BoI, Oduduwa Foundation unveil N1bn MSME fund

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The Bank of Industry and Oduduwa Foundation have sealed a N1bn financing scheme for the benefit of small businesses in Osun State as part of measures to address youth unemployment and poverty in the state.

Under the MoU, the bank will provide loans to youths and businesses in Ile-Ife, as well as other beneficiaries outside the community.

According to the bank, the fund will be made available for on-lending to entrepreneurs within the agric, agro-allied, solid minerals and services sectors at an interest rate of 7.5 per cent.

A statement quoted the Acting Managing Director, BoI, Mr. Waheed Olagunju, as saying during the signing of the agreement in Ile-Ife recently, that a substantial part of the loan would be disbursed to women, youth and businesses showing high potential for job and wealth creation along the value-chain of the identified sectors, as well as capacity to repay the loans.

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