The Sustainable Action for Economic Recovery (SAfER) initiative provided lending support to small and micro firms in Oyo State, and the state government on Monday gave cheques totaling $500 million to participating microfinance banks located in the seven geopolitical zones of the state.
The cheques were symbolically presented to the microfinance banks in the Secretariat, Agodi Ibadan, conference room of the Secretary to the State Government’s office.
The Governor’s Chief of Staff, Hon. Segun Ogunwuyi, presented phony checks to the representatives of the microfinance institutions, explaining that the money will ease the pain caused by the removal of the fuel subsidy.
The Oyo State government is prepared to assist small and micro businesses, according to Ogunwuyi, who also serves as the Chairman of the SAfER Committee. He further stated that the recipients were chosen based on their ability to conduct business.
He went on to say that small firms can also take advantage of the initiative to obtain loans ranging from N250,000 to N1 million, while microbusinesses can obtain loans between N50,000 and N250,000.
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Ogunwuyi emphasized that recipients were chosen impartially by the cooperating microfinance banks.
Prof. Babatunde clarified that the loan support will aid in accomplishing sustainable development goals, which include lessening the impact of adversity on individuals, in addition to boosting SME, which is the cornerstone of state economic activity.
Prof. Babatunde cautioned the recipients to complete the repayment responsibility as quickly as possible to enable others to take advantage of the commendable program.
He clarified that there is no security required for the loan and that the beneficiaries will have a three-month grace period before repayment obligations start.
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