In a bid to alleviate the economic challenges faced by its citizens due to subsidy reduction and other economic reforms, the Oyo State Government, under the leadership of Seyi Makinde, has unveiled an ambitious plan to provide financial support to traders, artisans, and small and medium-sized enterprises (SMEs). This initiative is a crucial component of the SAfER (Sustainable Actions for Economic Recovery) program, which aims to cushion the impact of subsidy reduction on the residents of the state.
The loan program, spearheaded by Professor Musibau Babatunde, Commissioner for Budget and Economic Planning and Chairman of the SAfER Program’s SME Loan Support sub-committee, is designed with the dual purpose of stabilizing the livelihoods of the people and rejuvenating the local economy. What makes this initiative particularly appealing is that the loans being offered come with a single-digit interest rate and flexible repayment terms.
Professor Babatunde emphasized that “all categories of micro and small-scale business owners are eligible for this SME loan support.” This inclusivity underscores the government’s commitment to reaching a wide spectrum of entrepreneurs in the state.
For those eager to seize this opportunity, the application process is straightforward. Interested small and micro-businesses can obtain the application form free of charge from designated Microfinance banks strategically located in each of the seven geo-political zones within Oyo State.
Here are the designated Microfinance banks facilitating the loan scheme:
- 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.
The Oyo State government’s initiative couldn’t come at a more critical time. The recent removal of fuel subsidies and the fluctuating currency exchange rate have resulted in elevated commodity prices, impacting the financial stability of businesses and households alike. With the launch of this loan program, the government aims to empower traders, artisans, and small business owners across the state by providing them access to affordable loans, thereby mitigating the economic challenges brought about by recent reforms.
This forward-thinking initiative serves as a testament to the Oyo State Government’s commitment to the welfare of its people and the overall economic well-being of the state. The combination of accessible loans, favorable interest rates, and flexible repayment options is set to pave the way for economic recovery and growth among small enterprises in the state. By supporting these businesses, the government seeks to not only stabilize the local economy but also foster entrepreneurship and job creation, ultimately improving the quality of life for its residents.