Thursday 4 December 2014

CBN releases N2bn loan to Abia rural dwellers

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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