SAfER initiative: Oyo govt supports 2,085 small businesses with N500m

By Bushrah Adeshina, Ibadan

Oyo State government, through the Sustainable Action for Economic Recovery (SAfER) initiative, has disbursed the sum of N500 million to 2,085 small business owners in the state.

The move fulfills a promise by the Makinde administration to provide financial support with favorable single-digit interest rates to aid small-scale enterprises.

The distribution of these funds was coordinated through seven microfinance banks, namely Ebedi, Fullrange, Kadupe, Isale Oyo, Caretaker, Excel, and NUT Oke Bola Microfinance Banks.

The Chairman of the SAfER Committee and the Chief of Staff to the Governor, Otunba Segun Ogunwuyi, reiterated the significance of bolstering small businesses during these times of economic flux, particularly in the wake of recent policy changes affecting the pricing of Premium Motor Spirit (PMS).

He said that the vetting process for the beneficiary selection was diligently conducted through the microfinance banks, guaranteeing a fair and transparent assessment of the applicants’ needs and their capacity to repay the loans.

Ogunwuyi encouraged the recipients to optimize it as an opportunity to contribute to the economic growth of Oyo State.