Irrua: In a bid to further boost small businesses, the Edo Government has partnered with the Bank of Industry (BOI) and LAPO Microfinance Bank to expand access to credit facilities for Micro, Small, and Medium Enterprises (MSMEs). Mr Amen Odigie, Managing Director, Edo State Investment Promotion Office (ESIPO), disclosed this on Friday at a crucial information session in Irrua, Esan Central Local Government of the state.
According to News Agency of Nigeria, the partnership aligns with Gov. Monday Okpebholo's vision on renewed support for grassroots economic development. The initiative aims to unlock growth for local entrepreneurs across the state. Mr Odigie also shared information about other loan opportunities, including the new N75 billion Federal Government MSME intervention fund, emphasizing the proactive approach of the government in seeking financing channels for businesses.
Mr Joseph Edom, state Manager of BOI, educated participants on the N75bn loan programme, which offers loans ranging from N1-N5 million with accommodating interest rates. He emphasized the importance of applicants being prepared with proper documentation and business registration.
Similarly, Ms Sofia Oke, LAPO Microfinance Bank's Mega Branch Manager, described the bank's MSME-specific products, focusing on supporting small traders often excluded from conventional banking services. She highlighted the potential for business growth with the right records and discipline.
The session also addressed common credit access barriers such as lack of collateral, poor documentation, and business informality. Participants were encouraged to register with the Corporate Affairs Commission (CAC) and maintain a good credit history to improve their chances of accessing loans.
In a goodwill message, Secretary to the Esan Central Local Government, Pastor Eromosele Davies Oigbochie, representing the council chairman, reaffirmed the local government's support for MSME-focused initiatives, emphasizing the importance of empowering small businesses to build a resilient local economy.