BoI approves N903.4m loan for SMEs in Gombe

The Bank of Industry (BoI) has approved a total of N903.4 million for the development of Micro, Small and Medium Enterprises(MSMEs) in Gombe State. The Managing Director/Chief Executive Officer of the bank, Mr. Rasheed Olaoluwa, who disclosed this  during the commissioning of BOI’s new office in the state, said that agro-processing accounted for 80 per cent of the loan portfolio.
Olaoluwa said projects  financed through loans from the bank had created 1, 900 direct and indirect jobs in Gombe State.
The BOI and Gombe State entered into a partnership to establish N1.0 billion Entrepreneurial Fund, out of which the state would contribute N500 million.
“The first tranche of the state’s contribution to the Matching Fund in the sum of N250 million was released in August 2011. This amount was equally matched by BOI, thereby creating an initial pool of N500  million for on-lending to entrepreneurs in the State.”