Bank of Industry, BoI, has given out N48.44million loan to beneficiaries of the Kaduna Start up Entrepreneurship Programme whose business proposals met the bank’s risk acceptance criteria in the country.
The Acting Managing Director, Waheed Olagunju who presented the cheque to beneficiaries at the programme in Kaduna said those whose loans were approved were the candidates that met the bank’s Risk Acceptance Criteria, RSC.
Olagunju said the bank would support the economic blueprint of Kaduna State which was recently unveiled, if the initiatives contained in the document is meticulously implemented, it will be capable of making the state the economic hub of northern Nigeria.
According him, “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 N1bn matching fund”.
The managing director said, “The bank and KBS are working with the other 10 in a hand- holding manner and guiding them towards meeting the laid down RAC. The bank is putting up measures to increase the success rate of KADSTEP graduates with a view to reducing the mortality rate.
“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.”
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.
The Kaduna State Governor, Mallam Nasir el-Rufai, noted that the state government was targeting creation of 5,000 young entrepreneurs in the next four years under the KADSTEP.
He also ordered that the next batch of 500 trainees be immediately inducted so that they could also benefit in the programme.
On the significance of the programme, the governor said, “As business creators, they will strengthen the SMEs sector as a driver for job creation. Empowering our youths with the skills and the funding to establish businesses is not a trivial matter. The challenge of unemployment is largely a youth issue. And people under 35 years constitute the significant majority of 8-10milion people that live in Kaduna state. Indeed 88 percent of people in Kaduna is age 35 years and below.”
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.
KADSTED was designed by the Kaduna State Government in conjunction with the Kaduna Business School and the development finance institution to empower aspiring entrepreneurs to be able to access various intervention funds available to support Small and Medium Enterprises, SMEs, in the state.


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