Civil servants in Ebonyi state will soon become beneficiaries of N4 billion matching funds between its government and the Bank of Industry.
This was disclosed in a statement issued by the Bank of Industry (BOI) on Sunday, June 11.
According to the statement, the fund is an aftermath of a N4 billion MSME Matching Fund activated by the state in July 2017.
Managing Director of Bank of Industry, Olukayode Pitan, said the fund was to aid entrepreneurship while developing the agricultural sector in the state.
He noted that the fund is being offered at five per cent and 6.2 per cent for medium term (3 years to 5 years) and working capital financing respectively, with moratorium periods of three to 12 months.
Pitan further stressed that the fund was imperative as it would help develop both the MSMEs and the State’s civil servants who were the engine room for the execution of state policies and programmes.
“So far, the Bank has approved a total of 34 loans valued at over N206 million to MSMEs in the state under the Matching Fund”. He said
“In addition, the Bank has also approved and granted loans worth over N3.17 billion (N1.81 billion disbursed) from its direct funds to 22 other businesses in Ebonyi State.” He added
In his remarks, Ebonyi State Governor, Dave Umahi, said the project was to help civil servants in the state and also ensure that the state’s agricultural sector aptly developed.
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