Yusuf mulls N25b SMEs loan to boost local economy

The Kano State Government has concluded plans to strengthen the state’s economy and boost Small Scale Enterprises with a N25 billion small-scale entrepreneurs support loan.

With about 70 per cent of the funds allocated to entrepreneurs, the initiative is poised to promote economic growth and development in Kano State.

Making this known, the Commissioner for Commerce, Investment, and Industry, Adamu Aliyu Kibiya, at a press conference, said the loan is part of the state government’s efforts to restore Kano’s reputation as a centre of commerce.

According to the commissioner, the scheme is designed to promote entrepreneurship, create job opportunity, and broaden trade and commercial volume in the state.

Kibiya said: “We are committed to supporting small business owners, youths, women, and everyone else looking to grow their enterprises and contribute to the state’s economic development.”

He also mentioned that the loan scheme is aimed at providing financial support to small and medium-scale enterprises, which are the backbone of the state’s economy.

Kibiya disclosed that the scheme would further provide entrepreneurs with access to capital, enabling them to expand their businesses and create jobs.

The loan scheme and the new system for women entrepreneurs are part of the state government’s broader efforts to promote economic growth and development in Kano State.

Kibiya emphasised that to be eligible for the loan, “business owners must register with the Ministry of Commerce added that the importance of registration, is to enable government identify genuine business owners and provide them with the necessary support.

“We encourage all business owners to take advantage of this opportunity and register with the ministry. The loan scheme is expected to have a significant impact on the state’s entrepreneurship ecosystem.

“In addition to the loan scheme, the Ministry of Commerce is introducing a new system to provide capital to women with small and petty businesses in the state.”

He emphasised that the new system will provide women with access to capital, training, and mentorship, enabling them to grow their businesses and contribute to the state’s economic development.

The loan scheme and the new system for women entrepreneurs are part of the state government’s broader efforts to promote economic growth and development in Kano State.

“The government is committed to providing support to entrepreneurs, small business owners, and women, who are critical to the state’s economic development,” Kibiya said.