The Minority Whip/member representing Arochukwu State Constituency, Abia House of Assembly, Hon. Dr. Mike Ukoha and officials of the Central Bank of Nigeria (CBN) as well as Entrepreneurship Development Institute (EDI), have concluded their sensitization on Entrepreneurship loans and financial management.
Speaking at Atan-Ihechiowa Town Hall and Ututu Community Civic Centre, on Friday, May 22, 2020, Hon. Ukoha, informed people of the two communities, that the programme is a Federal government intervention scheme from the CBN.
He hinted that the establishment of NIRSAL Micro Finance Bank in Arochukwu, was part of measures to help people in Creative & Art Industries, Industrial & Manufacturing, Information Communication Technology, and Hospitality through access to loan facilities, pointing out that for one to have access to the loan, such person must have a hand work.
The Minority Whip, however, informed them that apart from having a skill as a requirement; an applicant must also have a guarantor, and attend a compulsory training with a certified EDI.
He added that as their representative, he would like them to benefit from the programme, just as people from other regions of the country are benefitting.
He noted that while the EDI officials will do the training for five days and issue certificates to successful participants at end, the CBN through NIRSAL, will interview and process the loans to the applicants with acceptable guarantors.
In their remarks, Mrs. Sarah Anaba and Mr. Steve Azubuike of Homeland Consult and Training Institute Ltd, explained that the Institute has been accredited to train individuals on how to manage their money when it is approved.
They informed the people of the procedures: compulsory training, application for loans, approval for funds, production and sales and finally repayment for loans.
The EDI officials, clearly informed them that registration fee is N10,000, while business plan fee is N5,000, and advised those that have no skill, to learn a skill before they can have access to the loan.
On his part, Mr. Elijah Aroh from NIRSAL Micro Finance Bank Arochukwu, a subsidiary of the CBN, highlighted more on Agri-Business Small Medium Enterprises Investment Scheme (AGSMEIS).
He further stated that the CBN, gave NIRSAL the sum of N50 billion to help people as loan, for their businesses, stressing that they must be a guarantor, before a person can qualify for the loan.
In their vote of thanks, a member of Ututu Development Union, Mrs. Stella Ola Kalu and Hon. Kalu Patrick Elechi from Ihechiowa, thanked the Lawmaker and officials for coming and promised to enlighten their people more, on the need to key into the programme.
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