The government of Delta State has clarified the delay in the disbursement of the N1billion soft loan it approved for Micro, Small and Medium Enterprises (MSME) in the state, assuring that the loan will be ready for disbursement soon.
Executive Assistant to Governor Sheriff Oborevwori on Public Enlightenment (Projects and Policies), Mr. Olisa Ifeajika, disclosed this whilespeaking with newsmen in Asaba.
Ifeajika recalled that the Commissioner for Economic Planning, Mr. Sonny Ekedayen, had on February 14, 2025, announced the state government’s approval to set aside N1billion soft loan at a single-digit interest rate to grow MSMEs in the state.
He said that the perceived delay in the take-off of the initiative is due to proper documentation by way of signing the memorandum of understanding between the state government and the Bank of Industry (BoI), the funds manager.
The governor’s aide said the choice of the bank as the fund manager was deliberate, due to its expertise and years of experience in handling such funds.
Ifeajika added that the loan will accommodate both existing and new MSMEs in the state.
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According to him, the loan scheme covers all residents operating their businesses in the state, and is at a single digit interest rate.
He stressed that the state government’s intention is to build and grow the MSMEs, and the state’s economy, adding that there are no political colorations to ensure an operator accesses the loan.
The governor’s aide added that the qualification to access the loan is to be a resident business operator, proffer proper documentation and apply through the Bank of Industry.
He said “the qualification is just do your business in Delta State and present your qualifications to the Bank of Industry for assessment.
“The fund is ready, but the people cannot access it now. It will be ready in a few weeks after the proper documentations are done by way of signing a memorandum of understanding between the state government and the bank.
“The economy of any nation revolves around the MSMEs. This informed the state government’s decision to earmark the N1billion loan for MSMEs to grow the state economy.”
