Oyo State’s government, led by Seyi Makinde, has announced plans to lend N500 million to traders, craftsmen, and small business owners. This effort is part of the SAfER (Sustainable Actions for Economic Recovery) program, which tries to mitigate the impact of subsidy reduction on state inhabitants.
The loan plan, according to Professor Musibau Babatunde, Commissioner for Budget and Economic Planning and Chairman of the SAfER Program’s SME Loan Support sub-committee, is aimed at stabilizing the people and stimulate the economy. The loans will have a single-digit interest rate and a flexible payback plan.
“All categories of micro and small-scale business owners are eligible for this SME loan support,” said Professor Babatunde. He further added, “Interested small and micro-businesses in the state can obtain the application form free of charge from designated Microfinance banks in each of the seven geo-political zones in the state.”
The following Microfinance banks have been designated to facilitate the loan scheme:
1. Full range Microfinance Bank, Old Zenith Bank Building, Iwo Road, Ibadan.
2. Isale Oyo Microfinance Bank, Oyo town.
3. Excel Microfinance Bank, Eruwa.
4. NUT Oke Bola Microfinance Bank, Oke Ado, Ibadan.
5. Caretakers MicroFinance Bank, Caretaker, Ogbomoso.
6. Kadupe Microfinance Bank, Shaki.
7. Ebedi Microfinance Bank, Iseyin.
The Oyo State government’s effort intends to provide financial assistance to small enterprises and stimulate economic recovery in the aftermath of the elimination of fuel subsidies and the floating of the currency rate, both of which have resulted in higher commodity prices. The government intends to empower traders, artists, and small business owners in the state by making loans available with attractive interest rates and payback schedules.