Fubara’s Assistance To SMEs, Yielding Fruits -RIMA Boss

The authorities of the Rivers State Microfinance Agency (RIMA) say efforts of the Rivers State Government in reducing hardship and hunger in the State through the disbursement of matching loans to Small and Medium scale Enterprises are yielding fruits.
The Managing Director and Chief Executive Officer of RIMA, Pastor Jonathan Tobin, who gave the indication during a media briefing in Port Harcourt, commended the Governor Fubara administration initiating a loan scheme aimed at encouraging business owners to succeed in the State.
Pastor Tobin also said the assistance to the SMSEs/ NANO businesses is part of the blueprint of the Governor Siminalayi Fubara administration in reducing the hardship faced by Rivers people.
The RIMA MD revealed that so far N800 million had been disbursed to beneficiaries.
He hinted that out of the 1,387 businesses that applied, the females accounted for 58.9 percent while their male counterparts accounted for 41 percent.
The RIMA CEO explained further that persons living with physical disabilities were considered in the scheme.
He said the mandate of the state government will not be compromised as the loan facility has spread to the 23 LGAs of the State, with staff of Rivers State Ministries, Departments and agencies benefiting.
Tobin said the programme of the state government christened, ‘Touching Lives, Creating Wealth’, in conjunction with the Bank of Industry (BOI) was geared towards ensuring that Rivers businessmen enjoy access to finance.
According to him, an average of four tranches had been released each, amounting to N200million.
He said leveraging on the Memorandum of Understanding signed with the Bank of Industry, RIMA was meant to disburse N50million per batch after names of the beneficiaries had been submitted and screened.
He said both the first, second and third batches of beneficiaries have been disbursed accordingly as the fourth batch of beneficiaries were in the process of being paid.
He further disclosed that 75.6 per cent beneficiaries have repaid the matching loan.
He encouraged beneficiaries to endeavour to repay the revolving loan facility, stressing that anyone who repays could be granted another opportunity.
Tobin warned that failure to repay as at when due would not be tolerated as debtors would be compelled to pay back through legitimate means, insisting that sustenance of the loan scheme depends on repayment by the beneficiaries.