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Clement Adeyi, Osogbo
Osun Government is set to disburse over N615 million to residents for micro and small businesses in the state.
Osun Micro-credit Agency General Manager, Dayo Babaranti said the state had so far released N4.8 billion to about 28,000 residents to support their businesses.
He added that the N615.150 million received from the Central Bank of Nigeria (CBN) was a part payment from the N2 billion revolving Micro Small Medium Enterprise Development Fund (MSMEDF) loan being given to states by the apex bank.
Babaranti, who spoke in Osogbo, said since 2014, the Federal Government, through the CBN, had been releasing intervention funds (MSMEDF) to support socio-economic activities in states.
He also disclosed that the N4.8 billion received through the CBN micro credit scheme was disbursed to citizens as soft loans to support small businesses.
The general manager said Osun was rated first among the 36 benefitting states of the CBN’s MSMEDF because of its promptness and diligence in repayment and for using the funds for the primary purpose it was meant.
On the terms and conditions for accessing the loan, Babaranti said the agency had maintained simple and bearable requirements for the citizens.
He added that the scheme had helped to rekindle the hope among citizens who were unable to meet the conditions to obtain loans from commercial banks.
“This scheme has been really helpful in boosting socio-economic activities in the state as thousands of people have benefitted from it. Our state has received N4.8 billion since the intervention of the CBN on MSMEDF began in 2014.
“So far, so good, over 28,000 people have benefitted from this scheme. 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, N500,000 and this must be paid back within one year.”
