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Oyo State Government has disbursed N500 million to 2,085 owners of small businesses in the state to boost their enterprises as part of the Sustainable Action for Economic Recovery (SAfER) initiative.
Oyo State governor, Seyi Makinde, had promised to support small business owners with N500million single-digit-interest loan to stimulate small businesses in the wake of the removal of subsidy on Premium Motor Spirit (PMS), popularly called petrol.
The loans, made available to all categories of small business operators from all parts of the state, were routed through seven microfinance banks.
The banks are Ebedi Microfinance Bank, Iseyin; Fullrange Microfinance Bank, Ibadan; Kadupe Microfinance Bank, Saki; Isale Oyo Microfinance Bank, Oyo; Caretaker Microfinance Bank, Ogbomoso; Excel Microfinance Bank, Ibadan; and NUT Oke Bola Microfinance Bank, Oke Bola, Ibadan.
While 233 small business owners accessed their loans through Ebedi Microfinance Bank, Iseyin; 168 got theirs from Fullrange Microfinance Bank; 400 beneficiaries accessed the loan from Kadupe Microfinance Bank.
Similarly, 327 beneficiaries got theirs from Isale Oyo Microfinance Bank; 277 from Caretaker Microfinance Bank, 282 from Excel Microfinance Bank and 391 from NUT Oke Bola Microfinance Bank.
Speaking about the loans given to small business owners, the Chairman of SAfER Committee, Otunba Segun Ogunwuyi, said the state governor resolved to support small business operators with the loans because of the importance of that sector to economic growth.
Ogunwuyi, who is also the Chief of Staff to the Governor, said many of the businesses in the state fall into that category, adding that by empowering them to boost their businesses, they are better positioned to generate wealth, create employment opportunities and grow the economy.
He added that 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.
While charging the beneficiaries to make the most of the opportunity, Ogunwuyi said the state government would not relent in improving the lot of the citizens and residents of Oyo State through various initiatives.
