The Oyo State Government said plans have been concluded to disburse N500 million loan to traders, artisans and small business owners in the state.
Government said the gesture is part of effort to mitigate the effect of subsidy removal on the residents of the state.
A statement by the state’s Commissioner for Budget and Economic Planning, Professor Musibau Babatunde, Tuesday in Ibadan, the N500 million loan is a component of the Sustainable Actions for Economic Recovery (SAfER).
“This is the initiative of Gov. Seyi Makinde, in the wake of fuel subsidy removal and the floating of the exchange rate, which resulted in a steep rise in prices of commodities.
“Also, it is with a view to stabilizing the people and boost the economy.
“The SME loan support which comes at a single-digit interest rate and with a flexible repayment plan is for all categories of micro and small-scale business owners,” Prof Babatunde said.
The commissioner directed interested small and micro-businesses in the state to pick up the form for free in designated Microfinance banks in each of the seven geo-political zones.
He listed the microfinance banks to include FullRange Microfinance Bank, Ibadan; Isale Oyo Microfinance Bank, Oyo town; Excel Microfinance Bank, Eruwa and NUT Oke Bola Microfinance Bank, Ibadan.
Others are Caretakers MicroFinance Bank, Ogbomoso; Kadupe Microfinance Bank, Saki and Ebedi Microfinance Bank, Iseyin,” it said.
