Edo State Government has announced its plan to disburse ₦300m as loans to Micro, Small and Medium Enterprises (MSMEs) across the 18 local government areas in the State.
The loan, which is a part of the Edo State MSME Funds, will be implemented by Edo State Skills Development Agency (Edojobs) and will be distributed in the ratio of 50 per cent to Edo South, 27.5 per cent to Edo North, and 22.5 per cent to Edo Central senatorial districts respectively.
The Chairman of the Advisory Board MSME Fund, Peter Obaseki, noted that the mandate of the board is the economic empowerment of small businesses, and the loan disbursement is part of the social transfer scheme to empower residents in the State.
He also added that it must not be an urban phenomenon but to each political ward and unit in each of the 18 local government areas of the State.
The loan, Uptown Press reports, is not gender-biased and 60 per cent of the funds are for females, 40 per cent for males while a provision of 10 per cent has been set aside for Peoples Living with Disabilities. The loan has been facilitated by the Edo State MSME Funds and is meant to boost the state’s economy, as microfinance schemes are the engine room of any economy all over the world.
The loan has a concessionary interest rate of 9 per cent, and LAPO Microfinance Bank has been brought in as the third financial partner the State Government is collaborating with to disburse to MSMEs in the state. LAPO Mfb will help broaden the reach of the disbursement of the fund as well as monitor, evaluate the beneficiaries and collect loan repayment. The State Government had previously disbursed loans to 1,631 persons through the Bank of Industry and TrustFund Microfinance Bank.
The Secretary to Edo State Government, Osarodion Ogie, commended the Board of Edo MSME Funds, the management of Edojobs, and LAPO Microfinance Bank. He warned that the loan is not a grant but a revolving loan that must be paid back.
Earlier, the Chairman of the Advisory Board MSME Fund, Peter Obaseki, who commended the government for its sustained support for small businesses in the State, noted that the mandate of the board was for economic empowerment of small businesses.
Obaseki, who said the loan was part of the social transfer scheme to empower residents in the State, added that it must not be an urban phenomenon but to each political wards and units each of the 18 local government areas of the State.
He said loan which has concessionary interest of 9 per cent is devoid of gender bias.
He said 60 per cent of the funds are for females, 40 per cent for males while a provision of 10 per cent has been set aside for Peoples Living with Disabilities.
Obaseki explained that the loan disbursement was distributed in the ratio of 50 per cent to Edo South, 27.5 per cent to Edo North and 22.5 per cent to Edo Central senatorial districts respectively.
According to him, the MoU with LAPO Mfb made it the third financial partners the State Government is collaborating with to disburse to MSME in the state.
He added that LAPO Mfb was brought in to broaden the reach of the disbursement of the fund as well as monitoring, evaluation of beneficiaries and collection of loan repayment.
He noted that the state government had previously disbursed loan to 1,631 persons through the Bank of Industry and TrustFund Microfinance Bank.
The Executive Director, Corporate Services, Mrs. Gloria Bako, who signed for LAPO Mfb, commended the state government’s commitment to youth development, reassuring sustained partnership with the government.
She, however, appealed to would-be beneficiaries to make good use of the loan for the betterment of their businesses.
“We are humbled by this great task the Edo State Government has given to us, and it is an indication that the government is really concerns about the people that they govern.
“It also showed that the government is concerned not only about empowering business owners but doing a lot for the development of youths in terms of skill acquisitions.
“We want to thank the state government for the confidence reposed in our organization for the disbursement of loans to MSME”, she said.
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