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The National Directorate of Employment (NDE) in Bayelsa State has disbursed eight million Naira in loans to 235 small companies.
The business loans are categorised into two – Start Your Own Business (SYOB) and the Micro Enterprise Enhancement Scheme (MEES).
Under the SYOB, seven recipients, all graduates of tertiary institutions, received a loan of N500,000 each, while 228 beneficiaries received a loan of N20,000 each under the MEES.
The SYOB recipients produced a feasibility report on the enterprises they planned to start, which the NDE approved in order to receive the loan.
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MEES recipients engage in tiny trades such as selling tomatoes and other vegetables, plantain roasting, food hawking, and shoe cobbling, to name a few.
The loans have a basic interest rate of 9% and a six-month moratorium period.
Mr Aham Osuchukwu, the Bayelsa coordinator of the NDE, told the beneficiaries in Yenagoa that their individual bank accounts had been credited with the funds and asked them to make good use of the loans.
The NDE’s two programmes are aimed at reducing mass unemployment and poverty.
(NAN)
