The Edo State government has disbursed a total of N703,678,950 to 1,681 Micro Small and Medium Enterprises (MSMEs) in the state under the Edo MSME Fund scheme.
The Project Manager, Edo State MSME Fund, Joseph Ojoboh, made the disclosure while speaking on MSME funding in the state.
He said the scheme was conceived by Governor Godwin Obaseki to ease the challenges of access to finance faced by small and medium businesses in the state.
“As of December 2022, 1,681 MSME beneficiaries have received disbursements (Microcredit and SME loans) from the MSME Funds to the tune of N703,678,950.
“We also embarked on a post-sanction mini workshop for the first 32 MSME beneficiaries whose businesses were approved for funding, among other such engagements.”
One of the categories is for micro businesses that need financial loans of N100,000 to N500,000 to grow their businesses. The sum of N500 million was set aside for these businesses.
The second loan category is for N1m to 10m, which is for businesses that are registered as enterprises with the Corporate Affairs Commission (C.A.C.) either as a sole proprietorship business or partnership business. It has certain requirements and documents for its application (as contained in the BOI checklist).
The third one is for N10m to N20m, which is set aside for SMEs that are registered as limited liability companies, and certain criteria are needed to be fulfilled before this loan can be accessed.
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