The Oyo state government has disbursed N500 million under its Sustainable Action for Economic Recovery (SAfER) project to strengthen the economic landscape and promote small-scale firms.
Governor Seyi Makinde had promised to help small company owners by providing them with a N500 million loan at a single-digit interest rate. This project is a strategic response to the recent elimination of subsidies for Premium Motor Spirit (PMS), sometimes known as petrol.
The disbursed loans, accessible to small business operators across all state regions, were channelled through seven microfinance banks strategically located across various localities. These banks include Ebedi Microfinance Bank in Iseyin, Fullrange Microfinance Bank in Ibadan, Kadupe Microfinance Bank in Saki, Isale Oyo Microfinance Bank in Oyo, Caretaker Microfinance Bank in Ogbomoso, Excel Microfinance Bank in Ibadan, and NUT Microfinance Bank in Oke Bola, Ibadan.
According to sources, the loan initiative benefited 233 small business owners through Ebedi Microfinance Bank, while Fullrange Microfinance Bank provided funding to 168 individuals. Furthermore, 400 clients received assistance from Kadupe Microfinance Bank, 327 from Isale Oyo Microfinance Bank, 277 from Caretaker Microfinance Bank, 282 from Excel Microfinance Bank, and 391 from NUT Microfinance Bank.
Speaking on the loans offered to small business owners, the chairman of the SAfER Committee, Otunba Segun Ogunwuyi, stated that the governor decided to provide small business operators with loans due to the importance of that sector to economic growth.
Mr. Ogunwuyi said that by empowering them to boost their businesses, they are better positioned to generate wealth, create employment opportunities, and grow the economy.
“The process of selecting the beneficiaries was credible because the state government outsourced it to microfinance banks that assessed the applicants and determined the amount of money required to grow the businesses and their capacity to repay,” he revealed.
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