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Ondo Grants N1 billion to Entrepreneurs

By on August 23, 2012

The Ondo State Commissioner for Commerce and Industry, Tayo Akinjomo says the state government has so far disbursed the sum of N1 billion to Small and Medium scale Entrepreneurs.

He told the News Agency of Nigeria (NAN) in Akure on Saturday that the aim of this was to generate wealth and alleviate poverty in the state.

The commissioner said it was the wish of the state governor that all applicants be given the loan without any delay.

“But the bank’s conditions have to be met before any disbursement. This was why an appeal was made to intending beneficiaries to exercise patience.

“The governor has stepped down some of the conditions for accessing this loan for some groups of unemployed graduates to enable them become self-employed,’’ he said.

Akinjomo commended the management of the Bank of Industry (BOI) and officials of the ministry for doing a thorough job in the disbursement process. He said 80 indigenous Small and Medium scale Entrepreneurs had benefited from the first phase, while 70 would benefit in the second phase.

The commissioner appealed to the beneficiaries to make judicious use of the fund and pay back on time for others to also benefit from the scheme.