Governor Zulum launched the scheme on Monday to provide N1 billion in loans to small businesses in local government areas across Borno State.
Our correspondent who witnessed the incident said that the beneficiaries are mostly women's groups, trade unions and organizations that assure their members.
According to the governor, the grant is N1 billion for the initial loan of N2 billion to small and medium enterprises which have been set up by the Borno State Government and the Industrial Bank of Micro Renaissance Micro Finance Bank Limited.
Zulum said loans were being sought for small and medium enterprises in the state affected by the Boko Haram insurgency and the COVID-19 cases.
He said the loan center would revitalize businesses in Borno State, boost employment opportunities in the companies and expand the income streams of the Unemployed Youth Union in the state.
“Today, 15,861 people who are members of the 12 Trade Unions and other organizations are expected to benefit from this grant up to N994,930,000.00.
This loan is interest-free and can be repaid within 4 years with a 6-month moratorium period in which the business is expected to increase and generate profits over time.
Zulum announced, calling on the organizations to keep an eye on their members and ensure that the funds are refunded, stressing that, "anyone who can sort out the amount paid within the stipulated time, will earn 50% of the garbage and qualify for a direct loan. ”
The governor also announced that his administration was in the process of negotiating with the Central Bank of Nigeria, the African Development Bank and the Islamic Development Bank to create more opportunities for small and medium scale farmers in the state.
He urged the beneficiaries to make the most of the money by putting them in business not to use it for their own benefit.
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