The Economic Adviser to the State Governor, Mr. Iyke Njoku announced this during a News Conference in Owerri.
He said the loan which would be paid within three years at a single digit interest rate was meant to boost economic development and eradicate poverty among the people.
Mr. Njoku explained that farmers and petty traders would also benefit from the scheme that would commence in the next one week.
He maintained that the loan was “not meant for big established businesses. We are also gonna give to some medium businesses who are involved into trade or poultry as we deem fit that these are the places that we can apply such loan and it can trigger economic development. But basically, we are looking at the women and the youth who are already engaged into meaningful businesses and also our physically challenged persons who are also into one business or the other.”
Mr. Njoku noted that a Special Committee had been put in place by the government to monitor the disbursement and utilization of the fund.
He warned that the fund was not meant for political patronage hence the state government had mapped out strategies to ensure its full recovery.
By Chinazo Ilechukwu