The Osun State Government says it is ready to disburse ₦615m to small scale business owners in the state.
According to the General Manager of Osun Micro-credit Agency, Mr. Dayo Babaranti, the sum was a part payment of the ₦2bn received from the Central Bank of Nigeria for Micro Small Medium Enterprise Development Fund given to states.
Babaranti, in a statement on Sunday, noted that about ₦4.8bn had been disbursed to 28,000 residents, adding that the money was disbursed as soft loans to support small businesses.
Speaking on the terms and conditions for accessing the loan, Babaranti said the agency had maintained simple and bearable requirements for the citizens.
He said, “We have recorded over 70 percent repayment by beneficiaries. We divide our lending scheme into three categories to accommodate all sectors and these include individual lending, group lending, and SME lending. The maximum amount individual lenders can benefit from this agency is ₦500,000 and this must be paid back within one year.
“We are empowered to give from zero to ₦5m to those who are operating Small and Medium Enterprise, while those under the umbrella of co-operative or group can access limitless funds depending on the strength of their membership.
“This scheme has helped our people to expand the scope of their businesses, reduce unemployment, eradicate poverty, banish hunger and create a sense of belonging for all. It has helped to improve on the capital of the participating microfinance banks which has translated into increased sales volume.”