The Ekiti State government, in partnership with Access Bank plc, has launched a one billion naira loan scheme aimed at supporting women traders and entrepreneurs in the state. The initiative, named the EKSG/Access Bank Women Initiative Loan, seeks to empower women in micro, small, and medium enterprises (MSMEs) by providing them with financial resources to expand their businesses.
Highlights of the Scheme:
– Loan Amount: N1 billion
– Target Beneficiaries: Women traders and entrepreneurs across Ekiti State
– Loan Features**: Discounted loans to support business expansion
Speakers at the Launch:
– Roosevelt Ogbonna, Managing Director of Access Bank: Represented by Bolaji Aboderin, the Regional Director, branch banking, South West, he emphasized the critical role of women in societal development and the bank’s commitment to empowering them to drive economic growth.
– Roosevelt Ogbonna’s Comments: “The Ekiti State Government-W Initiative Loan Scheme provides a robust framework for supporting microenterprise start-ups, microenterprises, and SMEs, addressing the critical need for financial inclusion, and promoting sustainable economic development.”
– Governor Biodun Oyebanji: Represented by Deputy Chief Monisade Afuye, he praised the partnership with Access Bank and emphasized the importance of the initiative in providing women with access to soft loans to grow their businesses. He urged beneficiaries to use the loans responsibly to ensure others can benefit from the revolving scheme.
– Governor Oyebanji’s Comments: “This programme was to bridge the gap being experienced in our women having access to loans in Ekiti. I want to appeal to the beneficiaries to make good use of this loan.”
– Omotayo Adeola, Commissioner for Trade, Industry, Investment, and Cooperative: She highlighted the challenges of access to capital for business development in the state and expressed optimism that the loan scheme would address these barriers.
– Omotayo Adeola’s Comments: “The minimum banks can lend to business owners is 35%, but this one attracts only 10%; it has been subsidised by the government so that the repayment can be easier.”
Loan Details:
– Microbusinesses: Can access up to N100,000
– Second Category: Can access up to N500,000
– Medium Enterprises: With over two years of incorporation can obtain between one and two million naira
The initiative is expected to drive economic growth, create jobs, and foster an inclusive and prosperous society by empowering women entrepreneurs in Ekiti State.
