BoI Seals N1b SMEs’ Development Pact with Kaduna

The Kaduna State Government and the Bank of Industry (BoI) have signed an agreement to raise N1billion Entrepreneurial Development Fund to boost the operation of small-scale businesses in the state.
Already, the development bank has put the total loan portfolio to Small and Medium Enterprises (SMEs) in Kaduna state till date at N23.6 billion. Based on the term of the agreement, the Kaduna State Government raised the N500 million, while BoI matched it up with another N500 million, to make the N1 billion mark. The fund, which will be given out as soft loans, is aimed at empowering small businesses in the state to, among other things, enable them to process the abundant agricultural products that abound in the state, thereby arresting  the colossal post-harvest losses occasioned by lack of crop preservation capacity.
Source: Daily Trust

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