Home » News » Zulum launches N1bn curiosity free mortgage to small scale companies

Zulum launches N1bn curiosity free mortgage to small scale companies

Zulum launches N1bn curiosity free mortgage to small scale companies

Duku JOEL, Maiduguri

Borno State Governor, Babagana Umara Zulum Wednesday launched the disbursement of 1 billion naira mortgage scheme to small and medium scale companies in Borno State.

Our correspondent who witnessed the event studies that the beneficiaries are principally ladies teams, dealer unions and associations who’re serving as sureties for his or her members.

The mortgage in response to the governor is one billion naira first tranche of two billion naira mortgage to small and medium scale entrepreneurs by the Borno State Authorities in collaboration with Financial institution of Industries put collectively by the Borno Renaissance Micro Finance Financial institution Restricted.

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Zulum knowledgeable that the mortgage is focused at Small and Medium Scale Entrepreneurs within the state which have been affected by the Boko Haram insurgency and the current COVID 19 illness.

He famous that the credit score facility will revive enterprise actions in Borno State, encourage employment alternatives within the non-public sector in addition to increase the sources of earnings of the teaming unemployed youths within the state.

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“At the moment, 15,861 people who’re members of 12 Commerce Union and Associations are anticipated to learn from this disbursement amounting to N994,930,000.00. This mortgage is curiosity free and its payable in four years with moratorium interval of 6 months inside which enterprise are anticipated to choose up and generate revenue,” Zulum introduced.

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He referred to as on the Associations to observe their members and make sure that the monies are recovered, stressing that, “any particular person who is ready to settle the disbursed quantity inside the stipulated time shall take pleasure in 50% waiver and shall mechanically qualify for one more mortgage.”

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The governor additionally introduced that his authorities is in excessive stage talks with the Central Financial institution of Nigeria, African Improvement Financial institution and the Islamic Improvement Financial institution to create extra widows of alternatives for small and Medium Scale farmers within the state.

He urged that beneficiaries to make good use of the cash by investing it into companies and never use it for private consumption.

Zulum launches N1bn curiosity free mortgage to small scale companies

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