The Oyo State Government took a significant step on Monday by presenting cheques worth N500 million to participating microfinance banks across the seven geopolitical zones.
This financial aid is intended to support small and micro-enterprises under the Sustainable Action for Economic Recovery (SAfER) initiative.
The symbolic presentation of the cheques occurred at the conference room of the Secretary to the State Government in Agodi, Ibadan.
Hon Segun Ogunwuyi, the Chief of Staff to the Governor and Chairman of the SAfER committee, presented dummy cheques to representatives of the microfinance banks.
Ogunwuyi emphasized that these funds aim to alleviate the hardships caused by the removal of the fuel subsidy.
He expressed the state government’s commitment to supporting small and micro-enterprises, and the beneficiaries were selected based on their business capacities.
The loan support scheme offers micro-businesses the opportunity to access loans ranging from N50,000 to N250,000, while small businesses can access loans from N250,000 to N1 million.
Ogunwuyi assured that the participating microfinance banks selected beneficiaries without any political influence.
Professor Musibau Babatunde, Chairman of the SAfER Small and Medium Enterprises (SME) sub-committee, highlighted the broader impact of this financial support on the state’s economy.
He encouraged timely repayments to allow other entrepreneurs to benefit from the scheme, emphasizing that the loans have no collateral, and beneficiaries have a three-month moratorium period before repayment begins.
Barrister Olatilewa Folami, Director-General of the Oyo State Investment of Public Private Partnership Agency (OYSIPA), urged beneficiaries to utilize the loan for profitable ventures and contribute to the state’s development.
Mr. Sunday Fadipe, speaking on behalf of the beneficiaries, pledged responsible use of the loan to enhance both personal businesses and the state’s progress.
The participating microfinance banks include NUT, Oke-ado, Ibadan; Full Range Microfinance Bank, Iwo-road; Caretaker Microfinance Bank, Ogbomoso; Isale Oyo Microfinance Bank, Oyo town; Excel Microfinance Bank, Eruwa; Ebedi Microfinance Bank, Iseyin; and Kadupe Microfinance Bank, Saki.
