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Business & Finance

Ondo State: Gov Mimiko Disburses N200million Loan to Small Scale Businesses

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Ondo State Governor Dr Olusegun Mimiko, in efforts to put smiles on the faces of people in his state, has disbursed over N200 million to various groups under its micro credit scheme.

Governor Mimiko stated this on Tuesday while speaking at the 3rd batch of loan disbursement and presentation of cheques to beneficiaries under the CBN/Ondo state Micro, Small and Medium Enterprises Development Fund (MSMEDF), at the International event centre – The Dome in Akure.

At the event where a sum of N219.5million was disbursed to about 500 beneficiaries, Governor Mimiko disclosed that a total of N622.2m has been disbursed under the MSMEDF apart from the ones disbursed through the Agbebiye initiative, STARS and loans to market men and women in the State.

He noted that the gesture was in line with his promise to banish poverty from the State and create wealth, assuring that the State government will continue to inject more fund into the scheme.

He said “We have deliberately put in place several micro credit schemes  that will reduce poverty and also targeted at the people who could not provide requisite collateral security to obtain loans from banks”.

While pointing out that close to Two Billion Naira had been given out as loans by his administration since coming on board in the state, Mimiko noted that over N45 million naira had been disbursed under the Agbebiye Repositioning Scheme to the various Traditional Birth Attendants and the Faith Home Birth Attendants who had accepted to key into the State Government’s Agbebiye programme meant at bringing maternal death to zero level in Ondo State.

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The Governor, who said that his administration had superseded the successive administrations in the state in loans disbursement, also stressed the need for the people to re-orientate themselves, pointing out that there is no alternative to hard-working.

He assured that his administration will continue to place priority on the welfare of the people of Ondo State, urging the beneficiaries of the loan to ensure uninterrupted repayment to allow others to benefit.

Earlier in her address, the chairman of the State Micro-Credit Agency, Mrs Banke Sutton thanked the governor for his concern towards the plights of the people, noting that the loan will enable the beneficiaries to boost their businesses and contribute to the economic development of the State.

Sutton, who pleaded with the beneficiaries to justify the confidence reposed in them by paying back on time, said that more fund is still available for disbursement if the beneficiaries pay back promptly.

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