The Delta State Government has assured that the one billion Naira soft loan it approved for Micro, Small and Medium Enterprises (MSMEs) in the state would be ready soon.

Executive Assistant to Governor Sheriff Oborevwori on Public Enlightenment (Projects and Policies), Mr Olisa Ifeajika, disclosed this while clarifying certain issues to journalists yesterday in Asaba.

Ifeajika recalled that the Commissioner for Economic Planning, Mr Sonny Ekedayen, had on February 14 announced the state government’s approval to set aside the sum of N1 billion soft loan at a single digit interest to grow MSMEs in the state. He said: “The qualification is just do your business in Delta and present your qualification to the BoI for assessment.

“The fund is ready but the people cannot access it now. It will be ready in few weeks after the proper documentations are done by way of signing a memorandum of understanding between the state government and the bank.

“The economy of any nation revolves around the MSMEs. This informs the state government’s decision to earmark the N1 billion loan for MSMEs to grow the state economy.”

He said the perceived delay to the plan’s takeoff was due to proper documentation by way of signing the Memorandum of Understanding between the state government and the Bank of Industry (BoI), the funds manager.

The governor’s aide said the choice of the BoI as fund manager was deliberate due to its expertise and years of experience in handling such funds.