Nasarawa begins loan disbursement from N500 million revolving fund – Official
The Director-General, Nasarawa State Human Capital Development Agency (NSHCDA), Habiba Balarebe-Suleiman, says four entrepreneurs have so far benefited from government’s N500 million revolving loan.
She disclosed at a press conference on Friday in Lafia, describing the revolving loan as real and urged the public to disregard any insinuations to the contrary.
According to her, the interaction was aimed at updating the public on the initiative by government in collaboration with the Bank of Industry (BOI), geared towards empowering the youths with the fund needed to set up their businesses towards becoming self-reliant.
She explained that new business owners as well as owners of existing businesses have applied through the agency’s portal and submitted business proposals to enable them benefit from the soft loan.
“We received 89 applications for batch A but many of the proposals failed to meet conditions of registration of Corporate Affairs Commission (CAC).
“After thorough screening, only four proposals met the condition of the scheme and were given between N1 million and N3 million to support their businesses.
“I can tell you that the businesses that received the support are already doing well and the owners have employees working under them,” she said.
She noted that under the agreement, the state government provided N250 million and the Bank of Industry provided same amount and the money is being managed by the bank.
She further explained that the application is done online and the selection process for beneficiaries is transparent, devoid of religion, tribal or political sentiments.
Balarebe-Suleiman therefore encouraged entrepreneurs to apply and benefit from the laudable initiative aimed at reducing poverty and engaging the youths in order to make them unavailable for crimes.
