Chamber signs MoU to boast SMEs in Edo

The Benin Chamber of Commerce, Industry, Mines and Agriculture (BENCCIMA), says it has signed a Memorandum of Understanding (MoU) that would boost Small and Medium Enterprises (SMEs) in Edo.

The Director-General of the chamber, Mr John Imalingmhe, disclosed this on Sunday in Benin in an interview with the News Agency of Nigeria (NAN).

The director-general said that the Memorandum of Understanding was signed with a financial institution, Grofin Nigeria Ltd.

According to him, Grofin is an international finance institution that provides investment and business support to SMEs in the Niger Delta.

He said that the key area of cooperation between BENCCIMA and Grofin as contained in the MoU was to provide medium term loans (3-5years) to the SMEs operators through the chamber.

The director-general said that the collaboration would help grow businesses and create employment in the state.

“We want to help businesses to grow; we want to generate employment in the state and take our youths away from crime.

“We have reached out to different committees to ensure that all applicants had access to the loan and also to ensure that those recommended will use the fund judiciously,” he said.

He said that the loan would range from N2million to N10 million, with an interest rate of between 5 per cent to 12 per cent per annum.