Abia Gov Disburses Fund To 20 Young Entrepreneurs

The Abia State SME Microfinance Bank has successfully disbursed Dr Ikpeazu SME Support Fund to over 20 entrepreneurs. This is part of the avowed determination of Governor Okezie Ikpeazu to continously build the capacity of MSMEs in Abia State.

This special loan support targeted at small businesses operated mostly by young entrepreneurs is aimed at enhancing their financial abilities to expand their businesses.

Disbursing the funds the Ag MD of the Microfinance Bank, Mazi Ijoma, expressed appreciation to the governor for setting up the Bank as a way of easing access to finance for entrepreneurs in Abia State.

Speaking on behalf of the governor, Chinenye Nwogu, Special Adviser on Social Investment, charged the beneficiaries to ensure judicious use of the funds. He emphasised that Governor Ikpeazu was poised and determined to develop the MSME ecosystem in the state.

He maintained that since 2015, the governor’s policies and programmes have had positive impacts on the entrepreneurs in the state.

He highlighted the efforts of the governor in the areas of road infrastructure, access to power- like the Ariaria independent power project, promotion of made in Abia products, exhibitions and fashion events and the establishment of the Microfinance Bank as geared towards enhancing the business operating environment in the state.

Nwaogu stated that Abia had maintained the lead in the MSME sector in the country because of the programmes and determination of the governor who sees MSME as the engine room for economic growth.

He added that as the country is currently facing serious economic and employment challenges, one of the ways out of the socioeconomic quagmire is to grow MSMEs nationally and urged governments at all levels to emulate Governor Ikpeazu.

Responding on behalf of the other beneficiaries, Mr Friday Chisom thanked the Governor for his passion to support small businesses and his determined efforts to create the right environment and support for the growth of MSMEs.

He assured the governor and the bank that beneficiaries would apply the funds judiciously and also keep to the terms of the loan.

The single digit loan with a moratorium of 3 months and repayment period of 9 months is part of the Governor Ikpeazu’s MSME Support Fund launched during the commissioning of the Abia Microfinace Bank. As directed by the governor, women and youths constituted over 70% of the beneficiaries.

Nwaogu assured the public that it would be a continuous exercise, as that is the only way to build a stronger and viable economic environment in the state.