Borno state government and the Bank of Industry have launched the disbursement of ₦1bn zero-interest marching scheme to Small and Medium Scale Entrepreneurs (SME’s) to reinvigorate economic activities in the state.
At a ceremony in Maiduguri, Governor Babagana Zulum said 15,861 individuals affected by Boko Haram insurgency from 12 trade unions and associations are expected to benefit from the loan.
According to him, the aim of the credit facility is to revive business activities in the state, reduce unemployment, expand sources of income to teeming youths and women and ensure financial inclusion among small entrepreneurs.
The Governor noted that the interest free loan is payable in 4 years with a moratorium period of 6 months after which business activities are expected to pick up.
“I wish to announce that any individual who is able to settle the disbursed amount within the stipulated time shall enjoy 50% waiver and shall automatically qualify for another loan”.
Professor Babagana Zulum who urged associations to monitor the activities of all the beneficiaries, promised to pay the remaining counterpart fund of ₦500 million to the Bank to access the second tranche.
Representative of the Managing Director, Bank of Industry (BoI), Alhaji Maina Mohammed said the interest free loan which was first of its kind by the bank will stimulate growth and development in the North-East.
He therefore urged beneficiaries to repay the loan as at when due to enable others benefit .