The Oyo State Government has allocated N500 million to 2,085 small business owners across the state as part of the Sustainable Action for Economic Recovery (SAfER) initiative.
Governor Seyi Makinde’s pledge to support small business owners with single-digit interest loans aims to stimulate small businesses following the removal of subsidy on petrol.
The loans, accessible to various categories of small business operators statewide, were distributed through seven microfinance banks: Ebedi, Fullrange, Kadupe, Isale Oyo, Caretaker, Excel, and NUT Oke Bola.
Ebedi Microfinance Bank facilitated loans for 233 small business owners, while Fullrange and Kadupe Microfinance Banks supported 168 and 400 beneficiaries, respectively.
Chairman of the SAfER Committee, Otunba Segun Ogunwuyi, emphasized the governor’s commitment to supporting small business operators due to their significant role in economic growth.
