As part of efforts to stabilise the people and boost the economy as a result of subsidy removal, Oyo state government has released N500 million to SMEs.
The N500million loan is a component of the Sustainable Actions for Economic Recovery (SAfER) initiated by Governor Seyi Makinde in the wake of fuel subsidy removal which resulted in rise in prices of commodities.
Musibau Babatunde, a professor and state Commissioner for Budget and Economic Planning, in a press statement said the loan is part of plans to empower traders, artisans and other small business owners and mitigate the effects of subsidy removal on the residents of the state.
Babatunde, who is also the chairman, SMEs Loan Support sub-committee of the SAfER Programme, said the loan support which comes at a single-digit interest rate and with a flexible repayment plan is for all categories of micro and small-scale business owners.
“Interested small and micro-businesses in the state should pick up the form for free in designated microfinance banks in each of the seven geo-political zones in the state, the commissioner stated.
He listed the microfinance banks to include Full range Microfinance Bank, Iwo Road, Ibadan; Isale Oyo Microfinance Bank, Oyo Town snd Excel Microfinance Bank, Eruwa.
Others are NUT Oke Bola Microfinance Bank, Oke Ado, Ibadan; Caretakers Microfinance Bank, Caretaker, Ogbomoso, Kadupe Microfinance Bank, Saki and Ebedi Microfinance Bank, Iseyin.