The government of Abia State has disclosed to the public, its concluded plans to launch a Small and Medium Enterprise (SME) Microfinance Bank in October.
This establishment is being embarked on in a bid to assist small-scale entrepreneurs in the state. The Commissioner for SMEs, Gabriel Igboko, divulged this information in an interview held in Umuahia.
Igboko said that the bank was one of the three agricultural programs of the state government which has already undergone approval by the Central Bank of Nigeria (CBN). He explained that Abia State, through the bank, would be disbursing funds to other SME bodies so that they could have soft loans not normally available in commercial banks.
According to the commissioner, the government would have completed all the formalities to have the SME Microfinance Bank launched because the governor has long given his timeless approval.
He also disclosed that things have been put in place to be on legal terms with the CBN in order to meet all the criteria. The government is pulling efforts to tie all the necessary loose ends in terms of documentation. The microfinance bank identifies the businesses that would approach the platform for as small and USD 55 loans or USD 140 K and even up to USD 1400.
Image Credit: The SME Shop