Tambuwal flags off disbursement of N500m interest- free loan to 6,000 small business owners
Governor Aminu Tambuwal on Friday commissioned the State Government owned Giginya Microfinance Bank and flagged off the disbursement of N500 million interest-free loan to 6,000 small business owners in the state. Speaking at the event, Governor Aminu Tambuwal said the bank was initiated to facilitate development of small businesses in the state.
According to him, the bank would also provide services such as payment of salaries, over draft and to operate Islam banking window. He added hat its deposit base include contractors, ministries, departments and government agencies among others.
The Governor also promised to boost large scale businesses with the sum of two billion Naira
In his remark, State’s Commissioner for Commerce, Alhaji Bashar Gidado, said the soft loan was aimed at rejuvenating small scale businesses across the state. Gidado said the bank would be supervised by the ministry, noting that at present N500 million would be disbursed to 6,000 small scale business owners in the state. ”5000 persons will get N50,000 each in the first category while N250,000 each will be given to another 1000, payable within two years. Sultan Muhammadu Sa’ad Abubakar who was represented by Wazirin Sokoto, Professor Sambo Wali Junaidu, noted that the micro finance bank is a step toward the economic development of the state and requested that 50 per cent of the beneficiaries should be women, many of who are in purdah. Alhaji Sambo Basharu, the bank’s board chairman described the efforts as laudable.
According to him, the bank would also provide services such as payment of salaries, over draft and to operate Islam banking window. He added hat its deposit base include contractors, ministries, departments and government agencies among others.
The Governor also promised to boost large scale businesses with the sum of two billion Naira
In his remark, State’s Commissioner for Commerce, Alhaji Bashar Gidado, said the soft loan was aimed at rejuvenating small scale businesses across the state. Gidado said the bank would be supervised by the ministry, noting that at present N500 million would be disbursed to 6,000 small scale business owners in the state. ”5000 persons will get N50,000 each in the first category while N250,000 each will be given to another 1000, payable within two years. Sultan Muhammadu Sa’ad Abubakar who was represented by Wazirin Sokoto, Professor Sambo Wali Junaidu, noted that the micro finance bank is a step toward the economic development of the state and requested that 50 per cent of the beneficiaries should be women, many of who are in purdah. Alhaji Sambo Basharu, the bank’s board chairman described the efforts as laudable.
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