As part of efforts to encourage the growth of micro, small and medium enterprises in the country, the Central Bank of Nigeria has announced the release of N2 billion loan facility without collateral to rural dwellers in Abia State .
The facility, according to CBN, is the first batch of its Micro, Small and Medium Enterprise Fund in the state.
National Assets Director of the bank, Mrs Shemite Katung, disclosed this at a pre-loan assessment training and sensitization programme organized by the bank in collaboration with the Michael Okpara University of Agriculture Micro Finance Bank in Umuahia. Continue....
According to CBN, the beneficiaries include full time house wives who have business groups.
Mrs Katung, therefore, appealed to the targeted beneficiaries to maximise the window of opportunity provided by the scheme and expand their businesses.
CNB encouraged beneficiaries to form cooperative societies and groups of 20 members to be able to access the loan.
Katung further enumerated other conditions of accessing the facility to include having a bank account, and an Affidavit from the court.
Earlier in a lecture at the event, Dr. Daniel Alekhue, identified failure to keep records of enterprise process, granting of credit sales to families and friends, and lack of business plan as major causes of failure for SMEs in he country.
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