From Abel Leonard, Lafia
Nasarawa state government in collaboration with the Bank Of Industry says it t has earmarked the sum of N500 million to be disbursed as loans to indigents of the state towards boosting micro, small and medium enterprises across the 13 Local Government Areas of the state,.
This is even as the state government had earlier approved the sum of N250 million naira as counterpart funding for the Youth Revolving Funds Scheme while the BOI also contributed the sum of N250 million as well.
Making the disclosure yesterday, Senior Special Assistant to Governor Abdullahi Sule on Human Capital Development, Habiba Balarabe-Suleiman during the screening of the applicants who desire loans in Lafia the Nasarawa state capital.
Habiba said the essence of approved fund was to provide financial assistance to youths for the take-off or expanding of their businesses in the state and beyond.
She said, “Today’s screening is part of the process of the N500 million Youth Revolving Funds Scheme. We look at business plans that are found viable and review the amounts requested.
“This is to ensure that we give the loans to deserving applicants who are ready to boost their businesses and pay back the loans at the appropriate time.”
” over 200 indigenes would benefit from the approved sum in the first phase, added that the loans would be given to successful applicants immediately after the screening and verification exercises”.
“In the next two to three weeks, we should be able to do our first disbursement. We will give the loans to people who can pay back so that we can also disburse for the second round.
“The beneficiaries are over 200 for each round, and the whole scheme is for five years. So, many people will benefit from the gesture of the state government and the BOI,” she added.
On his part, the Nasarawa State Manager of BOI, Abdullahi Alhaji, stressed that the partnership was to encourage youths in the state towards becoming entrepreneurs and employers of labour.
“The loans will be administered at a single-digit interest rate with a tenor of between 3-5 years. The beneficiaries will come from the Manufacturing and processing; ICT; Digital Marketing and E-commerce; Transportation; Creative industry and Entertainment; Agribusiness; Healthcare and Fitness sectors, among others.” he added.
Abdullahi however, expressed happiness to governor Abdullahi Sule for prioritizing youths empowerment, while urging the prospective beneficiaries to make judicious use of the funds when considered.
Ibrahim Daniel, a beneficiary thanked the Nasarawa state government and BOI for the opportunity while promising to make good use of the loan if he is selected for disbursement.
“I am satisfied with the screening process and I promised to put the funds into good use if the loan is disbursed to me. ” He added.