Governor of Rivers State, Siminalayi Fubara, has said his administration in conjunction with the Bank of Industry would create a N4 billion enterprise fund for Micro, Small and Medium Enterprises in the state.
Disclosing this in a statement via his X handle on Tuesday, Fubara stated that this move is to stimulate economic growth, enhance job creation and reduce poverty.
Following this development, business owners and startups in the state would be able to access funds to start their businesses at single-digit interest rates with up to five years repayment period.
The Governor wrote, “To stimulate economic growth, enhance job creation, and reduce poverty we have concluded plans to create a four billion (₦4,000,000,000.00) naira Enterprise Fund in partnership with the Bank of Industry to facilitate the development of micro, small, and medium enterprises in the State.
“With this fund, owners and intending MSME entrepreneurs will have ready access to credit to fund or start their enterprises at single-digit interest rates with a maximum of a five-year repayment period.”