He explained that the disbursement is part of the Governor Siminialayi Fubara Microfinance Credit Scheme, a program designed in partnership with BoI to facilitate a N4 billion loan facility, with N800 million released in four tranches.
Port Harcourt, Nigeria – Governor Sir Siminialayi Fubara, in collaboration with the Bank of Industry (BoI), has disbursed N800 million to 1,387 businesses through the Rivers State Microfinance Agency (RIMA).
The Managing Director/Chief Executive Officer of RIMA, Pastor Jonathan Tobin, announced the initiative during a briefing in Port Harcourt.
He explained that the disbursement is part of the Governor Siminialayi Fubara Microfinance Credit Scheme, a program designed in partnership with BoI to facilitate a N4 billion loan facility, with N800 million released in four tranches.
According to Tobin, beneficiaries were selected from a database of over 4,000 businesses on a first-come, first-served basis. The disbursement prioritizes female entrepreneurs, who make up 58.9% of the total recipients, equating to 818 beneficiaries. Male borrowers accounted for 41%, while 13 persons living with disabilities also benefited from the scheme.
Tobin provided a breakdown of the disbursement, noting that the first tranche saw 381 individuals receiving funds, the second tranche supported 312 businesses, the third tranche benefited 321 recipients, and the fourth tranche is set to aid 340 businesses. In total, the N800 million has supported 1,387 businesses.
He further highlighted the progress in loan repayment, with N75.658 million already recovered alongside N3.647 million in interest payments.
Additionally, Tobin mentioned that for applicants seeking loans exceeding N10 million, the BoI has already disbursed N119.888 million to eight customers, with another 17 customers set to receive N217.444 million in the coming week.
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