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

Daily Trust - - BUSINESS - From Eyo Charles, Cal­abar

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.

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