Abia State Govt To Disburse Interest Free Loans To About 10,000 MSMEs

Abia State Governor Dr Alex otti will on Thursday, launch the Abia State Cooperatives Support Scheme through which an estimated 10, 000 men, women and young people running different micro and small scale businesses in their various communities will benefit from a revolving interest-free loan programme initiated and promoted by the State Government.

Beneficiaries are members of registered community cooperative groups with clearly defined businesses interests that are relevant within their communities.

In the selection of the present batch of beneficiaries, priority was given to women and young people with established micro and small scale businesses in sectors such as agriculture, food and consumables, petty trading, and local crafts, amongst others.

The process is managed by the Senior Special Assistant to the Governor on Cooperatives, Ishmael Onuoha, working very closely with the relevant community stakeholders across the 184 wards in the State- including elected and appointed officials from various parts of the State.

Beneficiaries will be required to repay the loan at no interests within a defined period so that other members within the community cooperatives structure can also benefit as the programme is designed as a revolving loan scheme.

Through this initiative, the Dr. Alex Otti administration is working to enhance business consciousness amongst the people at the grassroots by providing support to those who already have something they are doing but would do better through improved access to funds.

The initiative will help revive many micro and small scale businesses that have shut down in the various communities on account of economic difficulties, and peculiar circumstances.

Importantly, this effort will also support the people at the grassroots to fend for themselves through the proceeds of their businesses, enhancing their productive abilities and opening for them, the doors of bigger opportunities.

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