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Ondo distributes N20m soft loans to traders

By BusinessNews Staff on September 19, 2015

The Ondo State Government says it has distributed a sum of N20m soft loans to traders in the state through its micro-credit scheme in a bid to improve the economy of the people at the grassroots.

The government also disclosed that it had assisted over 1,000 artisans in the state with N534.3m loans under the Micro, Small and Medium Enterprises Development Fund to uplift their businesses.

Governor Olusegun Mimiko, at the distribution of N20m soft loans to some traders in Akure, the state capital, said his administration considered the provision of micro-loan facilities as key to transformation and mechanism for bringing sustainable development to the state.

Represented by his Deputy, Alhaji Lasisi Oluboyo, the governor said “ since we came on board, we have made conscious efforts to put smiles on the faces of our market men and women in the state throughout the provision of credit facilities with affordable interest rates required to make them cross to prosperity”

In her speech, the Chairman, Ondo State Micro-Credit Agency, Mrs. Banke Sutton, said the development was part of the state government in ensuring that “poverty is completely wiped off in the state. “

She appealed to the beneficiaries to use the loans for the purpose they collect them for and also ensure they pay back as at when due to enable other traders to benefit from the scheme.

The Chairman, Ondo State Market Traders’ Union, Mr. Oludayo Akinte, commended the state government for the gesture, appealing that it should ensure that all his members benefit from the loan.

He then promised that his members would not disappoint the government in the repayment of the loans. He said. “We promise to pay the money back, we shall not disappoint you.”

[Punch]

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