The Oyo State Government, led by Seyi Makinde, has unveiled an ambitious plan to give financial support to merchants, artisans, and small and medium-sized businesses (SMEs) in an effort to lessen the economic hardships experienced by its citizens as a result of subsidy reduction and other economic reforms. The SAfER (Sustainable Actions for Economic Recovery) program, which tries to mitigate the effects of subsidy decrease on the citizens of the state, is heavily dependent on this project.
The loan program, spearheaded by Professor Musibau Babatunde, Commissioner for Budget and Economic Planning and Chairman of the SAfER Program’s SME Loan Support sub-committee, is designed with the dual purpose of stabilizing the livelihoods of the people and rejuvenating the local economy. What makes this initiative particularly appealing is that the loans being offered come with a single-digit interest rate and flexible repayment terms.
“All categories of micro and small-scale business owners are eligible for this SME loan support,” said Professor Babatunde. He further added, “Interested small and micro-businesses in the state can obtain the application form free of charge from designated Microfinance banks in each of the seven geo-political zones in the state.”
The following Microfinance banks have been designated to facilitate the loan scheme:
- Full range Microfinance Bank, Old Zenith Bank Building, Iwo Road, Ibadan.
- Isale Oyo Microfinance Bank, Oyo town.
- Excel Microfinance Bank, Eruwa.
- NUT Oke Bola Microfinance Bank, Oke Ado, Ibadan.
- Caretakers MicroFinance Bank, Caretaker, Ogbomoso.
- Kadupe Microfinance Bank, Shaki.
- Ebedi Microfinance Bank, Iseyin.
The proposal from the Oyo State administration couldn’t have come at a more pressing moment. Commodity prices have increased as a result of the recent elimination of fuel subsidies and the shifting exchange rate, which has an effect on both consumers and businesses’ ability to maintain their financial stability. With the introduction of this loan program, the government hopes to empower small business owners, artisans, and dealers throughout the state by giving them access to affordable loans and easing the financial hardships brought on by recent changes.
The Oyo State Government’s dedication to the wellbeing of its citizens and the state’s general economic health is demonstrated by this innovative effort. The availability of loans, low interest rates, and flexible repayment choices are expected to help the state’s small businesses develop and recover from the recession. By assisting these companies, the government hopes to improve the quality of life for its citizens by encouraging entrepreneurship and job development in addition to stabilizing the local economy.