The Federal Government, through the Bank of Industry, is set to disburse a ₦1 billion loan to boost Micro, Small, and Medium Enterprises (MSMEs) across the 20 local government areas of Bauchi State.

The government had earlier announced a ₦75 billion intervention fund to support MSMEs across the country. While speaking in Bauchi on Tuesday, the Project Officer of BoI, Kabir Saidu Musa, said that applications are ongoing, and entrepreneurs can apply via (https://fgnboimsmeintervention.boi.ng) to access up to ₦1 million.

Musa mentioned that, apart from the loan, the government had previously disbursed ₦50,000 grants to beneficiaries across the 20 councils of Bauchi State. According to him, the benefiting SMEs were selected by the Bank’s focal person attached to the state government.

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“For the FGN intervention that is currently ongoing, it is fully online. Those whose applications are successfully submitted will be redirected to our office. We will then verify them, give them a call if necessary, visit the business, and make recommendations for the final approval of the application,” he said.

He explained that the loan would be repaid within three years, with a six-month moratorium and a nine per cent interest rate.

Also, the Representative of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) Bauchi office, Mr Abdulrasheed Aliyu, said the agency provides business development services and business clinics to the beneficiaries.

He stated that this is necessary to ensure the money is utilized for the purposes it was meant for.

He added that the training became essential to avoid the diversion of the funds by the beneficiaries.