Under the Edo MSME Fund program, the Edo State government has given N703,678,950 to 1,681 Micro Small and Medium Businesses (MSMEs) in the state.
While discussing MSME funding in the state, Joseph Ojoboh, the project manager for the Edo State MSME Fund, disclosed this information.He claimed that Governor Godwin Obaseki came up with the plan to help small and medium-sized enterprises in the state that were having trouble getting access to financing.
“As of December 2022, 1,681 MSME beneficiaries had received disbursements from the MSME Funds totaling N703,678,950 in the form of microcredit and SME loans.”Among other similar events, we also started a post-sanction mini session for the first 32 MSME recipients whose enterprises were authorized for funding.”One of the categories is for small enterprises that require loans between N100,000 and N500,000 to expand. For these enterprises, N500 million was set aside.
For firms that are registered as enterprises with the Corporate Affairs Commission (C.A.C.) as either a sole proprietorship business or a partnership business, the second loan category is for N1m to N10m.
To apply, there are a number of prerequisites and documentation (as contained in the BOI checklist).The third one is for SMEs that are registered as limited liability firms, and it is for N10 million to N20 million.and certain criteria are needed to be fulfilled before this loan can be accessed.
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