The Oyo State Government has presented cheques worth five hundred million naira (N500m) to microfinance banks across the seven geopolitical zones in the state, as loans to Small and Micro Enterprises (SMEs) under the Sustainable Action for Economic Recovery (SAfER) project.
The symbolic presentation of the cheques to the microfinance banks was held at the Conference Room, Office of the Secretary to the State Government, Secretariat, Agodi, Ibadan.
While presenting the dummy cheques to the representatives of the microfinance banks, the Chief of Staff to the Governor, Segun Ogunwuyi, noted that the funds would cushion the difficulty induced by the removal of fuel subsidy.
Ogunwuyi, who also doubles as the Chairman, SAfER Committee, stated that the Oyo State Government was ready to support SMEs, maintaining that the beneficiaries were selected based on their business capacities.
He said micro businesses could access between N50,000 to N250,000, while small businesses had the opportunity of accessing N250,000 to N1million loans under the scheme, stressing that the participating microfinance banks selected beneficiaries without any political influence.
Earlier in his remarks, the Chairman, SAfER SME sub-committee, Professor Musibau Babatunde, explained that the loan support would not only boost SMEs, which are the baseline of the state economic activities, but also help in achieving sustainable development goals which is to cushion the effects of hardship on people.
Babatunde admonished the beneficiaries to fulfill the obligation of repayment in the shortest time so as to allow others benefit from the laudable scheme, disclosing that the loan is of no collateral and the beneficiaries had three months moratorium period before the commencement of repayment.
Also in his address of welcome, the Director-General, Oyo State Investment of Public Private Partnership Agency, (OYSIPA), Olatilewa Folami, enjoined the beneficiaries to deploy the loan into profitable businesses and give opportunities for others to benefit.
Speaking on behalf of the beneficiaries, Mr Sunday Fadipe pledged to use the loan judiciously, for the purpose it is meant for, as well as contribute to the development of the state.
The participating microfinance banks include: NUT, Oke-ado, Ibadan; Full range Microfinance Bank, Iwo-road, Ibadan; Caretaker Microfinance Bank, Ogbomoso.
Others are, Isale Oyo Microfinance Bank, Oyo Town; Excel Microfinance Bank, Eruwa; Ebedi Microfinance Bank, Iseyin; and Kadupe Microfinance Bank, Saki.
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