The Rivers State Government says more than one thousand businesses have benefited from a four-billion-naira support fund scheme.
But sustainability is a major concern with the multi stakeholder
approach to strengthening the private sector.
In May 2024, Governor Siminalayi Fubara flagged off the disbursement of the N4bn State Government-Bank of Industry matching fund loan.
It was designed to provide the much needed financing to help nano, small and medium scale enterprises grow.
The Rivers State Micro Finance Agency, in its report, disclosed that so
far implementation has reached 30% with businesses receiving between 1,000 and 50 million naira.
Reviewing the scheme so far, the agency says the Governor’s vision is
gradually becoming a reality.
The loan was disbursed at a 7.5% interest rate.
Government is appealing to beneficiaries to meet up with their repayment obligations to keep the door of funding open to others.
Entrepreneurs were advised to pay their taxes, have an updated audit of their business accounts and provide collateral to increase their chances of qualifying for loans.
