SAfER: Oyo distributes N500 million to 2,078 small business owners.

To help small company owners in Oyo State get their operations back on track, the state government’s Sustainable Action for Economic Recovery (SAfER) programme has distributed N500 million.

Following the elimination of subsidies on Premium Motor Spirit (PMS), commonly known as petrol, Governor Seyi Makinde had pledged to assist small company owners by providing a loan of N500 million with interest rates in the single digits. This loan was intended to promote small enterprises.

The loans were disbursed by seven microfinance institutions around the state to various types of small company owners.

These financial institutions are located in Ibadan: Ebedi Microfinance Bank in Iseyin; Fullrange Microfinance Bank in Ibadan; Kadupe Microfinance Bank in Saki; Isale Oyo Microfinance Bank in Oyo; Caretaker Microfinance Bank in Ogbomoso; Excel Microfinance Bank in Ibadan; and NUT Microfinance Bank in Oke Bola, Ibadan.

While 233 SMB owners were able to get loans from Ebedi Microfinance Bank in Iseyin, 168 from Fullrange Microfinance Bank, and 400 from Kadupe Microfinance Bank were able to do the same.

Isale Oyo Microfinance Bank distributed 327, Caretaker Microfinance Bank 277, Excel Microfinance Bank 282, and NUT Microfinance Bank 391 to their respective beneficiaries.

Speaking on the loans that were handed to small business owners, Otunba Segun Ogunwuyi, who is the chairman of the SAfER committee, stated that the governor decided to lend money to small business operators since that sector is important for economic growth.

Ogunwuyi, who doubles as the governor’s chief of staff, stated that a large portion of the state’s firms fit that description. He went on to say that if the government could provide these entrepreneurs more tools to build their companies, it would help them create more jobs, increase GDP, and generate wealth.

Additionally, he stated that the selection procedure was legitimate because microfinance institutions were entrusted by the state government to evaluate the applicants, calculate the necessary capital to expand their businesses, and ascertain the repayment capacity.

The governor of Oyo State, Ogunwuyi, urged the recipients to seize the chance and promised that his administration would not rest until it had improved the lives of all Oyo State residents.

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