The National Economic Reconstruction Fund (NERFUND) has said that it had empowered 480 entrepreneurs with N1.5 billion since its recapitalisation in 2010.

Alhaji Baba Gimba, the managing director of the agency, made the announcement in an interview with newsmen recently in Abuja.

Gimba noted that upon the recapitalisation of the agency, which had been comatose for 10 years, it was given a loan of N2 billion by the Federal Government to begin operations after plans to merge it with other financial institutions failed.

He said that by the Act establishing the agency, it was not entitled to budgetary allocations, adding that the money it received either from the treasury or from any other body was a repayable loan.

“So, we were loaned N2 billion by the Federal Government toward the end of 2010; this money has been fully utilised.

“We have funded about 480 micro entrepreneurs to the tune of about N1.5 billion as at today and it is ongoing.”

According to him, beneficiaries were expected to pay back the loans between two years and three years, depending on the projects they were executing.

Gimba said that the agency had engaged the services of consultants across the country to monitor the performances of these projects and to ensure that the loans were paid when due.

“If any of the beneficiaries is experiencing difficulties in his or her business, the consultants would report back to NERFUND, which would in turn look into the problem.

“If there is a need to extend the moratorium or pump in more money into the project, it will be done so that the agency does not lose whatever investment that has been made in the business.

“But as God will have it, our borrowers have started paying; the payment is very encouraging. These payments are staggered depending on the project you are executing; we give them between two and three years to pay back.

“And going by what we have received so far, the payments have been very encouraging.’’

The managing director said that NERFUND had put in place measures that would assist it in collecting the repayments.

“We have appointed consultants all over the country who will be monitoring the performances of these projects and they will always be there to knock at your door when your repayments are due.

“If there are difficulties, of course, they will come back and tell us that this entrepreneur has this difficulty and we will look into it and if there is a need to extend the moratorium, we will do that.

“And if there is a need to pump in more money, we will do that because if you don’t, you are losing whatever investment you have made.’’

Commenting on Small and Medium Enterprises (SMEs), the managing director said that they were the engines of growth of any economy.