2,000 MSMEs get lifeline from Anambra business agency

Posted by Pamela Eboh, Awka | 3 February 2016 | 3,327 times

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About 2000 Micro, Small and Medium Enterprises (MSME), yesterday received revolving working capital facility of N500, 000 each from the Anambra State Small Business Agency (ABSA). The facility is to assist them build and expand their businesses under the Micro, Small and Medium Enterprises (MSME) scheme.

Speaking on the scheme in Awka, the Managing director of ABSA, Mr. Clement Chukwuka said that the money came from the N2 billion secured from the Central Bank of Nigeria, (CBN) for lending to SMEs and Micro Credit schemes in the three senatorial zones of the state.

The Agency was last year inaugurated by Governor Willie Obiano after the signing of a Memorandum of Understanding, MOU, with the CBN for the funding of the scheme.

Following the inauguration, the ABSA officials have been visiting various parts of the state to educate the people on the need to avail themselves of the opportunity provided by the scheme.

According to Chukwuka, the loan attracts an interest of nine percent per annum, adding that ABSA has put in place measures to ensure that the beneficiaries adhered strictly to the conditions stipulated for the repayment of the loan.

He noted that to qualify for the loan, the beneficiaries would require guarantors who must be senior civil servants on Grade Level 14 and above, or senior political appointees from their areas.

While revealing that N1 Billion has so far been expended to about 200 SME, Chukwuka added that the state government’s initiative was already yielding great dividends as most of the beneficiaries were doing very well with the loans.

He however expressed delight at the impact of the scheme saying that when realized, that about 85 percent of enterprises in the state will fall under the MSME.

Chukwuma further described ASBA as a catalyst for job creation and inclusive economic growth in Anambra State in line with Governor Obiano’s vision for the state.

•Photo shows Gov. Obiano.

Source: News Express

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