Bank of Industry to empower Ekiti entrepreneurs with N1bn credit facility

Priscilla Ediare, Ado-Ekiti

The Bank of Industry (BOI) has expressed its readiness to provide credit facilities to the tune of one billion naira to empower entrepreneurs in Ekiti State.

The Bank’s manager, Ondo and Ekiti States, Mr Seyi Ashaolu, disclosed this in Ado-Ekiti on Thursday, during a visit to the state commissioner for Trade and Industry, Aare Muyiwa Olumilua.

Ashaolu expressed the bank’s readiness to collaborate with the Ministry and actualise the vision of the state government to raise young entrepreneurs by providing development loans for them.

He disclosed that the bank was ready to give out loans worth one billion naira to individuals with excellent enterprise; identified health, hospitality and food production as areas to of interest.

Ashaolu, however, urged the Commissioner to come up with modalities for recovering previous unpaid loans that were accessed by some entrepreneurs in the state.

In his response, the commissioner commended the Bank of Industry for reviving its partnership with the State Government through the Ministry of Trade and Industry, noted that government would provide the necessary logistics to enable entrepreneurs access the loans.

Olumilua, who expressed displeasure at the inability of previous beneficiaries in repaying past loans, hinted that subsequent loans would be disbursed through Cooperative Societies, so that it would be easier for government to recover the loans.

Similarly, the Director of Enterprise Grooming Institute (EGI), Mr Ade Ajisefini, also expressed the readiness of the institute to work with the Ministry in collating the database of all Cooperative Societies and businesses in the state.

Ajisefini disclosed that EGI would provide support in the areas of sensitization, training of the youths, and revalidation of the Cooperative Societies.