The Oyo State Government, on Tuesday, said it had concluded plans for traders, artisans and other small business owners to access N500 million loan as part of efforts to mitigate the effects of subsidy removal on its residents.
The N500 million loan is a component of the Sustainable Action for Economic Recovery (SAfER) initiative evolved by Governor Seyi Makinde-led government to cushion the effects of the subsidy removal.
Chairman, SME Loan Support sub-committee of the SAfER Programme, Professor Musbau Babatunde said the loan was set aside with a view to stabilizing and boosting people’s livelihood and the economy.
According to Babatunde, the SME loan support comes at a single-digit interest rate and with a flexible repayment plan for all categories of micro and small-scale business owners.
He enjoined interested small and micro-businesses (MSMEs) in the State to pick up the form for free at the designated Microfinance banks in each of the seven geo-political zones in the state.
The microfinance banks were named Full range Microfinance Bank, Old Zenith Bank Building, Iwo Road, Ibadan; Isale Oyo Microfinance Bank, Oyo town; Excel Microfinance Bank, Eruwa; NUT Oke Bola Microfinance Bank, Oke Ado, Ibadan; Caretakers MicroFinance Bank, Caretaker, Ogbomoso; Kadupe Microfinance Bank, Shaki; Ebedi Microfinance Bank, Iseyin
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