By Omobolaji Adekunle
The Ogun State Agricultural and Multipurpose Credit Agency (OSAMCA) has disbursed loan facilities to 103 micro, small, and medium enterprises (MSMEs) in a move aimed at strengthening small businesses and supporting economic growth across the state.
Speaking at the cheque presentation ceremony held in Oke-Mosan, Abeokuta, Permanent Secretary, Ministry of Industry, Trade and Investment, Engr. Kehinde Akintomide said beneficiaries were selected from agricultural, non-agricultural, and retail sectors.
According to him, the loans range from N500,000 to N2,000,000, with interest rates as low as 7.5% for a six-month tenor, depending on the facility terms.
Akintomide described the disbursement as a strategic intervention by the administration of Governor Dapo Abiodun to enhance the resilience and growth of small businesses in Ogun State.
He urged beneficiaries to utilize the funds judiciously and apply insights gained during the mandatory pre-disbursement training to scale their enterprises.
“The loan scheme is designed as a revolving facility to benefit more entrepreneurs across the state,” Akintomide said. “
Beneficiaries must ensure timely repayment to sustain the initiative.”In his remarks, OSAMCA Chairman Olukunle Sodehinde reaffirmed the agency’s commitment to expanding access to credit for qualified entrepreneurs, while cautioning against the diversion of funds for non-business purposes.
He emphasized that prompt repayment remains essential to maintaining the sustainability of the scheme.
Also speaking, Director of Planning, Monitoring and Evaluation at OSAMCA, Dr. Abayomi Olutayo, noted that the administration had reduced the agency’s annual interest rate from 18% to 15% to improve access to financing.
He called on beneficiaries to reciprocate the government’s efforts by meeting their repayment obligations.
Some beneficiaries, including Comfort Odu, Bolanle Olanrewaju, and Rasheed Adewole, commended the initiative and pledged to use the funds effectively while adhering to agreed repayment terms.