Edo to distribute N2 billion loan

Poised to alleviate poverty and address other sundry issues, Edo state government has disclosed that it has obtained a Two billion naira loan facility to be disbursed to operators of small and medium scale enterprises (SMEs) in the state.
The loan which has less than two digit interest rate will be distributed to qualified SMEs operators in the state through a systemic device.
Disclosing this to newsmen in Benin city, Commissioner for Commerce and Industry, Hon Abdul Oroh warned that “this is not a share of national cake” as the loan would be recovered.
“Yes we have just taken two billion facility to give as loan to SMEs and they will be given out through micro finance banks. All these SMEs will have to work with them because the money has to be recovered. It is not national cake, it is not a reward for being a member of our party or family member, it is for you to develop your business.
“Some applications have been received from various small scale industries and medium scale industries and some co-operatives. The government has set up a special purpose vehicle comprising of chairman of economic team, my self, the commissioner for commerce, the commissioner for women affairs, the commissioner for finance, the three representatives from each senatorial district and the permanent Secretary of my ministry.
“The secretary is to supervise and work with the micro finance banks to distribute this loan to farmers so we are doing this very diligently. This one is not a gift. If you have a small business they will look at it, examine it to know how much you require. These are some of the steps we are taking right now. With two billion naira we expect that a lot of jobs will be created. We expect that each beneficiary will be able to employ at least four persons.
“The interest is about six percent. It’s lower than what you get from the commercial banks. So you see, the state government has covered most of the interest in the loan,” he said.