are in the majority. The gesture is designed to empower entrepreneurs, fast-track economic growth and foster development in the state”.
Speaking on the disbursement of the loan, Oligida emphasised that the first criteria for disbursing the loan is the beneficiary’s willingness and passion to repay the loan, stressing that the revolving loan is not a grant or a startup package, but rather a loan that requires repayment, and must be paid back using the existing business as a collateral, in order for beneficiaries to live up to the terms of the loan. Beneficiaries must not see the loan as their share of the national cake because others are also waiting to benefit from the same loan he stressed.
While commending the Gov Oborevwori for turning his administration’s MORE agenda into a reality in the lives of Deltans, Oligida said the Governor was also pioneering the use of micro-credit to benefit poor entrepreneurs as a social responsibility and a way of moving people from poverty to prosperity by creating the enabling environment for prosperity.