The National Directorate of Employment (NDE) disbursed eight million Naira loans to 235 small scale businesses in Bayelsa on Tuesday.
The business loans are categorised into two – Start Your Own Business (SYOB) and the Micro Enterprise Enhancement Scheme (MEES).
Seven beneficiaries, all graduates of tertiary institutions, got N500,000 loan each under the SYOB, while 228 beneficiaries got N20, 000 each under MEES
The SYOB beneficiaries submitted feasibility report on the businesses they would embark upon which was approved by the NDE to get the loan.
The MEES beneficiaries are into petty trades like selling of tomatoes and other vegetables, plantain roasting, food hawking, and shoe cobbling among others.
The loans have interest rate of 9 per cent at simple interest and a six-month moratorium.
Briefing the beneficiaries in Yenagoa, Bayelsa coordinator of the NDE, Mr Aham Osuchukwu, said their individual bank accounts had been credited with the monies and urged them to make effective use of the loans.
The two schemes implemented by the NDE are designed to reduce mass unemployment and reduce poverty.
Miss Ayibalayefa Jones who spoke on behalf of the beneficiaries assured that the monies would be judiciously used so that others could benefit from the revolving loan scheme. (NAN)
