In a major move to support local businesses, the Federal Government has disbursed ₦1.48 billion to 29,000 small business owners in Imo State. This loan distribution is part of the larger ₦200 billion Special Intervention Fund created under President Bola Tinubu’s prosperity agenda.
The aim is to make it easier for entrepreneurs and micro businesses to access affordable loans, expand operations, and create jobs.
What the Loan Offers to Beneficiaries
The Bank of Industry (BoI), which is managing the disbursement, shared key features of the loan:
- Loan Limit: Up to ₦5 million per business
- Interest Rate: 9% annually
- Moratorium: 3 months (no repayment needed initially)
- Repayment Period: Up to 3 years
Dr. Olasupo Olusi, BoI’s Managing Director (represented by the South Divisional Head for MSMEs), noted that this fund helps drive shared prosperity by empowering youths and community entrepreneurs.
Who Is Behind the Initiative?
This initiative is run by the Federal Government in collaboration with the Bank of Industry (BoI) and is a key part of the ₦200bn Special Intervention Fund aimed at supporting MSMEs across Nigeria.
The fund promotes President Bola Tinubu’s prosperity agenda, which focuses on economic growth through enterprise development.
Encouragement to Apply – Open to Public
Olusi made it clear that the loan application process is open to all Nigerians. Business owners do not need any special connections to apply. The Bank of Industry handles verification to make sure the funds go to genuine business owners.
He also urged youth groups, community leaders, and associations like NASME and NACCIMA to encourage wider participation. This ensures more people can benefit and grow their businesses.
Reactions from Beneficiaries and Associations
Mr. Ugochukwu Ohaegbu, NASME Imo State Secretary, advised small business owners to register with their associations for added support and networking benefits.
Chief Nduka Norbert, a pig farmer and loan recipient, said the program helped him stay afloat during challenging times. His testimony was part of a documentary shown at the event, featuring success stories from past beneficiaries of government loans and grants.
How to Apply for the FG Loan
To apply for the loan under this program:
- Visit the Bank of Industry (BoI) official website or any BoI office.
- Submit your business details and documents for verification.
- Wait for confirmation and follow BoI’s guidelines for disbursement and repayment schedule.
The program is open to all Nigerians running small businesses, whether registered or informal. No bribes or middlemen are required.
Why This Matters
This funding can help reduce unemployment, boost local production, and stimulate the Nigerian economy. With ₦1.48bn already given to 29,000 businesses, many more MSMEs across other states are expected to benefit as the program expands.
Conclusion
The ₦1.48 billion disbursed to 29,000 MSMEs in Imo is just the beginning of a much larger funding program by the FG. With up to ₦5 million available per business at only 9% interest, and a 3-year repayment plan, this initiative offers real hope to small businesses in need of support.
Entrepreneurs are encouraged to apply now while the opportunity is open and help spread the word through business groups and associations.