By James Ogunnaike, Abeokuta

No fewer than 175,000 business owners in Ogun State will benefit from the N150bn Presidential Loan scheme for Medium and Small Scale business holders.

Ogun State Manager of Small Medum Enterprise Development Agency of Nigeria, Mr Abiodun Awoniyi, disclosed this at a stakeholders town hall meeting held with business owners in Abeokuta, to sensitise them on the need to take full advantage of the loan scheme to boost their businesses and further create more job opportunities.

Awoniyi said, under the federal government loan scheme, small and nano business owners are entitled to collect a maximum of N1 million, while business owners with higher capability are to receive N1billion which they are to pay back in three years.

Awoniyi said, “the gestation period of the loan is three years. The payment of interest on the loan starts three months after collection while the payment of both the interest and principal begin after six months. They are to register online or walk into any branch of Bank of Industries for any other clarification. 

“The truth is that you don’t have to know anyone to benefit, once you registered and you are deemed qualified having satisfied all the conditions, you will be shortlisted to access the loans”.

Awoniyi said that the business owners in the state should embrace the opportunity and stop disbelieving every good intention of the government 

“Our people are always quick to disbelieve the good intentions of the government, in fact, the people of Ogun State are among the lowest when it comes to benefitting from government initiative such as this, this is why we are using this opportunity to urge the people to embrace this government intervention to boost their businesses and further create more employment opportunities”, SMEDAN boss added.

Also speaking, the State Manager of the Bank of Industry (BOI), Mr. Michael Agidani confirmed that over 20,000 residents, across the 20 local governments area of the state benefitted to the tune of over N1bn under the FG N50bn cash grants.

Agidani urged business owners to register for the FG Presidential Loan which has been put in place to support the growth of businesses in the country.

He said that those to benefit from this FG loan support with 9% interest, must have registered their business with Corporate Affairs Commission, possess National Identification Number, Bank Verification Number, a guarantor which must be a civil servant or a professional such a lawyer among others.

He disclosed that the loan is repayable under a 3-year period with an incubation grace period of three months.

Speaking earlier, the State Commissioner for Industry, Trade and Investment, Mr Adebola Sofela said that the N200b Presidential Intervention Fund, including the Presidential Conditional Grant Scheme and Loan Scheme, represents an invaluable opportunity for MSMEs and manufacturing businesses to access vital financial support.

Sofela, who was represented by the
Special Adviser to Ogun State Governor on Investment, Mrs. Oluyemisi Somorin-Dawodu, said the fund is designed to help enterprises scale up, strengthen operational capacity, and contribute more effectively to the local and national economy. 

While commending President Bola Tinubu for the initiative, Sofela urged the business owners in the state to maximise the opportunities the scheme offers and should not hesitate to get in touch with the ministry in case they are having any challenge registering for the loan support programme.

All stakeholders and representatives of different business groups at the meeting appealed to the federal government to expand the loan initiative, in order to make it more accessible and accommodate more beneficiaries in the state.

The representatives, which included the Public Relations Officer (PRO) of People With Special Needs (people living with disabilities), Abayomi Salako among other various business sectors, lamented the significant financing gaps as a major hindrance to economic progress in the country, hence the need for the federal government’s assistance.