BOI approves N6.9bn loans to C/River SME

Managing Director/ chief Executive Officer (CEO) of Bank of Industry limited, Mr Rasheed Olaoluwa has disclosed that they have approved various loans worth N6.9 Billion for many small and medium Enterprises in Cross River State.

He said the loans which are approved at the rate of 8% per annum will soon be disbursed to beneficiaries, adding that they were ready since 30th September, 2015.

He said the approval is to mark the formal opening of its 15th office which situates in Calabar, so that the state would no longer pass through Delta State.

Olaoluwa contended that with the loans side by side with the banks other strategic initiatives, the Micro, Small and Medium Enterprises (MSMEs) in Cross River State now have access to BOI’s development finance and business advisory services.

“We believe that the establishment of the State Office will further strengthen the existing partnership between BOI and the Cross River State Government and improve our service Turn-Around-Time to our customers”.

He said “this better appreciated when viewed against the fact that entrepreneurs in Cross River State were previously served by our Delta State Office, which is a driving distance of at least six (6) hours.”

He further disclosed that BOI has a N500 million Matching Fund partnership with the State Government in which each party contributes

is the sum of N250 million.

He said the pool of funds is for the industrial development of the State, as well as economic empowerment of the people.

The establishment of BOI’s Cross River State Office he said will enable the Bank reach as many entrepreneurs as possible I am pleased to state that BOI had been promoting industrialization in Cross River State long before now.