The Kaduna state Industrialization and Micro-Finance Board said it is set to disburse the sum of N400 million to small scale businesses in the state as part of its renewed vision and strategies to create employment for the people in the rural areas.
Addressing participants at a microfinance intervention brainstorming workshop organized for small scale business owners and industry operators in Kaduna, the Executive Secretary of the Board, Edward Masha said the workshop was organized to sensitize the loan beneficiaries on the basic management knowledge in trade and other ventures they intend to embark upon.
He stated that the board is committed towards encouraging the development of requisite skills needed for optimal performance by entrepreneurs and for existing and prospective beneficiaries of the credit facilities.
The Executive Secretary said the money will be disbursed in phases through 20 micro finance banks in the 23 local government councils in the state , and lamented that only N38 million out of the N155 million so far disbursed in 2010 was recovered.
He identified some of the challenges facing the board to include lack of requisite skills from beneficiaries, lack of basic business management knowledge by the beneficiaries and unwillingness to repay the facilities from the beginning by beneficiaries.
On his part, the state Commissioner for finance and Chairman of the occasion, John Ayuba said the workshop is aimed at ensuring that government’s effort of assisting small scale businesses is sustained.