So, the Central Bank of Nigeria, CBN had set aside 220 billion naira that would be disbursed as loans to small businesses who belong to cooperative societies.

The money was provided under Micro Small and Medium Enterprises Development Fund (MSMEDF).

On Monday, Mr. Isaac Okorafor, who is the Director, Corporate Communications Department of the CBN, told newsmen in Gombe that the loan was set specifically aside to encourage artisans.

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These include: People into vulcanising works, hair dressing and barbing among others, especially those who employed others to work with.

Okoroafor was speaking during the bank’s programme on Promoting Financial Stability and Economic Development.

“If you empower this group of people, the economy will move faster because they will also employ others,” he said.

He added that they were encouraged to apply for the loan because they would not be able to access such in commercial banks, where they needed to have a collateral.

“This is the reason why we made the provision for this loan for them to access through their cooperative organisations. All they need to do is to open an account with a bank, operate it for some time and apply.

“The loan is without collateral and the interest is only 9%.” he said.

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