The Bank of Industry has said that it will partner with the Bayelsa State Government to grant loans to small and medium scale enterprises in the state.
South-South Regional Manager, Bank of Industry, Pacqueens Irabor made the disclosure in Yenagoa, at a seminar organized in partnership with the Ministry of Trade, Industry and Investment.
He called on enterprising Bayelsans to take advantage of the opportunity and key into the bank’s business advisory and long term financing scheme.
Irabor said the loan which is with a 10% interest annually, is readily available for individuals who seek to grow and expand their businesses and urged interested applicants to either apply directly to the bank’s website or their regional office in Port Harcourt, Rivers State.
He said: “If you are into production or manufacturing of any product in Nigeria, the Bank of Industry is ready to support you by way of business advisory to long term financing of three to five years.
“The interest rate is ten percent per annum, if you break that down into twelve months you discover that it is less than one percent per month.
“People can apply through our website or to our state office in Port Harcourt, so that is what we have come to tell Bayelsans so that they know exactly what is required of them to access this fund. This year alone, the objective of the bank for Rivers and Bayelsa States alone is to the tune of N5 billion”.
The Permanent Secretary of the Ministry of Trade, Industry and Investment, Mrs. Patience Ranami-Abah marvelled by the turn out, said the programme was organized to help drive the Prosperity Agenda of the Douye Diri Administration to Bayelsans and boost the economy of the state.
She added that the Ministry will ensure that beneficiaries of the programme are monitored and given the necessary support until they are able to expand their businesses through the loans they will obtain from the bank.
She said: “We’ve seen today a thorough outpouring of the desire for enterprising. We have today over 200 persons that showed up in the single session we had in the morning, we now had to do three sessions to accommodate the crowd that has come out here today.
“When we talk about creating a conducive environment, sometimes it’s the little things, for instance a session like this, bringing people together and giving them the right information and then giving them the opportunity to nurture the information they have obtained.
“It’s not just a one-off, what we need is continuity, to keep building on the momentum and then we’re also going to keep track of their records and see how a session like this has now materialised into expanding industry”.
The President of the Yenagoa Chamber of Commerce, Mr. Ndutimi Komonibo thanked the Ministry for the eye-opening opportunity which will bring more development to the state.
He said they have learnt so much and assured that Bayelsa State is on the pedestal of development, saying they should keep up the good work and deliver on their promises.
The Ministry also promised to make an application centre available in Bayelsa to make it easier for people in the state to apply.