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Abia to establish SME microfinance bank

The Abia State government said it has concluded plans to establish a Small and Medium Enterprise (SME) micro finance bank in October to assist small scale entrepreneurs in the state.

Mr. Gabriel Igboko, Commissioner for SMEs, disclosed this in an interview with News Agency of Nigeria (NAN) in Umuahia.

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He said the bank was one of the three agricultural SME programmes of the state government already approved by Central Bank of Nigeria (CBN).

The commissioner explained that the government would, through the bank, disburse to other SME bodies so that they could have soft loans not normally available in commercial banks.

He said: “By October, we would have completed all formalities to have Abia SME microfinance bank established. The governor has since given his approval. We have gone to CBN and we have met all the conditions. We are just trying to tie all the necessary loose ends in terms of documentation. The micro-finance bank identifies those businesses that would come for as small as N20,000 loans or N50,000 and even up to N500, 000 loans.”

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