The Osun State government has initiated the disbursement of over N3 billion in a ward-level loan scheme aimed at supporting small businesses and bolstering the state’s Gross Domestic Product (GDP).
Governor Ademola Adeleke, while inaugurating the scheme in Osogbo, emphasized its goal of empowering traders and artisans through registered cooperative societies.
The scheme will be rolled out in three phases, with each phase comprising N1,145,400,000. A total of 332 cooperatives across the state’s 332 wards will receive the loans, benefiting 46 individuals from each ward in each phase, totaling 15,272 beneficiaries per phase.
Governor Adeleke reiterated the government’s commitment to boosting the local economy and urged beneficiaries to utilize the loans responsibly to ensure the scheme’s sustainability and alleviate poverty.
Eligibility for the loan includes membership in a trade association and providing an attestation letter. The Commissioner for Cooperatives and Empowerment, Bayo Ogungbangbe, urged beneficiaries to invest the funds in profitable ventures to maximize the scheme’s impact.
The launch marked the commencement of the Osun Special Ward-Level Cooperative Loan program, with the first batch of beneficiaries receiving cheques under various loan categories outlined.
