The Nasarawa State government has partnered with the Bank Of Industry and has earmarked the sum of N500 million to be given as loans to indigenes of the state.
This is being done in a bid to boost the micro, small and medium enterprises across the 13 Local Government Areas of the state.
The state government had approved the sum of N250 million naira as a counterpart contribution for the Youth Revolving Funds Scheme while the BOI also contributed the sum of N250 million.
Speaking during the screening of the loan applicants in Lafia on Friday, the Senior Special Assistant to Governor Abdullahi Sule on Human Capital Development, Habiba Balarabe-Suleiman, said the aim of approving the fund was to provide financial assistance to youths in the state for the take-off or expanding of their businesses.
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She said, “Today’s screening is part of the process of the N500 million Youth Revolving Funds Scheme. We look at business plans that are found viable and review the amounts requested.
“This is to ensure that we give the loans to deserving applicants who are ready to boost their businesses and pay back the loans at the appropriate time.”
The SSA who explained that over 200 indigenes would benefit from the approved sum in the first phase, added that the loans would be given to successful applicants immediately after the screening and verification exercises.
“In the next two to three weeks, we should be able to do our first disbursement. We will give the loans to people who can pay them back so that we can also disburse them for the second round.
“The beneficiaries are over 200 for each round, and the whole scheme is for five years. So, many people will benefit from the gesture of the state government and the BOI,” she added.
