Govt offers interest-free loans to SMEs

In what it said were efforts to encourage industrial activities and boost job creation, the Akwa Ibom state government said it will offer 1,000 operators of Small and Medium Enterprises (SMEs) interest free loans to expand their businesses.

The state’s Governor Udom Emmanuel made this known when he met with the traders in Uyo, Akwa Ibom State capital.

The loan, according to Governor Emmanuel, is to help boost their businesses and also alleviate the suffering of the traders.

Read also: BoI secures $100m facility for SMEs

Emmanuel explained that giving SMEs access to fund for projects will stimulate economic activities capable of creating thousands of jobs for the people in the state, as well as provide revenue for government, as those gainfully employed will happily pay taxes.

He called on the businesses to ensure judicious use of the funds and prompt payback , so as to enable others also benefit from the gesture.

He said that SMEs can be used as a vibrant tool for job creation and industrial development in the country, and that the move among other things will help in growing SMEs, and resuscitate industries that have gone under, to boost productive activities in the state.

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