Small and Medium Enterprises (SMEs) consultants in the Rivers State has applauded State Governor, Sir Siminalayi Fubara’s move to empower  3,066 Enterprises with N4 billion.
The Experts described the move as a step in the right direction, which will in turn reflect in the economy and employment status of Rivers State.
Speaking in a chat with The Tide, an international SMEs consultant, Amb Larry Goodwill Ajiola, said the move is aimed at building businesses and people, which would increase the revenue of the state and also reduce anti social activities in Port Harcourt and its environs.
Amb Ajiola, who is the President and Chief Executive Officer (CEO) of Rumuomasi Co- operative and Credit Society Limited, Port Harcourt, said access to fund has been the greatest challenge of businesses since the outbreak of COVID-19 that resulted in the shut down of many businesses.
He said the move would revive and expand businesses, adding that the Governor has the interest of people and state at heart.
Another SMEs expert, Mr. Chisom Sam-Orji, a management consultant and transformational speaker, said the launching of the loan scheme  is very commendable and shows that the Governor has the interest of SMEs at heart.
Orji, the founder, Switch & Propel Innovation Centre, said Governor Fubara  has proven it with this gesture and, “I believe that this scheme will be of help to many SMEs across the state.
“This is obviously a two-way thing. The government has done their part by making the loans available to beneficiaries, it is now the responsibility of the beneficiaries to diligently utilise the loans to create more value in the market place and generate more earnings, so they can enjoy their profit as well as pay back the loans”.
He reiterated the need for the beneficiaries to seek the requisite knowledge needed in their line of businesses, to utilise these loans to their advantage.
The SMEs guru added, “I will also suggest that the State Government should organise enterprise development trainings for the beneficiaries to empower them with knowledge on how to effectively utilise the loans given to them by the government”.
Governor Fubara recently formally launched the N4billion matching fund loan scheme that will stimulate business activities in the state while also creating wealth.
The launching, which took place at the Dr Obi Wali International Conference Centre, Port Harcourt, marked the commencement of the disbursement of Rivers State Government/Bank of Industry (BoI) Limited N4billion marching fund loan scheme for micro, small and medium-scale businesses in the State.
Speaking at the event, Fubara stated that the lack of access to credit had continued to aggravate financial exclusion and choked the prospects for individuals to realise their economic aspirations for a better life.
He said: “Today, we are all here to witness the formal launch and distribution of cheques to 3,066 micro, small, and medium-scale enterprises and 100 companies in the State from all 23 local government areas, including businesses owned by non-indigenes valued at over N3.6billion only.
“We are satisfied with today’s outing and professionalism, believing even more strongly that the potential outcome will be greater to both BOI, the government and good people of Rivers State”.
Fubara explained that as a campaign blueprint, he promised during his electioneering campaigns to support entrepreneurial development and the growth of businesses through access to credit in the form of soft loans.
The Governor said upon assumption of office, he noticed more closely how most businesses, especially those of small-scale, struggled and either died or gasped in accessing credit that were only offered by banks at neck-breaking interest rate without success.
He said: “As a State, we cannot talk about economic growth without stimulating business activities to create wealth and jobs through policies and programmes that will engender greater public access to credit and financial inclusion.
“MSMEs are well-known as critical drivers of inclusive economic growth and development. By empowering our people to cultivate available economic opportunities, access to credit is a powerful tool for achieving financial security.
“We can only keep imaging the economic value that the over 3,000 MSMEs would add to the positive economic dynamics of Rivers State and the local government areas in terms of gross domestic product, increased tax returns, employment creation, income distribution and production of goods and services”.

Lilian Peters