Small business owners in Ogun State have a reason to smile.

The Bank of Industry has waded in to address their capital needs.

So far, the micro credit disbursement by BoI under the Federal Government’s Government Enterprise and Empowerment Programme in Ogun State has hit over 450 million naira.

According to the Development Finance Institution, over 7,000 beneficiaries across 130 associations have so far accessed the marketmoni loans in the state.

A statement from it quoted the Ogun State Governor, Ibikunle Amosun, as saying that during the BoI’s presentation of loan certificates to beneficiaries of the GEEP programme tagged: “Marketmoni alert train don land,” that the Micro Small and Medium Enterprises were a major catalyst for economic growth.

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He added that the MSMEs in the country had not been able to reach their potential due to lack of access to funds.

The Managing Director, BoI, Olukayode Pitan, who was represented by the bank’s Executive Director, Micro Enterprise, Mrs. Toyin Adeniji, was quoted as saying that the objective of the event was to share with associations and cooperative leaders the benefits and how to access the loans.

Pitan said over 80% of micro enterprises lacked access to affordable credit, adding that even when loans were available, they came at very high cost to the borrower.

Are you wondering how to benefit from the initiative? Go and join the nearest SME association in your community. Only associations are recognized not individuals.