In its resolve to create wealth and boost small and medium enterprises (SMEs) in the state through artisans and petty traders in Abia State, Governor Okezie Ikpeazu has officially opened the Abia SMEs Microfinance Bank in Aba as well as flagged off N10million Micro Credit Scheme for low income traders in the State.
Ikpeau, while speaking during the event at No 17B Ngwa Road Aba, said that N10 million credit scheme was specifically for the ordinary traders and recommended that six out of every 10 beneficiaries in the first phase of the credit scheme would be women.
The governor said that the idea of the bank was to create multi-millionaires in the state through the Small and Medium Scale Enterprises.
He stated that his expectation was that the bank would target at empowering 100 persons each month and urged all to open accounts with the bank.
According to Ikpeazu, “Abia government would use this project to save traders from long processes of collateral from commercial banks,” adding that the collateral needed to benefit from the scheme was ideas from the prospective beneficiaries.
He disclosed that his interest in the Abia SME Bank was that it was an opportunity for the people of the state to access available funds from the Federal Government, the CBN, Bank of Industry, among others.
He assured that he would continue to fund SME in the state, while stressing that the location of the bank was strategic for traders in Aba.
Governor Ikpeazu, who used the opportunity to inform that the first set of Made-in-Aba shoes which would emanate from the newly installed automated shoe factory would be out in few weeks’ time called on Aba residents to leverage on the constant electric power in Ariaria International Market to better their lots.
Commissioners for SME, Onyema Wachuku his Trade & Investment counterpart, Cosmas Ndukwe and that of Industry, Uwaoma Olenwemgwa respectively said Abia State believed in the entrepreneurs and was ready to support them in various ways, including establishment of the bank, specially dedicated to the Small and Medium Scale Entrepreneurs.
UDOKA AGWU, UMUAHIA
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