Governor Siminalayi Fubara promises to partner with the Bank of Industry in creating an N4 billion enterprise fund to support the development of micro, small, and medium enterprises (MSMEs) in Rivers State in order to encourage economic growth, increase job creation, and alleviate poverty.
Fubara said in a state-wide broadcast on Wednesday morning to commemorate his 100 days in office, that with the initiative, both owners of MSMEs and aspiring entrepreneurs would easily access needed credit to fund or start their businesses at single-digit interest rates with a maximum repayment period of five years.
Read also;
- Cross River hosts first Enterprise Awards
- FG launches ₦20bn consumer credit fund for automotive growth
- Enugu SME Center empowers youths through construction skills TVET programme
- AfDB, Italy sign $6B deal, BoI secures $50M for SMEs
- Delta ALGON Chair hails Oborevwori’s empowerment drive
He added that, in addition to the allotted budget, his administration would establish a State Investment Promotion Agency to encourage local and foreign investments that would lead to the state’s industrialization.
“We have concluded plans to create a four billion (4,000,000,000.00) naira Enterprise Fund in partnership with the Bank of Industry to facilitate the development of micro, small, and medium enterprises (MSMEs) in the State to stimulate economic growth, enhance job creation, and reduce poverty,” he said.
“With this Fund, owners and would-be MSME entrepreneurs will have ready access to credit to fund or start their businesses at single-digit interest rates with a maximum repayment period of five years.”
Fubara went on to say that he was working to establish a Youth Entrepreneurship Development Trust Fund to help foster an entrepreneurial culture and preserve youth enthusiasm in entrepreneurial activities in order to boost job creation and self-employment.
Discover more from SMALL BUSINESS INSIGHTS
Subscribe to get the latest posts to your email.
