SMEs Empowerment As A Catalyst For Socioeconomic Development In Abia
By Paul Kalu
Umuahia–Efforts of Governor Okezie Victor Ikpeazu in supporting and promoting SMEs in Abia state cannot be overemphasized.
Like the saying that a golden fish has no hiding place, so also the passion and policies of Governor Okezie Victor Ikpeazu in using SMEs in the State as a catalyst for socioeconomic development was discovered by the Presidency.
Earlier this year the Vice President launched the MSMEs clinic in Abia as the SME capital of the nation and that event marked the beginning of a robust partnership between the State government under Governor Okezie and the Federal government through the Bank of Industry in giving life to thousands of SMEs in the state.
This time about 30,000 SMEs in Abia will receive the sum of N100,000 each on interest free and collateral free basis. This loan is meant for our market women, artisans, shoe Makers in Ariaria and even pure water distributors. For this set of people, the money will have a great impact on their business.
The socioeconomic impact of injecting N10billion into our economy can never be overemphasized. The boost it will give to many business, many small businesses at the verge of collapse will be revived, crime rate will reduce, and many families will be able to provide for their families. This program will totally deal with the hurdles faced by SMEs in their bid to raise capital from banks and other financial institutions.
In line with this, on Friday 20th October, 2017, the Vice President and the Governor of Abia State, in company of the Economic Adviser to the President and other officials from the Presidency will formally commission the "One-Stop-Shop" for MSMEs in Abia.
The idea is to bring all the MDAs that interfaces with entrepreneurs like NAFDAC, CAC, SON, FIRS, CBN, BOI, BOA etc post one of their key staffs permanently there to respond to issues and queries around SME development in Abia state. This is to ensure our people maximally benefits from the entrepreneurial development plans of the government.
On Friday also, all those who are beneficiaries of GEEP (Government Enterprise Empowerment Program) will be issued Certificate of Disbursement by the wife of the Governor.
The Focal person of Social Investment program in Abia State, Mr Chinenye Nwogu stated that though the maximum a beneficiary can receive is N100,000 the Social investment office has received a leeway to increase to N250,000. That is to say after six months, the BOI will assess the behavior of the beneficiaries and then increase their money to N250,000.
No collateral is needed to access the loan.All that is required is being a member of a Cooperative Society, and if you don't belong to any, you r encouraged to register one with minimum of ten members. To facilitate this process the Governor has signed a waiver that makes registration of Cooperative societies easy and cheap.
This opportunity will strengthen small businesses and boost the rural economy of the State and also improve the ease of doing business in the state.
Paul Kalu writes from Umuahia. (No collateral is needed to access the loan.All that is required is being a member of a Cooperative Society, and if you don't belong to any, you r encouraged to register one with minimum of ten members. To facilitate this process the Governor has signed a waiver that makes registration of Cooperative societies easy and cheap.
This opportunity will strengthen small businesses and boost the rural economy of the State and also improve the ease of doing business in the state.
Paul Kalu writes from Umuahia.
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