Ondo Empowers 5,000 Beneficiaries with Business Loans

The Ondo state Government has disbursed a sum of N335.4 million as loans to 5,000 beneficiaries of the second batch of the Dr. Olusegun Mimiko-led government’s Micro, Small and Medium Scale Enterprises Development Fund initiative.

The move is coming barely a month after the government disbursed N195 million to 1,430 beneficiaries under the N2billion development fund scheme.

While speaking at the disbursement ceremony, which witnessed a large turnout of people, Governor Mimiko described the event as another giant stride towards delivering dividends of democracy to the greatest number of the people.

He stressed that the scheme was part of his administration’s agenda at alleviating poverty and granting access to legitimate loans towards boosting micro, medium and small scale businesses.

Mimiko explained that about N1.3 billion had been disbursed to different trade groups in the state since the inception of his administration in 2009 through various loan schemes instituted by the State government.

According to him, a sum of N485.2 million had been disbursed to about 10,000 beneficiaries under the Special Market-Women Improvement Loan and Empowerment Scheme (SMILES), under the Special Transformative Artisans Repositioning Scheme (STARS) a sum of N424.6 million was disbursed to 7,850 beneficiaries, while 335 widows of the fallen heroes had benefited from about N22.7million under the Widows Resettlement and Empowerment Scheme (WIRES).

He stressed further that under the Yam Empowerment Scheme (YES), a sum of N77million was disbursed to 1,584 farmers, while 400 women, who had been disengaged from the outlawed illegal traditional birth business had also received N25 million loan under the Agbebiye Repositioning Loan and Empowerment Scheme (ARLES) which is geared towards fighting child and maternal mortality and redirecting traditional birth attendants to other productive ventures.

He enjoined the beneficiaries and other relevant stakeholders to use the loans judiciously for the creation of viable micro businesses in their various localities and ensure prompt repayment of the loans.

The governor said “it is pleasing to place on record that Ondo State is the only State as of today in Nigeria to design loan schemes of low interest rates targeted at different productive groups with distinct features for each group.”

He expressed appreciation to President Goodluck Jonathan for his steadfastness and love for Nigerians through the provision of adequate funds under the MSMEDF to boost micro, small and medium scale businesses.

He said “President Goodluck Jonathan is perhaps one President in the history of this country who has demonstrated much love for the people at the grassroots. He has demonstrated an uncommon gesture by providing enabling environment for business to thrive, a reason Nigeria is adjudged as the largest economy in Africa.”