The Government of Osun on Wednesday disclosed that more that 1, 366 individuals have benefited from the N3, 247,402 billion soft loans made available under its economic empowerment programme in 2016.
The Director, Bureau of Communications and Strategy, office of the Governor, Mr. Semiu Okanlawon disclosed this on Friday. He said the loans were paid directly to individuals, who belong to registered associations and/or cooperatives societies to ensure credibility as well as facilitate timely repayment.
“The micro-credit scheme is said to be a no-interest loan scheme made available for the development of small and medium scale businesses in the state.
” The loan was targeted at micro-enterprises such as traders, artisans, market men and women and entrepreneurs.
” 1, 366 beneficiaries, with average of 15 individuals in a group have benefited from the loans altogether,” he said.
The director added that more people are expected to benefit this year as government intends to expand the micro-credit facilities to go round more businesses.
According to him, the government is poised to make sure that its small and medium scale businesses are developed roundly for the economic growth of the state.
“Only last year, 1, 366 individuals benefitted from the interest-free micro credit of the government, which is aimed at empowering small and budding business enterprises.
“For the ease of doing business, Government has made the loan interest-free. This will help the repayment of only the principal alone.
“Government has thus taken up the burden of paying the interest on the loan,” Okanlawon said.
He, however, advised that the loans should be judiciously utilized by the beneficiaries, while promising that the government would continue the financial assistance as more beneficiaries would be targeted in the new year as well.
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