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Framers, traders and businessmen in Enugu State have lauded President Bola Tinubu for supporting Micro, Small and Medium Enterprises (MSMEs) with grants and loans that improved their businesses leading to expansion<!--more-->

The farmers, traders and businessmen gave the commendation during a Town Hall meeting on Presidential Grants and Loans Scheme for MSMEs in Enugu on Tuesday.

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The beneficiaries, especially those that got the Presidential Nano-business grant of N50,000, noted that the scheme “is never a scam but real with seamless protocol that made the grant access easy.

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Mr Uchenna Eneh, livestock farmer from Udi Local Government Area, said that he invested the free N50,000 grant he collected through the Presidential Grant on expanding his livestock business and “God really blessed me with the grant”.

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“I used the money to buy two hybrid piglets and their feeds about some months ago.

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“As I am speaking with you, just last week, one of the piglets gave birth to four piglets; while the other one her pregnancy had reached an advance stage and getting ready to deliver as well.

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“So, I must say that the grant helped me a lot and I can ‘eye-mark’ what is used it for and its benefit to my business today,” Eneh said.

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Mr Chikezie Igwe, businessman dealing on provisions in Aninri Local Government Area, said that the Presidential grant had enabled his provision business to survive the harsh economy as the whole money went into his business directly.

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“The money was like God-sent, as it assisted me greatly to continue in business even when the cost of restocking my provision items went up at a time before the money came,” Igwe said.

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Mr Julius Azi, a sachet water producer in Awgu Local Government Area, said that the grant given to him was used to meet production needs of his factory.

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Azi noted that at a time, “the production cost for sachet water skyrocketed but with the grant coming timely, we are able to stay in business till today,” he said.

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Mr Ifeanyi Obah, a printer and trader on yam tubers from Ukehe community in Igbo Etiti Local Government Area, noted that he invested the money in expanding his yam tuber sales business.

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“I used it to invest in my yam sales business, as a buy in Benue State and sell in Enugu here and since getting the grant, the business had steadily grow,” Obah said.

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Earlier, the Bank of Industry (BOI) Manager in Enugu State , Mrs. Anulika Akabogu, said that the Federal Government through the Presidential Grants and Loans Schemes
had set up a ₦75billion intervention loan for MSMEs.

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According to Akabogu, the intervention loan is aimed at assisting the cost of production of 75,000 MSMEs in Nigeria.

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She said beneficiaries would get ₦1m loan to enable them to boost their businesses, adding that those operating sole prorietorship, partnership, and limited liability company are qualified for the intervention.

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"The loan has nine per cent interest rate per annum and a maximum of three years, including three months moratorium on principal and interest.

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“Any business seeking for the intervention loan must be registered with the Corporate Affairs Commission of Nigeria.

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“MSMEs applicants will apply for the loan through a dedicated loan application portal on www.fgnboimsmeinterventionloan.boi.ng.

“Only applications made on the loan portal and with complete documentation will be processed.

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“Successfully appraised and approved loans will be disbursed accordingly”, Akabogu said.

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In his remark, the Special Adviser to the Enugu State Governor on Small and Medium Enterprises (MSEs), Mr Arinze Chilo-Offiah, commended the Federal Government for setting up the intervention grants and loans.

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Chilo-Offiah described the grants and loans as a huge relief to business owners and enterprises due to the high cost of operating a business in Nigeria.

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He urged business owners in the state to apply for the Presidential intervention grants and loans in order to expand their businesses.