By Emma Ujah
The National Economic Reconstruction Fund (NERFUND) which has been moribund for several years has bounced back and now calling on entrepreneurs with bankable business proposals to come forward with them with a view to obtaining loans to finance such businesses.

According to the organisation in a statement issued in Abuja at the weekend, although there had been a lull in its activities in the recent past, it has now been re-positioned ready to provide loans for businesses that could boost the economy as part of President Umaru Yar’Adua’s 7-point agenda.

“NERFUND Managing Director/CEO, Malam Baba Gimba, is therefore encouraging eligible members of the investing public who have bankable proposals for the establishment of Micro, Small and Medium Scale Enterprises to forward such proposals to the FUND for consideration and possible funding”, he said.

“It is true that there was a lull in the operations of the FUND right from the inception of the present democratic dispensation. This was as a result of the stalemate that attended the protracted reform of Development Finance Institutions (DFls),  which has since culminated in the merger of NIDB and NBCI to form the Bank of Industry (BOI),” NERFUND said in the statement signed by its Head of Corporate Affairs, Mr. Dahiru Ali.

It explained that following the conclusion of that merger, the Federal Government has reversed the stalemate and starting from this January, NERFUND shall commence the receipt of applications and disbursement of funds to support the establishment of Micro, Small and Medium scale Manufacturing Enterprises (MSMEs). The fund said it would be partnering with SMEDAN and NDE to aggressively stimulate the rapid setting up of MSMEs.

NERFUND was established in 1989 as an apex institution to help catalyze the development of SMEs. Such SMEs must be wholly Nigerian owned and engaged in the business of manufacturing, mining, quarrying and industrial support services, among others.  The fund has disbursed about $130 million and N3.061 billion to 266 projects across the country, out of which it said loans granted 224 of them have been fully re-paid.

It was learnt that funds for financing of MSMES was recently released to the organisation by the Federal Ministry of Finance, which can now be accessed by entrepreneurs.