The Abia State government will launch a N1bn interest-free revolving loan program on Thursday, July 11, 2024. This initiative, under the Abia Cooperatives Scheme, aims to support small businesses in the state.
According to a statement by the Commissioner for Information and Culture, Prince Okey Kanu, the program will benefit 9,200 residents across Abia’s 184 wards. In the first phase, 50 residents from each ward will be selected.
Kanu described the scheme as a dual-pronged approach: providing financial relief and empowering residents to improve their livelihoods.
“In fulfillment of one of his campaign promises, His Excellency Dr. Alex Otti will officially launch the disbursement of interest-free Revolving Loans to Abians under the Abia State Cooperative Support Scheme on Thursday, July 11th, 2024.
“This initiative aims to support nano and micro business operators in the state and help them in their businesses.
“It will help alleviate the difficulties people are experiencing in their businesses due to the current economic headwinds affecting the nation’s economy,” Kanu stated.