The Ekiti State Deputy Governor, Chief (Mrs) Monisade Afuye, has revealed that Governor Biodun Oyebanji’s administration in partnership with Access Bank, has facilitated a N1 billion soft loan for women entrepreneurs to bolster investments in Ekiti.
Besides banishing poverty and combat spiraling unemployment indexes, Mrs Afuye added that the Governor’s ingenious and well thought-out policy will elevate female business owners and make them relevant in economic development strategy of the government.
Mrs Afuye revealed that the loan initiated by Governor Oyebanji through partnership with Access Bank, would expand the scope of women’s accessibility to soft loans to propel their businesses.
In a statement by her Special Assistant on Media, Victor Ogunje, Mrs Afuye, said these on Monday, during a sensitization road walk to major markets in Ado Ekiti to interact with the traders on the EKSG-Access Bank Soft loan for women business owners that will be officially launched on Tuesday, July 9.
The sensitization train, led by Mrs Afuye, the Commissioner for Trade and Investment, Mrs Omotayo Adeola, top government’s functionaries and access Bank officials, visited Okesa, Oja Oba, Atikankan, Oja Bisi and Irona Markets, to have direct interface with traders and would-be principal beneficiaries.
Addressing the traders, Mrs Afuye, disclosed that part of the interest on the loan would be paid by the state government to make it easier for beneficiaries to repay the money to the loaner.
She stated that the intention of Governor Oyebanji’s administration was to ensure that women entrepreneurs are lifted in Ekiti through soft loans, so that they can contribute meaningfully to the economic growth.
“Let me start by appreciating Governor Oyebanji for initiating this partnership with Access Bank to empower businesswomen. We thank him for counting womenfolk worthy of being empowered as business owners, so that they can be relevant in the economic development process.
“What the governor was trying to extend to business, had been demonstrated in politics, where women are holding high positions in government. We are all living witnesses to this.
“With this partnership with access Bank, women can have unfettered access to soft and low interest rate loans that can make them owners of flourishing businesses to transform our economy and make them relevant in the scheme of things.
“These loans can be used to establish new businesses or used to expand the existing ones. The essence of this is to banish poverty, unemployment and reduce the hardship being caused by the current inflation in the system.
“Let me assure our women that Governor Oyebanji is highly desirous of producing good number of women business owners that can transform the economy of our great state”, she said.
Mrs Afuye described the loan facilitation as part of the efforts of Governor Oyebanji’s action to coalescing actions with President Bola Ahmed Tinubu to bridle the rising inflation, joblessness, poverty and sporadic crime rate in the system.
In her submission during the business campaign procession, the Commissioner for Trade and Investment, Mrs Omotayo Adeola, revealed that the loan is principally for women in business with 10% interest rate.
Adeola stated that the government had entered into agreement with the Bank and showed readiness to pay the remaining part of the interest to engender ease of doing business.
She said the least of the beneficiaries can access a sum of N250,000, while the second category can get between N500,000 and N1,000,000, depending on the strength and capital base of such business.
“Whoever that will be eligible to access the loan must have a guarantor, who will stand for the loanee. This is not a category of loans that can be called a national cake, it shall be repaid, but the government has made the repayment easier by its decision to pay part of the interest”.