N2 Billion, Micro, Small & Medium Enterprise Development Funding
The Program is supposed to be N1 Billion for Micro enterprises with a maximum funding limit of N500,000 (Five Hundred Thousand Naira Only) and N1 Billion for Small & Medium Enterprises (SMEs) with a maximum funding limit of N50 Million. Both programs are meant to serve economically viable businesses within the MSME subspace. In Enugu, the program was allocated differently with N1.5 Billion for Microenterprises & Cooperatives with a maximum funding limit of N5 Million with SMEs allottedN500 Million.
The participating financial institutions (PFIs) under the N1.5 Billion Microenterprise Program were
- Akudiewa MFB Limited;
- Greenbank MFB Limited; Ifeanyichukwu MFB Limited;
- Umuchiemere Procredit MFB Limited;
- Chidera MFB Limited;
- Ohha MFB Limited;
- ObolloMFb Limited and
- Kenechukwu MFB Limited.
Each received varying amount of funds for disbursement for beneficiaries. The PFI for the SME Program was First Bank Plc. This is important as the Enugu SME Center doesn’t have fiduciary functions. The entire N2 Billion facility had a tenor of five (5) years with an interest rate of 9%.