175,000 Ogun businesses may get N150bn loan – Official

The Ogun State Manager of the Small and Medium Enterprise Development Agency of Nigeria, Mr Abiodun Awoniyi, on Tuesday, said that the Federal Government is targeting to assist at least 175,000 business owners under its N150bn presidential loan scheme for medium and small business holders in Ogun State.

This is just as about 20,000 people were said to have received over N1bn in the state under the N50bn Federal Government cash grant.

Awoniyi disclosed this during a stakeholders’ town hall meeting held with business owners in Abeokuta to sensitise them on the need to take full advantage of the Federal Government loan package to boost their business and further create more job opportunities.

He said that under this Federal government loan scheme, small and nano business owners are entitled to to collect a maximum of N1m while business owners with higher capability are to receive N1bn which they are to back under three years.

Awoniyi said, “The essence of the townhall meeting is to sensitise our people, the business owners on the Federal Government loan scheme under which small business holders can receive up to a million naira while business owners with higher capability can receive up to N1bn.

“The gestation period of the loan is three years. The payment of interest on the loan starts after three months, while the payment of both the interest and principal begin after six months. They are to register online or walk into any branch of Bank of Industries for any other clarification.

“The truth is that you don’t have to know anyone to benefit. Once you registered and you are deemed qualified, having satisfied all the conditions, you will be shortlisted to access the loans”.

Awoniyi said that the business owners in the state should embrace this opportunity and stop disbelieving every good intention of the government.

“Our people are always quick to disbelieve the good intentions of the government; in fact, the people of Ogun State are among the lowest when it comes to benefitting from government initiatives such as this. This is why we are using this opportunity to urge the people to embrace this government intervention to boost their businesses and further create more employment opportunities”, SMEDAN boss added.

The State Manager of BOI, Mr Michael Agidani, confirmed that over 20,000 residents across the 20 local governments in the state benefitted to the tune of over N1bn under the FG N50bn cash grants.

Agidani urged business owners to register for the FG Presidential Loan, which has been put in place to support the growth of businesses in the country.

He said that those to benefit from this FG loan support with 9% interest must have registered their business with the Corporate Affairs Commission, possess a National Identification Number, Bank Verification Number, and a guarantor who must be a civil servant or a professional such as a lawyer among others.

Speaking earlier, the Commissioner for Industry, Trade and Investment, Mr Adebola Sofela, said that the N200b Presidential Intervention Fund, including the Presidential Conditional Grant Scheme and Loan Scheme, represents an invaluable opportunity for MSMEs and manufacturing businesses to access vital financial support.

Sofela, represented by Mrs Oluyemisi Somorin-Dawodu, Special Adviser to Gov Dapo Abiodun on Investment, said that the fund is designed to help enterprises scale up, strengthen operational capacity, and contribute more effectively to the local and national economy.

While lauding President Bola Tinubu for the initiative, Sofela urged the business owners in the state to maximise the opportunities the scheme offers and should also not hesitate to get in touch with the ministry in case they are having any challenges registering for the loan support programme.