15 Graduates Access BoI’s N48.44m Loan In Kaduna | Independent Newspapers Limited
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15 Graduates Access BoI’s N48.44m Loan In Kaduna

Posted: May 25, 2016 at 1:01 am   /   by   /   comments (0)


Nkasiobi Oluikpe


Lagos – The Bank of Industry (BoI) last weekend, granted a total of N48.44 million to 15 graduates, whose business proposals met the bank’s Risk Acceptance Criteria (RAC), at the Kaduna Start-up Entrepreneurship Programme (KADSTEP).

While 25 budding entrepreneurs enlisted in the programme which comprised two months’ intensive entrepreneurial training and one month practical session in business plans development, only 15 graduates got loan cheques ranging from N2million to N5million each.

The BoI acting managing director, Waheed Olagunju, during the cheque presentation, said that those whose loans were approved, were candidates that met the RAC.

He also added that the bank and Kaduna Business School (KBS) were working with the other 10 who did not scale-through in a hand- holding manner and guiding them towards also meeting the laid down RAC.

He said the bank was putting up the measures to increase the success rate of KADSTEP graduates with a view to reducing the chances of failure.

“We are optimistic that most of them will eventually scale through and encourage others to complete their applications in good time so that they could also become beneficiaries”, he said

While recommending the KADSTEP model to other states of the federation, Olagunju restated the bank’s commitment to continue to provide financial support to existing and start-up businesses across the nation.

In particular, Olagunju explained that the bank would support the economic blueprint recently unveiled by the Kaduna State government.

KADSTEP was designed by the Kaduna State government in conjunction with the Kaduna Business School (KBS) and development finance institutions to empower aspiring entrepreneurs to access various intervention funds available to support small and medium enterprises (SMEs) in the state.

Apart from benefiting from other loan windows of the bank under the KADSTEP, successful small business operators would also have opportunities to leverage on existing N1billion matching fund.