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Kwara set to disburse N101m Interest-free Loans to 170 MSMEs

Kwara set to disburse N101m Interest-free Loans to 170 MSMEs

The Kwara state government has shortlisted about 170 business owners to receive varying non-interest loans totalling over N101 million under the state government’s Kwapreneurs scheme.

Report says Already, each of the 170 pitches had been recommended to get between N150, 000 and N3 million while they would also embark on training on their different businesses.

Read Also: Kwara Traders Lament Over N20m Losses To Market Fire

This was revealed in a statement by the Acting General Manager of the State Social Investments Programme( KWASSIP), Alhaji Mohammed Brimah, in Ilorin while speaking with Newsmen.

Kwara set to disburse N101m Interest-free Loans to 170 MSMEs
He said, “the business pitches of the 170 successful applicants were adjudged viable following rounds of drilling by a panel of experts which assessed some 375 business prospects that turned up for the interview sessions.”

Brimah added that Each of the 170 pitches had been recommended to get between N150,000 and N3 million.

He said the decision of the amount to get by each beneficiaries was made based on their own proposals and judgment of the interview panel peopled by experts.

The KWASSIP boss stressed that “Businesses selected for the prized loan of N3 million would be invited to pitch to another set of judges at the grand finale at a date to be announced soon.

“The total loans awarded by the panel stand at N101, 450,000 in line with the recommendations of the committee. While we had targeted to give loans to up to 300 beneficiaries, we made sure to let the process guide us, as our utmost priority was to ensure that deserving business owners and startups that have the capacity to repay got the loans.”

He also announced plans by the social investment office to organise training for applicants on business management and strategies to facilitate their growth, as part of its efforts to build a set of young business leaders from the largest demographics in the state.

“We are not just going to give people money. We are organising training for applicants. We are looking to provide other necessary support to businesses who were not qualified enough to get the loans.

“We are going to make sure that at least 300 businesses as promised will be provided the physical training by Fidelity Bank and the online trainings by Wootlab, in partnership with Microsoft,” he added

He noted that, “We will also make the E-learning portal available with access to entrepreneurship, product development and other courses with Microsoft certifications accessible to all the 7, 200 applicants for their self-training at their own convenience. This will prepare and position them for future opportunities.”

He directed successful applicants to proceed as directed with the documentation process from Thursday, 3rd of June, 2021 to Wednesday, 9th of June 2021.

Applicants are to produce means of identification that must include their Utility Bill; Bank Verification Number; CAC Certificate (for registered businesses); and 2 Passport photographs, he added.

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Adewuyi Simeon

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