Oyo state government under the auspices of its Sustainable Action for Economic Recovery (SAfER) has presented N500 million cheques to participating microfinance banks across the 7 zones in the state.
The presentation of the cheques was done Monday by the Chief of Staff to Governor Seyi Makinde, Hon. Segun Ogunwuyi, at the conference room, office of the Secretary to the State Government, Secretariat, Agodi, Ibadan.
Presenting the cheques, the Chief of Staff who is also the chairman of SAfER committee said the N500 million would serve as loan support to small and micro enterprises under the Sustainable Action for Economic Recovery (SAfER).
Hon Ogunwuyi pointed out that the funds will cushion the hardship induced by the removal of the fuel subsidy, adding that Oyo state government is ready to support small and micro enterprises.
He said the beneficiaries were selected based on their business capacities.
The SAfER chairman added that in the loan scheme, micro businesses can access between N50,000 to N250,000, while small businesses also have the opportunity of accessing N250,000 to N1 million loans.
Hon. Ogunwuyi stated further that the participating microfinance banks were selected beneficiaries without any political influence.
Chairman, SAfER Small and Medium Enterprises (SME) sub-committee, Professor Musibau Babatunde, in his remarks said the loan support will not only boost SME, which is the baseline of the state economy activities, but also help in achieving sustainable development goals which is to cushion the effects of hardship on people.
Admonishing the beneficiaries to fulfill the obligation of repayment in shortest time to allow others to benefit from the laudable scheme, Professor Babatunde said, “the loan is of no collateral and the beneficiaries have three months moratorium period before the commencement of repayment.”
Director-General, Oyo State Investment of Public Private Partnership Agency (OYSIPA), Barr Olatilewa Folami, while speaking earlier urged the beneficiaries to deploy the loan into profitable business and give opportunities for others to benefit.
