11,000 entrepreneurs apply for CBN-MSMES loan in Ekiti

Over 11,000 small and medium scale entrepreneurs in Ekiti State have applied for loans through the state government, under the N2 billion Central Bank of Nigeria (CBN), Micro, Small and Medium Enterprises Development Scheme (MSMES).

The State Commissioner for Commerce Industries and Cooperatives, Michael Ayodele, who made this known in Ado Ekiti, disclosed that the biometric data of over 8,080 of the applicants have been captured in the exercise, embarked upon to verify their claims and ensure disbursement of funds to only authentic entrepreneurs.

According to him, the first tranche of N5 million would be disbursed as soon as the verification process was completed, adding that 5,000 people would benefit from the tranche.

The Commissioner explained that the scheme was being managed by the Ekiti State Government/Central Bank of Nigeria/Micro, Small and Medium Enterprises Development Fund Technical Committee (EKSG/CBN/MSMES) and would be disbursed through selected micro-finance Banks to successful
applicants.

Appealing to proposed beneficiaries to exercise patience, Ayodele stressed the need for a thorough screening of applicants towards ensuring judicious use of the fund.