Oyo State Distributes N500 Million to Support 2,078 Small Business Owners

Oyo State Government has disbursed N500 million to owners of small businesses, to boost their enterprises, as part of the Sustainable Action for Economic Recovery (SAfER) initiative.

Governor Seyi Makinde had promised to support small business owners with N500million single-digit-interest loan to stimulate small businesses in the wake of removal of subsidy on Premium Motor Spirit (PMS), popularly called petrol.

The loans, made available to all categories of small business operators from all parts of the state, were routed through seven microfinance banks.

The banks are Ebedi Microfinance Bank, Iseyin; Fullrange Microfinance Bank, Ibadan; Kadupe Microfinance Bank, Saki; Isale Oyo Microfinance Bank,

Oyo; Caretaker Microfinance Bank, Ogbomoso; Excel Microfinance Bank, Ibadan and NUT Microfinance Bank, Oke Bola, Ibadan.

While 233 small business owners accessed their loans through Ebedi Microfinance Bank, Iseyin; 168 got theirs from Fullrange Microfinance Bank; 400 beneficiaries accessed the loan from Kadupe Microfinance Bank.

Similarly, 327 beneficiaries got theirs from Isale Oyo Microfinance Bank; 277 from Caretaker Microfinance Bank, 282 from Excel Microfinance Bank and 391 from NUT Microfinance Bank.

Speaking about the loans given to small business owners, the Chairman of SAfER Committee, Otunba Segun Ogunwuyi, said the governor resolved to support small business operators with the loans because of the importance of that sector to economic growth.