The Katsina State Government says it has disbursed N2billion as loan to 90,677 traders and small business owners in the state to boost economic activities.
Alhaji Abdulkadir Mohammed-Nasir, the Special Adviser to Gov. Aminu Masari on Economic Empowerment made this known, while briefing newsmen on the achievements recorded by the department on Sunday in Katsina.
Naija News reports that Mohammed-Nasir said that the N2billion was a loan secured from the CBN under the Micro, Small and Medium Enterprise Development Fund.
He said that according to the CBN guidelines, the loan had an all-inclusive interest rate of nine percent.
“The governor graciously waived the interest component so that the beneficiaries will only pay the exact amount advanced to them,” the governor’s aide said.
Mohammed-Nasir said that the loan was disbursed through 18 microfinance banks operating in the state.
He said that according to the guidelines, 60 per cent of the amount was disbursed to women and 40 per cent to men.
He said that the beneficiaries included business owners under the auspices of People Living with Disability, organised trade association, women goat breeding and unemployed graduates
Others are faith-based organisations, State cooperatives, local government cooperatives, unemployed youths and entrepreneurs.
He said that schools’ poultry and fisheries demonstration programme as well as women poultry producers also benefited.
He said that the programme recorded successes because most of the beneficiaries had successfully expanded their businesses.
Mohammed-Nasir said that the administration would continue to support small and medium businesses to enhance economic activities.
He said that such efforts would also assist to reduce poverty among people in the state.