Rivers State Begins Disbursing Interest-Free Loans To SMEs

The Rivers state government has commenced the disbursement of interest-free loans to SMEs and traders. This scheme is set to disburse the sum of N200 million per month. A total of three hundred and ninety-seven (397) traders have benefitted from the first phase of the scheme.

The second phase is expected to start in the second week of next month.
Beneficiaries will be selected from all twenty three (23) local government areas of the state.

Beneficiaries are expected to improve their respective businesses with the help of these loans. The state commissioner for special duties and chairman of the committee on ‘Entrepreneurs Interest Free Loans’, Hon Emeka Onowu, said the loans would be disbursed monthly to the traders. Young entrepreneurs of small and medium-sized enterprises would also be beneficiaries of the scheme.

Onowu thanked the governor for the gesture, and urged beneficiaries to invest the money wisely. Furthermore, he urged them to utilise it for the purpose it was meant, and not for frivolities.

He then stated that despite the economic recession in the country, the state government graciously released the first tranche of the loan.

The commissioner felicitated with the state governor over his resounding victory at the March 9, 2019 governorship election.

He stated that the loan would go a long way to boost the morale and improve the businesses of traders and SMEs.