Enugu Earmarks N500m To Boost SMEs

The Enugu State Government has set up a N500 million micro-credit fund to boost the growth of Small and Medium Scale Enterprises (SMEs) in the state.

Mr Nnanyelugo Obasi, the Chief Executive Officer of Enugu State Small and Medium Enterprises Centre, told newsmen on Tuesday in Enugu that the fund would be disbursed to small business groups and individuals to assist them to start their own businesses.

According to him, the scheme will take off before the end of the year.

He said that the bill on the scheme was passed last year by the state House of Assembly and assented to by the governor.

“The bill is all about creating enabling fund that will assist micro, small and medium enterprises in the state to access fund and start their businesses.

“The fund will not be less than N500 million. Those that will benefit from the scheme are those in the micro level, small and medium enterprises.’’

He advised those who could not afford the collateral to form cooperative societies to enable them to access the fund.