Business

Rivers Rolls Out Loan Scheme for Small Businesses

In an effort to invigorate the local economy, Rivers State Governor Siminalayi Fubara announced the launch of a substantial micro, small, and medium enterprise (MSME) fund. The initiative, a collaboration between the Rivers State government and the Bank of Industry, has allocated over N3.6 billion to assist approximately 3,066 MSMEs and 100 companies, including those owned by non-indigenes.

Governor Fubara expressed satisfaction with the professional manner in which the beneficiaries were selected and the successful rollout of the scheme. “The loan scheme is one sure way of stimulating our state’s economy and improving the livelihood of our people,” he stated at the event.

He further encouraged the recipients to utilize the funds judiciously. Highlighting the importance of diligence, Governor Fubara emphasized his confidence in the program’s potential to significantly boost the state’s economic landscape.

This financial injection is expected to provide essential support to small businesses, fostering growth and encouraging entrepreneurship within the state. The move is seen as a strategic step to enhance economic activity and job creation in Rivers State, ensuring a more robust economy and improved standard of living for its residents.

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