The Oyo State Government has concluded plans to empower traders, artisans and other small business owners with N500million as part of efforts to mitigate the effects of subsidy removal on the residents of the state.
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The Commissioner for Budget and Economic Planning, Professor Musibau Babatunde, made the disclosure in a statement released on Tuesday.
Babatunde said the N500million loan is a component of the Sustainable Actions for Economic Recovery (SAfER) initiated by Governor Seyi Makinde in the wake of fuel subsidy removal and the floating of the exchange rate, which resulted in a steep rise in prices of commodities, explaining that the effort was with a view to stabilising the people and boosting the economy.
He noted that the SME loan support, which comes at a single-digit interest rate and with a flexible repayment plan, is for all categories of micro and small-scale business owners.
Babatunde, who is also the Chairman, SME Loan Support sub-committee of the SAfER Programme, urged all interested small and micro-business owners in the state to pick up the form for free in designated Microfinance banks in each of the seven geo-political zones in the state.
He gave the names of the Microfinance banks where the application forms could be obtained to include: Full range Microfinance Bank, Old Zenith Bank Building, Iwo Road, Ibadan; Isale Oyo Microfinance Bank, Oyo town and Excel Microfinance Bank, Eruwa.
Others are: NUT Oke Bola Microfinance Bank, Oke Ado, Ibadan; Caretakers MicroFinance Bank, Caretaker, Ogbomoso; Kadupe Microfinance Bank, Shaki and Ebedi Microfinance Bank, Iseyin.
