Governor Alex Otti has inaugurated a N1 billion interest-free revolving loan scheme aimed at empowering 10,000 nano and small-scale business owners across the state’s 184 wards in the 17 local government areas. The initiative, known as the Abia State Cooperative Support Scheme, marks a significant step in supporting the growth and development of small-scale entrepreneurs through public sector resources.
Financial Support for Entrepreneurs
The scheme will provide financial support to a minimum of 50 different entrepreneurs in each ward, helping them grow their businesses, support their families, and contribute to local economic growth.
Focus on Rural and Urban Communities:
The initiative addresses the financial challenges faced by small-scale business owners in both rural and urban areas, encouraging productive ventures.
Inclusive Beneficiary Selection:
The first batch of beneficiaries includes a high proportion of female and young entrepreneurs, reflecting their industrious nature and ability to achieve remarkable results with limited resources. Beneficiaries were chosen from petty traders, farmers, and artisans who have been working without structured support.
Future Plans and Commitment
Governor Otti outlined the government’s ongoing commitment to small businesses, with plans to extend support to a larger number of businesses over the next 36 months. The government aims to ensure effective utilization of the loan through periodic reviews and assessments and has proposed building a data-driven economic development model around the initiative.
Expansion and Partnerships
The governor expressed intentions to partner with international development institutions and agencies to expand the funding pool, aiming to reach about one million beneficiaries. This partnership will help provide broader opportunities for small businesses to thrive and enhance economic activity at the grassroots level.
Governor Otti’s launch of the N1 billion interest-free revolving loan is a pivotal initiative to foster economic growth and support small-scale entrepreneurs in Abia State. With a focus on inclusivity, structured support, and future expansion, the scheme is set to significantly impact the state’s economic landscape and uplift its communities.
