By Anuoluwapo Fasoyin
In business News, as part of efforts to mitigate the effects of subsidy removal on its residents, the Oyo State Government has concluded plans to empower traders, artisans, and other small business owners with a 500-million-naira loan.
In a statement by the Commissioner for Budget and Economic Planning, Professor Musibau Babatunde, the loan was to stabilize the people and boost the economy.
Professor Babatunde who is also the Secretary of the Sustainable Action for Economic Recovery, SAfER program, said the 500-million-naira loan was a component of SAfER initiated by Governor Seyi Makinde, in the wake of fuel subsidy removal and the floating of the exchange rate.
He noted that the SME loan which comes with a single-digit interest rate and with a flexible repayment plan was for all categories of micro and small-scale businesses in the state.
Professor Babatunde called on interested small and micro-business owners in the state to pick a free form at designated Microfinance banks in each of the seven geo-political zones in the state.
The Commissioner said the designated Microfinance banks include Full range Microfinance Bank at Old Zenith Bank Building, Iwo Road, NUT Oke Bola Microfinance Bank, Oke-Ado and Isale Oyo Microfinance Bank, Oyo town.
Others include Excel Microfinance Bank, Eruwa, Caretakers MicroFinance Bank at Caretaker, Ogbomoso, Kadupe Microfinance Bank, Saki and Ebedi Microfinance Bank, Iseyin.
