The Federal Government has disbursed ₦1.48 billion in loans to 29,000 small business owners in Imo State as part of its efforts to ease access to finance and boost enterprise growth.
The announcement was made during a town hall meeting in Owerri, where the Bank of Industry (BoI) revealed that the loans are part of the ₦200 billion Special Intervention Fund under President Bola Tinubu's prosperity agenda.
Dr Olasupo Olusi, Managing Director of BoI, represented by the bank's Divisional Head for MSMEs in the South, said beneficiaries could access up to ₦5 million at a 9% annual interest rate, with a three-month moratorium and a repayment period of up to three years.
Olusi urged business owners, community leaders, youth groups, and associations such as NASME and NACCIMA to help spread awareness and encourage more entrepreneurs to apply.
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He stressed that the application process is open to the public and verification is being handled by the Bank of Industry to ensure smooth disbursement.
"This initiative is about shared prosperity and empowering our young people to take charge of their futures," he said.
NASME Imo State secretary, Mr. Ugochukwu Ohaegbu, encouraged entrepreneurs to register with the association to enjoy wider benefits, while a beneficiary, pig farmer Chief Nduka Norbert, praised the program for helping sustain his business during a difficult time.
The event featured a documentary showcasing success stories from past beneficiaries of FG's loan and grant programs.
