Oyo State Governor Seyi Makinde Announces N500 Million Loan Scheme for Traders, Artisans, and Small Business Owners

The governor of Oyo, Seyi Makinde, has announced plans to provide a total of N500 million in loans to traders, artisans, and small business owners in the state. This initiative comes as part of the Sustainable Actions for Economic Recovery (SAfER) program, aimed at mitigating the impact of subsidy removal on the residents of the state.

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Loan Scheme Details and Benefits

The loan scheme, overseen by Professor Musibau Babatunde, the Chairman of the Small and Medium Enterprises (SME) Loan Support sub-committee of the SAfER Program, aims to stabilize the people and stimulate the economy. The loans will be offered at a single-digit interest rate, providing favorable terms for borrowers. Additionally, the repayment plan will be flexible, allowing small business owners to manage their finances effectively.

Professor Babatunde emphasized that all categories of micro and small-scale business owners are eligible for this SME loan support. Interested small and micro-businesses in Oyo can obtain the application form free of charge from designated Microfinance banks in each of the seven geo-political zones in the state. The designated Microfinance banks include Full range Microfinance Bank and Old Zenith Bank Building in Iwo Road, Ibadan, as well as Isale Oyo Microfinance Bank in Oyo town. Other participating banks include Excel Microfinance Bank in Eruwa, NUT Oke Bola Microfinance Bank in Oke Ado, Ibadan, and Caretakers MicroFinance Bank in Caretaker, Ogbomoso. Kadupe Microfinance Bank in Shaki and Ebedi Microfinance Bank in Iseyin are also included in the scheme.

Promoting Economic Recovery

The government of Oyo State recognizes the challenges posed by fuel subsidy removal and the floating of the exchange rate, which have resulted in increased commodity prices. To counteract these effects and promote economic recovery, the loan scheme aims to provide accessible financial support to small businesses. By empowering traders, artisans, and small business owners through accessible loans with favorable interest rates and flexible repayment plans, the government hopes to stimulate economic growth and enhance the resilience of the local economy.