November 18, 2017

Ondo, BOI disburse N980m to entrepreneurs

Ondo, BOI disburse N980m to entrepreneurs.. NAIJA INVEST

ABOUT N980 million, out of the N1 billion loan jointly sponsored by the Bank of Industry (BOI) and the Ondo State government, has been disbursed to about 80 indigenous small and medium scale entrepreneurs, the Zonal Manager of the financial institution, Kola Adewole, has disclosed.

Adewole who stated this in Akure at a stakeholders meeting of beneficiaries of the ODSG-BoI Small and Medium Scale Enterprises Fund, said the remaining N50 million meant for micro businesses would be disbursed next week.

While disclosing that the bank had approved about 150 projects of various firms in the state and that it would need N1.7 billion to fund them, Adewole said “BoI had exhausted the initial N1billion being the pool of fund sponsored by the both parties under the phase one of the N2 billion scheme. The Ondo State government had said it would release the second tranche for the second phase soon.

“The remaining 70 entrepreneurs, whose projects had been approved but who are yet to be mobilised, will definitely benefit from the second phase of the scheme which will start in a couple of weeks.”

The BoI top official therefore urged the state government to assist the entrepreneurs in their bid to secure collateral for their loans.

“Some of them require certificates of occupancy and governors’ consent on their property to secure the loans but many of them usually complain that the process was cumbersome”, he added.

The Commissioner for Commerce and Industry, Tayo Akinjomo, said the government and the bank had put monitoring measures in place so that the money would not be turned to a national cake by beneficiaries.

Akinjomo, who said the essence of the fund was create jobs and tame the ravaging poverty in the land, urged beneficiaries to utilise the loans as a means of contributing their quota to the development of the economy of the state.

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