Lagos East Senator, Abiru unveils N300m constituency revolving loan for MSMEs at 6% per annum [APPLICATION LINK ATTACHED]

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The senator representing Lagos East, Mukhail Adetokunbo Abiru on Thursday unfolded N300million Constituency Intervention Revolving Loan of six per cent per annum for Micro, Small and Medium Enterprises and entrepreneurs and youths in the district.

He said the empowerment scheme would reduce unemployment and contribute to poverty alleviation.

Abiru said he targeted Micro, Small and Medium Enterprises (MSMEs) because they were critical to job creation, income redistribution, mobilisation of small savings, technological adaptation and economic inclusion.

Lagos East stakeholders joined top government functionaries and private sector operators for the unveiling at the Funplex Event Centre, Ikosi-Ketu, a Lagos suburb, presided over by an eminent accountant and banker, one-time Commissioner for Finance in Lagos State and All Progressives Congress (APC) Governance Advisory Council (GAC) member Olawale Edun.

Dignitaries included Governor Babajide Sanwo-Olu’s representative, Gboyega Soyanwo, Deputy Chief of Staff, Deputy Governor Obafemi Hamzat’s representatives Ade Adebowale; GAC members-former Deputy Governor Abiodun Ogunleye, Asiwaju Olorunfunmi Basorun, Omooba Muyiwa Sosanya; Kayode Pitan of Bank of Industry, former Education Commissioner Mrs. Olayinka Oladunjoye, and House of Representatives candidate for Kosofe Constituency Alhaja Kafilat Ogbara.

The historic event was also witnessed by the Ranodu of Imota, Oba Ajibade Agoro, Sekumade of Ipakodo, Oba Aremu Sotonwa, Oba Balogun Oyero of Ketu, council chairmen-Sesan Daini (Igbogbo-Bayeku) and Bolanle Bada (Ikosi-Ketu); Segun Olulade, Rotimi Abiru, Dr. Muritala Seriki and former Somolu Council chairman Gbolahan Bagostowe.

Lauding the initiative, Edun, who chaired the ceremony, hailed Abiru’s commitment to public welfare, urging the beneficiaries to utilise the opportunities judiciously.

Abiru said the scheme was in furtherance of his commitment to the improvement of economic lives and empowerment of Lagos East people and last year’s capacity building forum for over 1,000 MSMEs.

He described access to finance as one of the biggest challenges confronting small businesses, saying many MSMEs, out of desperation, took loans from informal financial markets and finance companies at outrageous interest rates, sometimes as high as between 50 per cent and 120 per cent per annum.

Abiru said MSMEs were also subjected to many complex requirements, including loan collaterals, strenuous documentations and bureaucratic processes, which impeded access to credit by small businesses.

The legislator said the Constituency Intervention Revolving Loan would bring succour to small businesses in the Lagos East.

He said to ensure the sustainability of the scheme, his team developed a risk management framework to make it an enduring and revolving facility that would impact more people beyond the first round of beneficiaries.

Abiru said: “Target beneficiaries are micro and small businesses in the Lagos East Senatorial District and duly registered with the Corporate Affairs Commission (CAC).

“Applicants must provide a recent tax clearance certificate, LASRRA ID, Bank Account Details, BVN, NIN, evidence of training with a recognised enterprise development centre, ATM card (valid for the next 12 months).”

He thanked Bank of Industry (BOI), Lagos State Employment Trust Fund (LSETF) and Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) for their partnership and contribution to the intervention.

He said their support had broadened the scope of the scheme, and their respective contribution of N100million each aggregated to the fund size of N300million.

Interested entrepreneurs can apply for the loan HERE.

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