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By Emmanuel Adeleke
As part of its efforts to support Small and Medium Scaled Enterprises (SMEs) under the Sustainable Action for Economic Recovery (SAfER), Oyo State Government has presented cheques worth N500 million to participating microfinance banks across the seven geopolitical zones in the state.
The presentation was held at the conference room of the Office of the Secretary to the State Government, Secretariat, Ibadan, on Monday.
Presenting the cheques, the Chief of Staff to the Governor, Hon Segun Ogunwuyi, said the funds will cushion the hardship induced by the removal of fuel subsidy.
Ogunwuyi, who doubles as the chairman, SAfER committee, explained that the state government is ready to support SMEs, maintaining that the beneficiaries were selected based on their business capacities.
He stressed that medium-scaled businesses can access between N50,000 and N250,000, while small businesses have the opportunity of accessing between N250,000 and N1million under the scheme.
Ogunwuyi said that the beneficiaries were selected without any political influence.
Speaking, chairman of the SAfER SME sub-committee, Professor Musibau Babatunde, explained that the loan support will not only boost businesses, which is the baseline of the state’s economic activities, but also help in achieving sustainable development goals.
He admonished the beneficiaries to fulfill the obligation of repayment in shortest time in order to allow others to benefit from the laudable scheme.
Babatunde added that the loan is without collateral, adding that the beneficiaries have three months moratorium period before the commencement of repayment.
Also, the Director-General, Oyo State Investment and Public Private Partnership Agency, (OYSIPA), Barr Olatilewa Folami, urged beneficiaries to deploy the loan into profitable businesses and give opportunities for others to benefit.
Speaking on behalf of the beneficiaries, Mr. Sunday Fadipe, vowed to use the loan judiciously for the purpose it was 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; 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.