The Ebonyi State Government has approved a ₦1 billion Small and Medium Enterprise (SME) Revolving Loan Scheme to strengthen businesses and accelerate economic growth across the state.
The announcement was made by the Director General of the Ebonyi State Small and Medium Enterprises Development Agency (EBSMEDA), Dr. Stephen Odo, during the celebration of the 2026 World Micro, Small and Medium Enterprises (MSME) Day, which coincided with the agency’s third anniversary.
Speaking on this year’s global theme, “Empowering MSMEs through Innovation and Sustainable Industrial Development,” Dr. Odo said the milestone reflects Governor Francis Ogbonna Nwifuru’s commitment to making enterprise development a key driver of Ebonyi State’s economic transformation.
According to him, the newly approved ₦1 billion SME Revolving Loan Scheme will provide sustainable access to finance for small and medium enterprises, enabling businesses to expand, create jobs, and contribute more meaningfully to the state’s economy.
Dr. Odo highlighted EBSMEDA’s achievements over the past three years, noting that thousands of entrepreneurs have benefited from various government intervention programmes.
He disclosed that under the Street-to-Shop Programme, 500 businesses received grants of ₦2 million each, while more than 8,000 businesses benefited from grants ranging from ₦50,000 to ₦500,000 through the NG-CARES Programme. He added that over 17,000 small business owners also received ₦50,000 each under the Presidential Conditional Grant Programme.
The EBSMEDA boss further stated that the agency had introduced an online portal to simplify access to funding opportunities and established the Ebonyi One-Stop-Shop, where entrepreneurs can conveniently access services from agencies including the Corporate Affairs Commission (CAC), National Agency for Food and Drug Administration and Control (NAFDAC), Federal Inland Revenue Service (FIRS), and Standards Organisation of Nigeria (SON).
He added that EBSMEDA has continued to empower entrepreneurs through capacity-building programmes, business education initiatives, weekly radio engagements, market linkages, and partnerships with key institutions.
He also noted that the agency has supported young graduates through the UNDP Jubilee Fellows Programme.
Commending entrepreneurs across Ebonyi State, Dr. Odo described them as the backbone of the state’s economy, praising their resilience, innovation, and determination in building businesses despite economic challenges.
He reaffirmed the agency’s commitment to supporting MSMEs, encouraging business owners to embrace technology, formalize their operations, create sustainable employment, and expand beyond the state’s borders.
Dr. Odo said EBSMEDA would continue to work closely with the state government and the private sector to create an enabling environment where businesses can thrive, stressing that the success of entrepreneurs remains central to the prosperity and economic future of Ebonyi State.
