Edo State Governor, Monday Okpebholo, has officially launched the disbursement of a significant N1 billion interest-free loan scheme, directly targeting traders, farmers, and small business owners across the state.
This initiative, flagged off on Friday, aims to provide vital financial support to at least 5,000 beneficiaries, empowering grassroots enterprises.
Each beneficiary under the scheme is set to receive between N200,000 and N500,000. Structured as a micro-credit facility, the loan comes with a generous one-year repayment period and an additional one-month grace period, designed to allow beneficiaries ample time to reinvest and grow their ventures before commencing repayments.
Speaking at the launch, Governor Okpebholo emphasized his commitment to ensuring the funds reach the intended recipients. “I just wanted to be sure that this money will not go to the wrong hands. That is the essence of this gathering,” he stated, addressing concerns over past loan programs that often failed to reach the grassroots.
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The Governor issued a stern warning, urging traders to report any failure to access the funds, reinforcing his dedication to direct impact. He added that the initiative aligns seamlessly with President Bola Tinubu’s national economic plans.
Commissioner for Finance, Emmanuel Okoebor, highlighted the transformative potential of the loan, particularly for rural and semi-urban economies. “It will boost the economy of our rural areas and semi-urban areas, create jobs, and reduce poverty,” he affirmed.
Okoebor stressed the unique, interest-free nature of the loan, a stark contrast to previous schemes where beneficiaries paid up to 10% interest. “For this, there is no interest. You pay back what you borrowed,” he reiterated, underscoring the immediate benefit for small business owners.
The launch, attended by key stakeholders including Deputy Governor Dennis Idahosa, Speaker of the State House of Assembly Sheriff Agbebaku, trade association representatives, market cooperatives, and community leaders, signals a unified approach to bolstering Edo State’s local economy.
This interest-free lifeline is expected to stimulate significant growth and foster financial inclusion for thousands of small businesses.
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