Kwara Offers 21,623 Micro Businesses Interest-free Loans
As part of move to reduce poverty among teeming Kwara populace, about 21,623 petty traders in the state are expected to benefit from the state’s interest free micro-finance loans under the banner of Kwara State Social Investment Programme (KWASSIP).
Already, the state governor, Alhaji AbdulRahman AbdulRazaq has approved the disbursement of the loans to the affected beneficiaries.
In a statement signed by the governor’s Chief Press Secretary, Mr. Rafiu Ajakaye, the state said the operations of the first phase of disbursement would last for five weeks.
The statement added: “The disbursement comes after months of careful enumeration of the potential beneficiaries of the scheme.”
The statement said the disbursement of the beneficiaries cut across the 16 local government councils of the state.
It added, “The disbursement of funds to the beneficiaries of Owo Isowo begins today. We are looking at disbursing to 21,623 persons for this phase.
“Due to COVID-19 and the need to maintain social distancing, we will be communicating venues to beneficiaries as we get to each local government.
“Owo Isowo is an interestfree loan of a minimum of N10, 000. Beneficiaries are to pay back over six months in bits that are comfortable to them. It is to support our petty traders in up scaling their businesses.
“The processes began early this year. Some of our activities were affected by the COVID-19 lockdown but we are back on the track with disbursement for petty traders that applied as earlier announced.
“The issue of mixed identities does not arise. We have bankable data to guide us. Whoever was not captured or does not merit the funds cannot be given.”
It further stated that disbursement would be made through digital payments called mobile wallets.
It enjoined beneficiaries who have been contacted to come to the ground with their face masks.