Drive for MSME’s growth: Umuahia North mayor seeks partnership with financial institution.

The Editor, Umuahia.

In pursuit of adequate financial support for small and medium scale businesses in Umuahia North local government area of Abia state, the mayor, High-Chief Victor Ikeji Thursday 25th April 2024, paid a working visit to the acting manager of the Bank of Industry, Abia State, Mrs. Rose Akor.

in a press statement by the chief press secretary to the council boss, Tochukwu Eluwa, the visit was fruitful and revealing

In the statement, the mayor said he was at the Bank of Industry (BOI) to seek a partnership with the bank that would guarantee Micro, Small, and medium-scale enterprises (MSMEs) within his council benefit from the two hundred billion naira (#200billion) business intervention of the federal government announced by the Federal Ministry of Industry Trade and Investment (FMITI).

The council boss said there are several ways the council can partner the industrial bank in the state to ensure people optimally apply as well as benefit from the program and assured of readiness to provide an office or a desk officer within the council who will be trained by the (BOI) to assist interested MSMEs prospectives apply online as well as guide them through the process.

The Mayor also promises to assist the bank in the areas of sensitization and awareness creation to ensure people are aware of the programs and activities of the bank as well as how to take advantage of them.He promised to give the industrial bank all the support it requires to ensure entrepreneurs within his council benefit from the programs of the Bank.

The acting manager of BOI in the state, Mrs. Rose Akor appreciated the Mayor for the visit and described the visit is timely which will be mutually beneficial.

According to her, the industrial bank has indeed been having difficulty in getting people to enrol in some of the loan and grant schemes it has previously launched in the state , saying that some entrepreneurs erroneously believe that the loans and grants rolled out by the bank or federal government are for a predetermined few.

“The bank works with processes and standards. Once you meet the criteria, you don’t need to know anyone for you to receive the applied funds for your business,” she stated.

Mrs Akor said she would be very happy to collaborate with the Mayor, especially in the area of sensitization to ensure more people take advantage of many of the business support programs the government is rolling out through the bank.The BOI Abia boss promised to reciprocate the visit of the Mayor, so they can sit and fine-tune areas of possible collaboration between the bank and the council.She also disclosed that there is a business support program the bank is about to launch, known as the “Rapid Funds.”

She disclosed that this business support is strictly for businesses within rural areas and would require the the council play a crucial role in identifying and sensitizing those who are eligible to access the fund.

The Mayor was accompanied on the visit by the Head of Service, ESV. Onugu Okechukwu Mba, the Chief of Staff, Prince Goodluck Ohazuruike, the Head of Personnel, Lady Ndidi Cosmos Ndukwe, the Special Adviser on Revenue and Policy Formulation, Hon. Nelcinn Chimex Uluocha, the director of Protocol, Rex Iheanyi Ogbuagu, and his Personal Assistant Esobe Utonwanne.