Safety: Oyo disburses N500m to 2,085 small business owners
By Stephen Gbadamosi
As part of the Sustainable Action for Economic Recovery (SAfER) initiative, the Oyo State government has disbursed N500 million to 2,085 owners of small businesses in the state to boost their enterprises.
This development is believed to be the Second Phase of the initiative. Many farmers were said to have benefitted from the first phase.
Governor Seyi Makinde had promised to support small business owners with N500 million single-digit-interest loan to stimulate small businesses, in the wake of the removal of subsidy on Premium Motor Spirit (PMS), popularly called petrol, and other petroleum products.
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According to the government, 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 Nigeria Union of Teacher (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.
Also, 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, who is also the Chief of Staff (CoS) to the state governor, said Governor Makinde resolved to support small business operators with the loans as a result of the importance of that sector to economic growth.
Ogunwuyi said many of the businesses in the state fell into that category, adding that by empowering them to boost their businesses, they were 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 their 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.
The loan, said to be revolving, is said to be only guaranteed by civil servants in the employ of the Oyo State government, as a means of assurance of recoup without necessarily hounding the beneficiaries.
