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The Enugu State Government has urged women and youths to form co-operative societies to be able to access single-digital interest loans for their trade and business empowerment.
The state’s Commissioner for Human Capital Development and Poverty Alleviation, Mr Obinna Mbaeke, gave the advice on Sunday during an economic empowerment programme for women and youths in Enugu.
The empowerment programme was organized by Quintessential Business Women Association, South-East Zone.
Mbaeke said that the state through its Small and Medium Enterprise (SME) centre was giving single-digital interest loan of eight percent to organised and registered co-operative societies to boost their businesses as well as for business expansion.
He revealed that the loans of the SME centre had long moratorium repayment period to allow the co-operative society breakeven in their choice of businesses before repayment of the loan.
Mbaeke, who was represented by Mr Patrick Eziora, said: “The Gov. Ifeanyi Ugwuanyi-led administration is highly committed to the empowerment of women and youths, especially at the grassroots level.
“This move had led to the massive support the SME centre, Enugu had received to enable it to meet its mandate of providing easy and affordable loans, which is tailored to promote businesses and enterprise in the state.
“Our people are advised to take advantage of the centre’s eight percent single-digital interest loan package and its comfortable repayment time and plan for such loans; which they cannot get from any conventional banks in the country.’’
He revealed that co-operative societies also stand the chance of benefiting in state and Federal governments agriculture and agro-allied ventures and initiative to alleviate poverty in the state.
The commissioner lauded the association that organized the programme; adding that the government would continue to partner organisations that seek to help alleviate poverty among the people.
Earlier, the Zonal Co-ordinator of Quintessential Business Women Association, Mrs Izuchukwu Nebo, said that the association is a social business enterprise and pressure group focused on the development of community-based businesses in the agricultural and solid mineral sector.
“We are inspired to change the way business is done by our women and youths in order for them to effectively control agriculture and raw materials.
“This will reposition them to take the lead position in the economic diversification efforts of government at all levels,’’ Nebo said.
A participant at the programme, Mr Isaac Dike, thanked the organisers for the series of lectures and experiences shared by some entrepreneurs, who are doing well in their businesses in the state.
“I have learnt a lot from financial management, o sales promotion, business and product packaging as well as how to easily source for funds,’’ he noted.
