The Bank of Industry has maintained its commitment to improve access to cheap finance, saying that the N75bn intervention fund is open to all MSMEs to use and contribute their quota to growth and development.
The BoI noted that the financing is targeted at producing around 75,000 direct jobs and 150,000 indirect jobs nationally
The Bank made the disclosure at the Presidential Loan Clinic for MSMEs held over the weekend in Abuja where top government officials, industry stakeholders, and beneficiaries gathered to deliberate on the progress and challenges surrounding the loan initiativeSpeaking at the event, the Managing Director/Chief Executive Officer of the Bank of Industry, Dr. Olasupo Olusi, provided clarity on the implementation status of the fund.
He was represented by Mr. Yinka Adegboye, Divisional Head, Multilaterals Division.
While loans have been granted for many applicants, he said that payouts are being delayed in some situations due to missing documentation and other compliance issues that may easily be remedied
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